Business Analytics – The Science of Data Driven Decision Making [Batch-17]

This course is designed to provide in-depth knowledge of handling data and Business Analytics tools that can be used for fact-based decision-making using real case studies from different sectors of the industry.

The theory of bounded rationality proposed by Nobel Laureate Herbert Simon is evermore significant today with increasing complexity of business problems; limited ability of human mind to analyse alternative solutions, and the limited time available for decision making. Business Analytics is a multidisciplinary field that uses expertise such as statistical learning (SL), machine learning (ML), artificial intelligence (AI), deep learning, computer science, information technology, and management strategies to generate value and create wealth from data. Business Analytics is likely to become as a main functional area in most companies. Analytics companies develop the ability to support their decisions through analytic reasoning using various statistical and machine learning techniques. Thomas Davenport, in his book titled “Competing on analytics: The new science of winning”, claims that a significant proportion of high-performance companies have high analytical skills among their personnel.

In an article based on a survey of nearly 3000 executives, MIT Sloan Management Review reported striking correlation between an organization’s analytics sophistication and its competitive performance. The biggest obstacle to adopting analytics is the lack of knowhow about using it to improve business performance. Business Analytics uses statistical, machine learning, artificial intelligence, operations research, and management tools to drive business performance. Many companies offer similar kinds of products and services based on a similar design and technology and find it difficult to differentiate their product/service from their competitors. However, companies such as Amazon, Google, HP, Netflix, Procter and Gamble, and Capital One uses analytics as competitive strategy. Business Analytics helps companies to find the most profitable customer and allows them to justify their marketing effort, especially when faced with stiff competition. There is a significant evidence from the corporate world that analytical skills improve the ability to make better decisions.

In October 2012, Harvard Business Review claimed that “Data Scientist” role will be the sexiest job of the 21st century. Anyone seeking “sexiest job” should attend this course. This short duration programme equips the participants with analytical tools and prepares them for corporate roles in analytics-based consulting in marketing, operations, supply chain management, finance, insurance, and general management in various industries. The course is suitable for those who are already working in analytics to enhance their knowledge and for those with analytical aptitude and would like to start new career in analytics.