The entire process involved in churning out data to analyze the performance of a business, along with everything associated with it, like the tools and knowledge, is called business analytics. In India, business analytics is entering a whole new era where it is being driven by factors like AI, automation, digital infrastructure, and an expanding data ecosystem. For students and future business leaders currently studying in the best MBA colleges in Bangalore, understanding the growing trends of business analytics prepares them for a successful career in the future.
Augmented Analytics
The growing use of Artificial Intelligence (AI) and Machine Learning (ML) to automate the process of data preparation and generating insights, as well as preparing an analysis, is called augmented analytics. With the continuing practice of augmented analytics, the process of analytics and further decision-making can be embraced not only by the data specialists but also by non-professionals.
Self-Service for Non-Technical Users
Self-service analytics tools are designed for and used by those who do not have the knowledge of coding or advanced statistics to analyze data independently. For organizations that want their tasks to be done at a rapid speed, the following tools used in augmented analytics are of massive help:
- Power BI
- Zoho Analytics
- Google Looker Studio
Natural Language Query & Insight Generation
Natural Language Query (NLQ) tools enable an individual to generate insight based on a particular set of data by just putting in a prompt written in simple, humanized language. The rise of such a practice reduces dependency on SQL or long analysis cycles. These tools include the likes of:
- Tableau GPT
- ThoughtSpot
Automated Data Preparation & Insight Automation
Among the regular tasks of a data analyst, a considerable amount of time is spent cleaning and preparing datasets. To reduce the time taken and the efforts made, AI tools are used to detect errors, missing values, and outliers and also suggest transformations.
Presence of Data Privacy and Ethics
As the dependency on the presence and analysis of data keeps rising, it also drives the growth of ethical analytics and data governance. Tons of laws are made in India regarding the same that students studying at the best MBA institute Bangalore get to study about. Surrounded by these laws, companies are responsible for keeping personal data secure.
DPDP Act
The Digital Personal Data Protection (DPDP) Act 2023 in India and other such privacy laws greatly drive the ability of any company to collect, store, process, and share personal data. Following this act should be the priority of individuals in banking, healthcare, government projects, or on data platforms. The following are some things this act allows:
- Organizations must provide transparency on data use and take user consent before processing.
- Companies must maintain strict security practices and report data breaches.
Privacy-Preserving Analytics
There are also a few measures that allow analysis of data without exposing the identity of any individual associated with the data. These measures are called privacy-preserving techniques. Differential privacy and synthetic data are two of the measures that come under privacy-preserving analytics.
- Differential privacy adds statistical noise to protect personal data.
- Synthetic data generates artificial datasets that retain patterns but not actual personal information.
Data Extraction
Data extraction deals with massive volumes and forms of data, such as structured, unstructured, and streaming data. This makes the procedure of data extraction highly complex. In the present-day market and job roles, real-time data pipelines and unified architectures ensure smooth data flow across systems.
Real-Time & Edge Analytics for On-the-Go Insights
Edge analytics processes data on local devices (IoT sensors, mobile apps) without sending everything to the cloud. Real-time analytics processes data the moment it is generated. These two procedures of data analytics are followed through frameworks like Kafka, Spark Streaming, and Azure Stream Analytics.
Data Fabric & Unified Data Architecture
A data fabric is typically used in data extraction to integrate all the data of the industry across systems, cloud platforms, and applications. Such an architecture supports holistic analytics without manual integration. Among Indian enterprises, data fabric is used to combine CRM, ERP, sales, and supply chain data.
Structured and Unstructured Data Streams
Throughout its functioning, a business gets to collect tons of valuable data. Sometimes, this data is structured, and sometimes it is unstructured. It is in the form of PDFs, documents, sheets, chats, sensor logs, emails, images, and videos. The best example of such businesses is e-commerce platforms that analyze customer reviews (unstructured) as well as their purchase history (structured).
Modern analytics extracts insights from all these data types with the help of NLP, OCR, and vector search. For this extraction, the most preferred tools tend to be Snowflake, MongoDB, and Elasticsearch, which handle multi-format data.
Data Visualization
The data that is extracted and analyzed matters to everyone, but it is presented to the concerned individual best when it is presented in a visually appealing and understandable form. While this purpose was fulfilled through static charts in the past, the modern-day trends see the use of interactive dashboards.
Expertise in data visualization also makes a student pursuing one of the best MBA programs in Bangalore a priority for companies that value the insights being presented convincingly.
AI-Augmented Dashboards & Insight Recommendations
Interactive data visualization dashboards that are augmented or enhanced through AI are used to automatically highlight the trends, anomalies, and recommendations from the insights. These dashboards reduce manual workload and can be used by non-technical users easily. Tools like Tableau GPT and Power BI Copilot are used to identify unusual spikes or drops.
Storytelling with Data
Instead of showing tons of graphs one after another, data storytelling explains why a trend is happening and what action should be taken in response to that trend. Data storytelling combines several visual elements like charts, text explanations, and business interpretation to create an impactful presentation that supports a narrative and the decisions one has to make.
Role of Interactive, No-Code Visualization Tools
For non-coders, platforms like Looker Studio, Zoho Analytics, and Canva Data Visualizations are of extreme need and are becoming popular in their use, too. With these platforms, a user can experience drag-and-drop visualizations, real-time filters, and easy sharing.
Conclusion
The future of business analytics in India is powered by AI, automation, ethical data usage, and real-time decision systems. If you are an MBA student currently pursuing your course at one of the best MBA colleges in Bangalore and wish to build a successful career and handle business analytics with ease, the said factors are some areas you need to gain expertise in, as business analytics trends affect the operations of every industry.
To achieve this expertise in business analytics, along with many other concepts that would make you a sure-shot business leader, there is no better place for you than IZee Business School. We at IZee Business School are the top MBA institute in Bangalore, with our advanced curriculum and even more advanced faculty guiding you on the path of excellence.
Enroll in the MBA in business analytics program at IZee Business School, Bangalore, and give wings to the professional and successful career of your aspirations.
Frequently Asked Questions (FAQs)
Q. Will a Business Analyst be replaced by AI?
No, a business analyst cannot be replaced by AI. However, the work of a business analyst can be simplified or transformed due to the availability of several AI tools. Meanwhile, a business analyst will have the upper hand over AI due to human skills like critical thinking, communication, and strategic judgment.
Q. Is business analytics in demand in India?
As more and more startups arise and companies grow in India, the greater will be the demand for business analytics to influence the data-driven decision-making approach of a business.
Q. What skills do I need to become a business analyst?
The key skills required to become a successful business analyst include strong analysis capabilities, problem-solving abilities, communication, interpersonal skills, and a proficiency in data analysis and technical tools like Excel and SQL.
Q. What are the four pillars of business analytics?
The four pillars of business analytics are descriptive, diagnostic, predictive, and prescriptive. All of these four pillars are needed to explain any data and influence the future decisions of any business.
Q. Which industry is best for business analysts?
Almost every industry relies on business analysts, but the one specific industry that needs them the most is the finance industry.
