How Business Schools Are Affecting The Big Data Job Market
All your online activities are adding up to the stack of zillions of data. The music you listen to, the books you read, the web pages you browse, online transactions you make, every tiny bit of data gets stored with varying levels of security. Various organizations are recording this data every second with the aim to use it to improve their business. The amounts of data collected about anything and everything is what is used by data scientists for data analysis.
Small companies and Fortune 500 companies alike are using this big data to gain a competitive edge over other organizations. Big data analysis helps organizations get helpful insights that enable them to make better and strategic decisions. With the help of big data, analysis companies are improving their customer service, gathering insights on customer interactions, and identifying previously untapped markets. All of these activities carried out due to data analysis is what helps businesses grow beyond their expectations.
In India alone, there are nearly 90,000 job vacancies for analytical jobs, making India the second largest hub for data analytics professionals. These are the professionals that are adept at analysing huge amounts data effectively to ensure that they gain the right insights for business.
However, while the demand for data scientists is rising at a rapid pace, the supply of competent professionals isn't. Big Data Analytics is deemed to be one a 'Hot' job profile right now, yet there is a considerable number of jobs across the world that are still unfilled. According to a study conducted by McKinsey Global Institute, the United States is currently facing a shortage of about 190,000 data scientists and 1.5 million managers who can make the right decisions with the help of the insights gathered with the help of big data.
This shortage of the right professionals has also ensured that the wages for qualified professionals in big data are high. This phenomenon is being witnessed across the globe. According to Randstad, the annual pay hike for analytics professionals in India is on an average 50% higher than any other IT professional.
The Indian Analytics Industry Salary Trend Report by Great Lakes Institute of Management states that the average salary of analytics professionals in India went up by 21% in 2015 in comparison to 2014. The study also reports that 14% of all analytics jobs offer a salary of more than Rs 15 lakhs per annum.
The solution to this shortage is coming in the form of an MBA. Many business schools are now offering MBA programmes in data analysis and data science. The next question is, why should you choose to do an MBA rather than just a course on data analysis.
The answer is simple; businesses are looking for more than just professionals who can analyse this data for them. They need professionals who can understand this data in a way that can help the organisation. At the end of the day, big data and data analysis is a game of numbers and statistics. The real game changer is actually utilising these numbers to make sound business decisions. This can only be done by professionals who understand both the technical aspects of big data and the managerial aspects of a business.
What better degree to gain this understanding than an MBA? MBA in business analytics programmes focus on teaching their students to understand big data, analyse it, and ultimately, utilise it efficiently to take the right decisions for the growth of the organisation.
Business schools do this by ensuring that their students learn both the technical and business aspects of the domain. Both these skills are required if a person wants to deal with future challenges in this technology and data-driven environment.
Once you graduate with an MBA in business analytics, you can choose from many options in terms of domain and the nature of a job. Since analytics is used in various fields, there are multiple job titles to choose from. Some of them are:
A vast array of organizations like Ayata, IBM, Alteryx, Teradata, TIBCO, Microsoft, Platfora, ITrend, Karmasphere, Oracle, Opera, Datameer, Pentaho, Centrofuge, FICO, Domo, Quid, Saffron, Jaspersoft, GoodData, Bluefin Labs, Tracx, Panaroma Software, and myriad more are employing Big Data Analytics for their business needs and creating substantial job opportunities for data scientists.
In conclusion, it's safe to assume that the need for skilled professionals who can understand data from a business point of view will keep rising. This rise is the sole reason why professionals with an MBA in business analytics find themselves in high demand. Competent data analysts are becoming a vital asset to an organisation and in turn, are boosting their careers to higher levels of success.
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