Data-driven Decisions: Business Analytics vs. Digital Business in MBA Programmes

In the current scenario, students have access to a plethora of career avenues. Amidst different career options, business analytics and digital business have emerged as two of the most sought-after fields. These sectors are experiencing rapid growth and offer promising career opportunities. As an aspiring professional keen on these domains, opting for an MBA in Business Analytics or Digital Business holds significant potential.

Digital business revolves around creating and disseminating content to engage with target audiences, enhance sales, amplify visibility, and establish online brand identities. On the contrary, an MBA in Business Analytics dives deeper into data comprehension to facilitate data-driven decision-making. Let us understand each programme in depth and the exceptional career prospects each presents:

Methodologies and Applications of Data-Driven Decision Making

Data-driven decision making (DDDM) involves utilising data to inform and substantiate decisions aimed at fostering business expansion. By employing appropriate key performance indicators (KPIs) and tools, businesses can mitigate biases and make managerial decisions that align with their strategies. Whether organisations operate a small startup or a multinational corporation, adept use of data can lead to informed decisions in line with business objectives. Below are five potent strategies for a more efficient and effective data-driven decision-making process:

Using appropriate data

Initiating with the right data points is crucial. It involves identifying reliable data sources aligned with your business objectives. This encompasses:

• Understanding the issue at hand
• Defining precise objectives and KPIs
• Gathering data from pertinent internal and external sources
• Ensuring data accuracy, consistency, and reliability

Data-driven innovation

This necessitates leveraging diverse data sets and sources to uncover unique insights by:

• Integrating various data types (e.g: qualitative and quantitative)
• Collating data from multiple sources to gain a comprehensive perspective
• Employing machine learning and AI to unveil hidden patterns
• Converting insights into actionable strategies and innovative solutions

Historical data

Real-world instances demonstrate the practical application of data-driven innovation, including:

• Forecasting future trends by analysing historical data
• Personalising offerings based on customer preferences
• Identifying potential risks and limitations while acknowledging biases that might skew the data.

Industry Demand

The Bureau of Labor Statistics forecasts an 11% rise in the employment of business analysts from 2021 to 2031. The business analytics market is projected to grow at a CAGR of 8.07%, driven by digitalisation across industries and the integration of advanced technologies in analytics solutions. The market emphasises real-time Business Intelligence (BI) and Data Visualisation for faster decision-making. Business analysts now access data from diverse sources, with visualisation and exploratory data analysis emerging as crucial trends. Various industries utilise analytics for strategic decision-making. These sectors include supply chain management, inventory control, performance measurement, risk mitigation, fraud detection, and defence.

Conversely, the digital business industry is witnessing substantial growth and demand. The industry is poised to generate millions of new jobs by 2025. The sector also exhibits a potential opportunity to reach a global audience and propel business expansion in the coming days. In India, the industry is rapidly expanding, predicted to grow by 27% in 2020, surpassing 17,000 crores. With India currently boasting 700 million internet users, digital business tactics offer a wide array of channels and tactics to meet diverse demands. Businesses are increasingly adopting digital strategies to enhance customer experiences, offer personalised services, and streamline operations for improved efficiency and agility. Additionally, the global transition towards remote work has spurred investment in digital tools for enhanced collaboration and project management.

Career Prospects

An MBA in Business Analytics opens up diverse career paths across diverse industries. As business analytics increasingly integrate into organisational operations, job opportunities in this field are burgeoning. The demand for MBA students equipped with analytical skills is on the rise, making analytics a sought-after specialisation in management. Some career prospects in business analytics include:

• Data Analyst: Data Analysts are responsible for collecting and analysing data related to sales, market research, and logistics.
• Supply Chain Analyst: Supply Chain Analysts are tasked with enhancing operational performance by coordinating project requirements and communicating with stakeholders.
• Big Data Analyst: Big Data Analysts analyse market data to guide future business decisions by identifying trends and patterns.
• Business Analyst: Business Analysts analyse changing business needs, evaluate impacts, and facilitate communication among stakeholders.
• Predictive Modeler: Predictive Modelers create predictive models based on data inputs. These professionals use their expertise in statistics, analysis, and technology.

On the other hand, an MBA in Digital Business can unlock a plethora of career prospects and entrepreneurial avenues. Students can access diverse opportunities due to the rising demand for adaptable and entrepreneurial business leaders. This MBA programme equips students with extensive business acumen and advanced expertise in digital commerce. Some career prospects in digital business include:

• Digital Marketing Manager: Digital Marketing Manager is responsible for overseeing a company's online marketing strategy.
• Director of E-Commerce: A Director of E-Commerce is responsible for optimising online sales, enhancing website traffic, and improving the user experience.
• Digital Marketing Consultant: Digital Marketing Consultants advise organisations on traffic building, lead generation, and customer engagement.
• Digital Transformation Manager: Digital Transformation Managers assess and optimise organisational processes with digital solutions.
• Chief Technology Officer (CTO): The CTO oversees the development and implementation of innovative technological solutions to drive business growth.

Summing Up

The fields of business analytics and digital business present lucrative career opportunities in India. Pursuing an MBA in either discipline offers aspiring professionals a pathway to success in dynamic and rapidly evolving industries. Business analytics focuses on data-driven decision-making, while digital business encompasses digital strategies to drive growth and enhance customer experiences. Both fields are in high demand and offer diverse career paths across various sectors. As students weigh their options, it's essential to consider their interests, skills, and long-term career goals to make an informed decision. Regardless of the choice, an MBA in Business Analytics or Digital Business equips individuals with the knowledge and skills needed to thrive in today's competitive business landscape.