February 10, 2022
The desirability of EMBAAs:
Data is often compared with oil in terms of its necessity. Peter Sondergaard, Senior Vice President and Global Head of Research at Gartner, Inc, however, has a different spin on it. Hesays, "Information is the oil of the 21st century, and analytics is the combustion engine", implying that just like oil, data needs to be extracted and analysed so that it can be used. This makes data analytics one of the most salient tools in current times.
Today, data is the primary driver of decisions across organisations, helping govern growth trajectories and strategic developments in the corporate world. As such, working professionals are increasingly pursuing executive MBA degrees that offer a specialisation in analytics.
MBA is one of the most sought-after degrees across the globe, and adding a data analytics specialisation makes it even more relevant and indispensable. The combination of both the managerial and the data aspects makes it a more appealing choice for employers who are now scouting for more than one skill set and specialisation.
Career Pathways For MBA Analytics Graduates
As per reports, graduates with regular MBA specialisations - such as finance- from average B-schools earn up to 4.6L per annum (approx), whereas HR managers earn about 7.2L per annum (approx). In contrast with this are individuals with an MBA in business analytics from top-tier B-Schools whose average salary ranges from 8 to 16 lakhs per annum (appox).
Executive MBA in Analytics is specially designed for early to mid-career professionals who wish to upskill and gain better opportunities. Owing to the multidisciplinary nature of MBA Analytics, those who have pursued it are able to advance faster in their career, gain more promotions and other career growth opportunities. The figure below shows the salary profiles of MBA in Analytics graduates, and how they typically progress in their careers.
Benefits of an EMBAA
The gains experienced after and even during an Executive MBA in Analytics are endless. Along with developing an entirely new skillset, learners get to know about gaps in their existing skillset. Acquiring these analytical skills opens door to many job opportunities from different industries. The theoretical content and practical experience assist the learners in getting knowledge under their belt in abundance.
Having done an Executive MBA from one of the prestigious institutes enriches the profile of any learner. The association with an IIM builds credibility and respect in the community. The program helps learners build a network with top industry experts and connect with peers globally. In the current job market, with low levels of job security and rapid changes, becoming a jack of all trades is the only solution, and an Executive MBA in Analytics allows you to become one.
Apart from the personality-building benefits, an executive MBA program pushes a learner towards a prosperous career.
Assessing the Need For Data-driven Management
The expeditious transformation in the tech industry has reformed the way business is being conducted. Data has become the most crucial element and an integral part of a company's day-to-day activities. As such, organisations have begun their hunt for a workforce that is well-equipped with analytical and managerial skills. Big Data and business are at the forefront of organisational transformations globally in today's dynamic environment.
Analysing an enormous amount of data down to detail helps the organisations to discover market trends and gain valuable insights that act as a catalyst for efficient strategic decision making. According to BARC's report globally, more than 40% of the organisations that have incorporated big data and machine learning have received various benefits like increased revenue and high customer retention.
The traditional methods of decision-making based on guesswork are no longer functional in the current fast-paced business environment. Facts and figures have become a major requirement for decision-making as they ensure accuracy. With the help of analytics and business intelligence tools, organisations can identify and capture upcoming opportunities to expand.
In order to keep up with the data-driven movement, the demand for skills in employees has changed. An ideal employee in today's world is someone who can derive insights from large heaps of data along with managing other functions. And if an organisation's management is adept at dealing with data, the organisation is more likely to capture a bigger chunk of the market.
Case Study: IIM Kashipur’s Executive MBA in Analytics
The Executive Master of Business Administration in Analytics (EMBAA) is a one of its kind program offered by IIM Kashipur, which combines analytics and management. It is geared towards working professionals who wish to upskill themselves and already have a Bachelor's degree with a minimum of three years of work experience. This interdisciplinary and dynamic program is taught over 24 months which is further divided into 6 terms.
It follows the blended learning pedagogy with courses being taught both online and offline. The online classes are LIVE for participants to attend and engage. Every term has 20 hours of offline teaching on campus which allows the students to interact with others in their cohort. The course module follows an interdisciplinary approach that integrates both academic and practical training. The programme offers a range of benefits, including the following:
Among IIM Kashipur's EMBAA's unique offerings are courses in Spatial Data Science, Advanced Managerial Decision Analysis, Negotiation and Conflict Management etc. The programme also caters to specific industry needs, allowing learners to develop industry-relevant frameworks and skillsets. Its unique pedagogy involves an amalgamation of tech-based teaching and assessment methods such as case studies, computer-based simulations, class presentations etc.
Pursuing an MBA in Business Analytics leads to various job opportunities in various sectors ranging from research to managerial positions. Some examples would include marketing manager, operations research analyst, financial analyst etc.
Analytics helps in filtering data which can then be used to make strategic decisions. It helps in determining consumer needs which in turn leads to greater consumer satisfaction.
Professionals who enrol in the EMBAA program can expect to gain managerial skills along with in-demand analytical skills. Some of them include technical skills, managerial skills, design approaches, cloud computing, communication skills, teamwork and more.