Business analytics


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Business analytics

  1. 1. EMERGING TRENDS – BUSINESS ANALYTICSBy 2018 US alone would have a shortage of 1.4 lacs to 1.8 lacs people with analytical skills. DataScientist, Business Analyst, Business Intelligence are all alternate nomenclature for a similar skillset.The Need:The amount of data being generated globally increases by 40 percent a year, according to theMcKinsey Global Institute, the consulting firm’s research arm. Gartner predicts that data will grow800 percent over the next five years and 80 percent of the data will be unstructured.International Institute for Analytics predicts that “Big data analytics will top all other areas ofgrowth in analytics during 2012 due to the rapid expansion of social, mobile, location andtransaction-based data taken in by various industries.”As the volume of enterprise data sky-rockets, an industry is growing up around using thisflood of information to help companies operate more efficiently and sustainably. Companiesincreasingly will be deploying sophisticated software as a key component of their sustainabilitystrategy. Mu Sigma, for example, an Indian firm providing data analytics and decision supportservices for global enterprise, secured a $108 million investment round led by General Atlantic. “My smartphone produces a huge amount of data, my car produces ridiculous amounts of reallyvaluable data, my house is throwing off data, everything is making data,” said Erik Swan, 47, co-founder of Splunk, a San Francisco-based start-up whose software indexes vast quantities ofmachine-generated data into searchable links. Companies search those links, as one searchesGoogle, to analyze customer behavior in real time. Splunk is among a crop of enterprise softwarestart-up companies that analyze big data and are establishing themselves in territory longcontrolled by giant business-technology vendors like Oracle and I.B.M. Founded in 2004, beforethe term “big data” had worked its way into the vocabulary of Silicon Valley, Splunk now hassome 3,200 customers in more than 75 countries, including more than half the Fortune 100companies.The Usage:Here’s an unsubstantiated anecdote: “There’s a cell service provider in Japan that collects GPSdata from cell phone users. The cell provider collects the data in real time, and keeps track ofwhich people are walking the furthest. Once a month, the cell provider gives an award to thewalker who covered the greatest distance. In a way, cell phones are working like sensors tocollect and analyze streaming big data.”“Imagine a consumer walking around downtown in a city, shopping. Now imagine letting ashopping service know where he is, plus maybe the kinds of goods he is looking for. As I walk,the GPS coordinates could stream to the shopping service, and it could point him to stores thatmatch his interests.”“A lot of people know how to work with data,” observed Anand Rajaraman, “but now there is a lotmore data so the kinds of things you can do with it and the way you work with it can are verydifferent.” The founder of companies which have been acquired by Amazon and Walmart,Rajaraman is now senior vice president at Walmart Global e-commerce and co-founder@WalmartLabs, and a professor at Stanford.Traditional users of large amounts of Data — retail, telecom and intelligence — are alreadycomfortable with it. The next big set of users is in mobile-social, especially incorporating geo-location. Some areas have been underserved, such as health care, which is described as the
  2. 2. third rail because it has been too hard and too slow. But now health care is experiencing afundamental change similar to what retail felt when customers came in armed with smart phonesand had more information than sales people. Patients are starting to acquire more informationand health care providers are developing more analytics.The Education:To arrive at solutions on how to perceive, derive, collate, store, sort and use data for businessdecisions is Data Analytics. All areas of commerce, business, economics and sciences are usingdata analysis to arrive at solutions. To do this there is a certain skill set that has to be created, thescience of teaching this has grown into what academic institutions call Data Analytics or BusinessIntelligence programs.The institutions that have taken on the mantle of teaching data analytics are the managementinstitutions with inputs from their engineering, mathematics and statistics departments creatinginterdisciplinary programs to acquire data mining and interpreting skills. Most managementinstitutions are at the forefront on this learning derivative because business now believes that thisskill will be critical to improving their