In this present highly competitive and global environment, any professional and progressive organization that aims to survive, grow significantly in the marketplace and then sustain the growth must unshackle itself from ad hoc ways of looking at data. Instead, it should use analytic tools for converting data into information for effective decisions and strategy formulation. It is in this context, the role of business analytics and business intelligence looms large. The findings of Global study from MIT Sloan Managementi Review reveals that organizations gain competitive advantage by using business analytics. The study points out that 67 percent of companies surveyed are gaining a competitive advantage in the market place by using analytics which points to a 15 percent increase from last year and 80 percent increase from two years ago. In recent years, organizations have been turning in growing numbers to the use of business analytics as an important tool to meet the challenges of increasingly demanding customers and to other stakeholders as well as to cope with the emergence of a much stronger customer voice that is changing the basic relationship between buyers and sellersii .
Business Analytics and Business Intelligence (BABI) embraces a variety of techniques that can be used by companies to make effective strategic decisions apart from significantly improving performance in key dimensions. The art of modeling a business problem, then finding the solution using analytics, and finally implementing successfully the solution are the hallmarks of BABI.
Against the backdrop described above, Great Lakes Institute of Management, Chennai launched its Centre for Excellence in Business Analytics and Business Intelligence. The Centre aims to blend conceptual framework of analytics with business relevance. The Centre has also launched an one year Post Graduate Program in Business Analytics and Business Intelligence (PGP-BABI) for working executives which paves way for decision making in the midst of big data that bewilders business managers by its sheer size and complexity.
The Centre provides the post graduate program with a fine curriculum which has the fine ingredients of Business Foundation, Statistical Methods for Decision Making, Predictive Modeling, Data Mining for Business Intelligence, Optimization Analytics, and Industry Perspective Analytics involving Marketing, Operations, Pricing and Finance. This program is designed to provide a comprehensive knowledge of analytic techniques with an applied orientation for executives working in business analytics and professionals interested in a career in analytics.
i - From Value to Vision: Reimagining the Possible with Data Analytics-MIT Sloan Management Review, March 2013
ii - The Case For Business Analytics In Midsize Firms | IBM © 2013