Know here how specialised MBA programme in ‘analytics’ can prove to be the right course for you.
Much intrigued and talked about the specialised MBA programme in ‘analytics’ opening new avenues in business orchestration. While commoners misinterpret MBA Analytics as being limited to acquiring data analysis skills, the program operates with a business case.
This business case resides within the premise that any organisational process that translates the product/service of an organization a step closer to the consumption point, is bound to generate some quantitative or qualitative data. And that the organization must be blind to the multitude of data it generates in the array of processes till the final consumption.
To exemplify, a raw material lot from a particular supplier, where did the inputs emerge from at its source, who handled different fragments of input and at what time, what were the processing stats under which production took place, the finished output handled by which parties in the downstream, and lastly what was the final impact of this entire process flow on the end consumer’s consumption behaviour.
Impact: would this consumer re-buy and/or spread positive word-of-mouth? Or would this consumer defect to the competitor’s offering? In either case of impact, it is now a grave concern for the firm to identify the best and worst processing stats to maximize positive outcomes and mitigate the negative ones.
The business case in the above treatise is evident in recognising the ‘A’ of MBA, which stands for ‘administration’. Therefore, an analytical administrator is expected to lay down organizational policies regarding the data fields the organisation should focus on.
In doing so, the critical questions to be answered are: Is the present consideration of the data fields adequate? How to formally measure an untapped or ignored data head? How to weave a data analytics ecosystem that provides actionable insights or predictive intelligence to every stakeholder in the processing chain, making them more knowledgeable about the impacts at the point of consumption.
Therefore, this somewhat reveals the nascent and emerging organizational emphases to redefine future businesses. This is also an answer to the intensifying market competition and shrinking margins, all in the interest of holding the consumer captive to the firm’s offerings.
Thus, MBA in Analytics is much more than analysing data. Instead, it is the neo-administrative agenda to transform businesses that operate on data vigilance and data-driven decisions—all opposing arbitrary decisions. Analytics has started finding recognition in diverse established and emerging industrial sectors.
Thus, a hire as a product expert now needs to chalk out the granular story of consumption (if the consumption was in line with the intended usage as conceptualized by the firm), marketing expert needs to figure out the exact attributes the product is being valued for (does it aligns with what was conceptualized earlier), finance expert needs to redefine emphasis areas that would enhance firm’s profitability, value chain expert would have to audit if the organizational partners are fit to meet the consumption targets (or do they even care about the consumer’s sight).
In all, MBA in analytics is here to revolutionize businesses, starting from the bottom (where data gets generated) to the top (where organisational strategy gets formulated).
(Author, Prof. Vivek Roy is Assistant Professor and Chairperson—Experiential Learning at IIM Kashipur)