penetration and profitability.The Education programs train students on:Data Collection and Integration Statistical Methods and ModelsProcesses for Enterprise Decision Making Predictive AnalyticsAdvanced Data Analysis Advanced StatisticsDatabase Management Financial AnalysisWeb Analytics Predictive ModelingMarketing Analytics Data WarehousingProcess Optimization Data Mining TechniquesText Mining Mining Genomics DataThe Nomenclature of Education Programs:Masters of Science in AnalyticsMasters of Science in Predictive AnalyticsMasters of Science in Business IntelligenceMasters of Science in Business AnalyticsMasters of Science in Data MiningCertification in Data AnalyticsDuration of the Program: 10 months to 18 months
  3. 3. Some of the Indian Institutions that are helping students gain data analytic skills are:Institutions Location Program Program Contact Details Name LengthIndian Institute of Science Bangalore Master of 24 Months Department of Management Management (Full Time) Studies IISC Bangalore 560 012 Phone: +91-80-2293 2567 (Office) Fax: +91-80-2360 4534 E-mail: office@mgmt.iisc.ernet.inIndian Institute of Bangalore Certificate 12 Months The Administrative OfficerManagement Bangalore Programme (Part Time) Executive Education on Business Programmes Analytics and IIM Bangalore, Bannerghatta Intelligence Road, Bangalore 560 076 Phone : +91-80-26993475 /3660/ 3264 /3742 Fax : +91-80 – 26584004 / 26584050 E-mail : openpro@iimb.ernet.inIndian School of Business Hyderabad Part of the Analytics Admissions Office MBA Labs (only Indian School of Business program for enrolled Gachibowli, Hyderabad-500032 MBA Phone: +91 40 2318 7474 students) /7484 /7494 Fax: +91 40 2300 7099Praxis Business School Kolkata Post 12 Months Admissions office Address: Graduate (Full Time) Praxis Business School, Next to Program in Akademia International School,(Knowledge Partners PWC Business Bakrahat Road, P.O.and ICICI) Analytics Rasapunja, Kolkata – 700104 Phone: +91 98368 77599/ +9133 24980553/4 E-mail: International Programs offering Business Analytics:1. In 2007, North Carolina State University began offering the first graduate degree in Analytics. In just 10 months, students can earn a Master of Science in Analytics through the university’s Institute for Advanced Analytics. The degree program addresses data collection and integration, statistical methods and models and complex processes for enterprise decision making.2. In 2010, DePaul University announced a Master of Science in Predictive Analytics (MSPA) through its Center for Data Mining and Predictive Analytics, a joint venture between the School of Computing and the School of Marketing. The DePaul program covers data mining, predictive analytics and business intelligence.3. Northwestern University will begin its first MSPA degree program in the fall of 2011. The new MSPA degree provides core basics such as data mining concepts and applications, and extends into advanced data analysis, advanced statistics, database management, financial analysis, web analytics, predictive modeling and marketing analytics.
  4. 4. 4. Students can earn a Master of Science in Business Intelligence (MSBI) from Saint Joseph’s University. The program offers evening classes and addresses technology integration, quantitative skills and analytics within a business context.5. The University of Denver also offers an MSBI degree program through the Daniels College of Business. The program focuses on how to gather and leverage information to lead organizations and guide decisions. The cross-functional coursework covers data warehousing, marketing, finance and operations and incorporates real project work.6. The University of Tennessee Knoxville offers a Master of Science in Business Analytics through the College of Business Administration. The program provides students with an understanding of business and helps them learn the analytical skills needed to solve business problems. Students can choose one of three areas of concentration: Applied Statistics, Process Optimization or Business Intelligence.7. Since 2003, Central Connecticut State University has offered a Master of Science in Data Mining degree. The program helps students master the cross-industry standard process for data mining, become proficient with leading data mining software, and to understand and apply a wide variety of mathematical and statistical techniques. It also introduces students to the latest data mining techniques and applications such as text mining and mining genomics data.Student Educational Backgrounds:Any student comfortable with Mathematics and Statistics can opt for these programs.Companies In India hiring for Analytics:Target, Dell, IBM, HP (analytics), Citi, ICICI, PWC, Accenture, etc.