It should be an intensive program offering either full time, part time or executive part time programs to cover the variety of needs that prospective students may have.
It should offer relevant and up-to-date curriculum covering both core and advanced topics, with a strong emphasis on hypothesis driven analysis (based on business understanding) as well as data mining (focus on key drivers). In addition it is important for such courses to also address how better to use these new analytical capabilities in an effective manner, not just in terms of making sense of the numbers but also applying them effectively in real time. The experience has shown that there are three main areas where business analytics can be applied:
1) Building new financial products based on historical data
2) Leveraging current products more effectively through improved customer profiling
3) Improving the efficiency and effectiveness of internal operations through better use of data and insights gathered from the same.
It should also focus on a range of methodological approaches (including both quantitative as well as qualitative ones) with an emphasis on modeling-driven analysis, using case studies to drive home key concepts.
The curriculum needs to include practical technical details such as use of advanced analytics technologies such as MapReduce or group by queries, etc, This is important because as students learn more about a business analytics mba, develop a deeper understanding about what kind of tools are used by organizations for their business analytics (and which ones they shouldn’t). This is important because it allows them to decide whether they would want to learn new languages or frameworks/libraries to master advanced analytics capabilities. This is in order to be a more attractive candidate for their potential employers.
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To be more data driven and to realize value from your analytics.
What is meant by data-driven? The experience of most BA professionals suggests that while the volume of data available continues to increase dramatically, so does its quality and trustworthiness. The benefits include increased productivity, improved customer satisfaction, faster innovation cycles, among others. As top analyst firms continue to produce reports outlining how data is going to drive the future of business, both as a strategic asset and new revenue channel. It’s also clear that businesses need to be able to leverage their data assets more effectively than ever before.
To realize value from your analytics?
To achieve this goal, you’ll need to make sure all parts of the organization are working together towards the same end goal. A shared understanding of what one can do with the data. Then applying it towards making better decisions that have direct impacts on improving key performance metrics such as customer retention or employee productivity. The most quantitatively-based roles such as investment banking or trading clearly need advanced analytical tools at their disposal in order for them to develop new financial products, sell these products and manage risk. But all businesses have something they can contribute towards building business-driven analytics capabilities: from your average service company that has quality issues impacting the bottom line, down to smaller shops trying to stay competitive within their local markets.
An MBA in analytics will enable you produce data reports that will enhance the upward growth of your company through analyzing them comprehensively.
