Business Analytics

Business Analytics- The Next Big Thing

Business Analytics- The Next Big Thing

Business Analytics is one sector which has been growing rapidly with organizations such as Flipkart, Amazon, Walmart, Facebook recruiting various talents across B-Schools offering specialized Business Analytics course. Most organizations used to outsource major analytics work to pure analytics firm but today, in-house analytics teams are preferred. B-Schools such as School of Inspired Leadership(SOIL) have realized the growing awareness about business analytics and buzz words like Data Mining, Big Data, Text analysis are captured by courses offered in SOIL.

Why Business Analytics?

Business Analytics helps to decode the Why, What and How questions from any organization. Huge amount of data available to organizations help to decode why part. The what part is ability to work huge amount of data, analyze and break it down into critical insights. (more…)

6 Reasons Why You Should Choose SOIL PGPBA

6 Reasons why you should choose SOIL PGPBA

India’s Most Comprehensive Analytics Program

The program is designed to make the entire Analytics learning curve an experience.  Our in-depth course curriculum and modules provide students with a comprehensive deep dive into the world of analytics.  Descriptive, Predictive Prescriptive Analytic modules are all covered as part of the course curriculum.  With over 380 Hours of Class room teaching, 30 Hours on capstone project and 350 hours of work for home assignments the PGPBA is truly India’s most comprehensive analytics program for working professionals.

Functional Business Domain Knowledge

PGPBA students get an opportunity to learn not only about Analytics but also get an overview of other business domains including Marketing, Finance, Economics and Human Resources. This makes them capable of solving real-life business problems using Data Analytics for different functional areas. (more…)

Career in Business Analytics

Career in Business Analytics

People are unclear and bit lost in the terms of understanding Business Analytics .In today’s world a business analysts needs to be multifaceted. A successful business analytics needs to be clear communicators, facilitators, analysers and team players. Also you need to get the exposure of different backgrounds to be an ideal analyst and to understand the industry well, be it operations, finance, technology, architecture or anything.

What Does a Business Analyst Do?

As you explore the role of business analysts, you will about all the different roles they have to perform. From being a good communicator and data analyser to possessing project management and technical skills, business analysts regularly use a variety of techniques. They are the bridge that fills in the gap between each department throughout every step of development. Modern Analyst identifies several characteristics that make up the role of a business analyst. Business Analysts have to work very closely with the business so that they can identify the different opportunities where any scope of improvement is available in the business operations and processes. Analysts are always involved in designing or min modifying the business systems or IT systems. They have to talk to different stakeholders to understand the basic needs and problems related to business. They bring structure to all the unstructured designs. They ease the flow of business. (more…)

How to start your career in Business Analytics

It is difficult for someone new to find out the best way to start a career in Analytics. As this industry is in its new phase, hence it gets difficult to find proper guidance. Also there is a buzz created about Business Analytics but very actually understand these terms. There are limited well designed path which one could follow to enter the field. To build a career in Business Analytics you can follow two approaches-

Like any other employment skill, there are 2 approaches to enter an analytics career:

  • Approach 1 – Get in touch, hired or trained by a company on the required skills be it on job or internal training.

These would be companies which have Analytics in their system and use it for their day to day decisions. This approach is better from long term perspective but yes it takes time and investment. Some of the companies known for using cutting edge Analytics (in India) are: (more…)

Myths about Business Analytics

Myths about Business Analytics

When terms like Business Analytics pops up, lot of us takes our step back. Many of us have a notion that such areas are not for us, better to be away with such technical areas. But for all those who are scared of exploring this venture, let me clarify you few things so that you take a better decision.

When one talks about Business analyst, you don’t need to an engineer necessarily. Business analytics is not a subject where only engineers have their role to play rather it can be taken up by anyone. The truth is that you don’t. All you need is a structured thinking process and a comfort with numbers. If you could provide structure to an unstructured data and also come forward with the calculations, you can be a business analyst. This is all what is needed. But yes companies will prefer people from quantitative background as they are expected to be better with numbers. By quantitative background, I mean people from any of these disciplines: Engineering, Economics, Maths, Statistics, Physics or MBAs with graduation in these fields. (more…)

Name your price: The power of analytics

Name your price: The power of analytics

 A new generation of pricing and revenue management practices can lead to meaningful results quickly.

In the travel industry, pricing has always been a tough job. Overprice an airline seat, hotel room, cruise cabin, or rental car today, and you won’t get a second chance to move that unsold unit tomorrow. Set the price too low, and you destroy value by selling out limited inventory too soon. No wonder, then, that the industry boasts some of the most sophisticated pricing capabilities anywhere. But in the era of analytics, those capabilities are looking increasingly outdated and inadequate. To meet the demands of large data sets and respond rapidly to fluctuations, targeted automation is a must have. Blame the Internet. An explosion of new sales channels, with price-comparison sites such as Expedia and Kayak, has ratcheted up competition and ever more frequent price changes. Digital technology and social media have also greatly raised the scope for one-to-one marketing — and made it possible to track the behaviors of millions of individual customers. As a result, pricing managers are faced with an overwhelming amount of information stored in a variety of places. For example, one travel company we know has three terabytes of pricing data in eight systems — including inventory data, current booking levels, historic demand patterns, and competitor information across thousands of categories. How can companies make sense of all this data — and use it to drive value? The answer lies in a new generation of pricing and revenue management practices that can yield meaningful results quickly. These have helped travel companies improve revenue per unit by 3-8 percent, and market share by 1-2 percentage points. But it is not just a matter of a software tool or a single new analysis. It requires a sharp prioritization, iterative building of tools, and hands-on engagement of many functions across the organization. (more…)

Putting advanced analytics to work

Putting advanced analytics to work

Putting Big Data and advanced analytics to work promise to transform the way many companies do business, delivering performance improvements not seen since the redesign of core processes in the 1990s. As such, these tools and techniques will open new avenues of competitive advantage. Many executives, however, remain unsure about how to proceed. They’re not certain their organizations are prepared for the required changes, and a lot of companies have yet to fully exploit the data or analytics capabilities they currently possess. Getting leaders’ attention Big data and analytics actually have been receiving attention for a few years, but the reason is changing. A few years ago the question was “We have all this data. Surely there’s something we can do with it.” Now the question is “I see my competitors exploiting this and I feel I’m getting behind.” And in fact, the people who say this are right. If you look at the advantages people get from using data and analytics—in terms of what they can do in pricing, what they can do in customer care, what they can do in segmentation, what they can do in inventory management—it’s not a little bit of a difference anymore. It’s a significant difference. And for that reason, the question being asked is “I’m behind. I don’t like it. Catch me up.” I get asked, “Who’s big data for?” (more…)

Success Stories

Big Data & Advanced Analytics: Success stories from the front lines

Big data and advanced analytics can transform business .Even though sometimes company have not able to capture true potential of analytics, some companies are already seeing significant values. These companies which incorporated data and analytics into their operation show productivity raised by 6% compared to the peers. Following are the three stories that show how companies have used advanced analytics to their advantage and had an impactful delivery.

  1. Asking the right questions

As business grows, more data-rich the business becomes and hence this increases the importance of asking right questions. These questions are encouraged at the start of any analytical process because the scale of data makes it easy to lose the way and get trap in the endless round of analysis. Good questions identify specific decision that data and analytics will support so as to drive positive business impact. For example, two simple questions helped one insurer find a way to grow its sales without increasing the marketing budget. First, how much investment should be in marketing. Second was to which channels, vehicles and messages should the investment allocated. This helped in developing a proprietary model to optimize spending across channels by guiding the company as it is triangulated between three sources of data. (more…)