How to get into the business analytics industry? Key takeaways: To get into the in-demand business analytics industry, you must understand data science and statistics. Learn how to use Excel to its full potential, as it is one of the most commonly used tools in business analytics. Become familiar with SQL (Structured Query Language), which is used for querying and managing data stored in relational databases. Get familiar with Python, a widely-used programming language for scientific computing, data analysis, and visualisation. The business analytics industry is a large and growing field, so many different types of companies use these methods for data driven decision making. You can start by getting into one such company, like an accounting or financial firm, and learning about its approach to the work you want. You can also create your startup and use the business analyst skills required to generate revenue. If you are interested in working in the evolving business analytics industry but don’t have much experience, there are several ways to get started. One option is to get an entry-level job at an established company that uses business analytics, like a management consulting firm or a financial services company. This will allow you to learn from others already working in this field while gaining the valuable business analyst skills required. Another option is to start a company using what you have learned during school and on the job. This may not be easy, but it is possible if you have enough determination and patience—and if there’s enough demand for what you are offering! What is business analytics? Business analytics is a process that uses data to answer questions and make decisions. It is a way of interpreting the past, present, and future to reach your goals. Business analytics can be used to improve every aspect of your business, from customer service to product development. Simply put, it is about making better decisions based on the available information. READ MORE: What is Business Analytics: An overview How does business analytics work? Business analytics is a data-driven approach to decision-making. It can be applied to various business problems, including sales and marketing, supply chain management, operations management, and customer service. Start by searching for ways that could increase your sales. You can do it by collecting data on your current sales performance to identify trends or patterns. For example, how often people buy shoes on sale days, the average price of shoes sold during those days, and what other products customers tend to purchase with shoes. Once you have made these observations about your customer’s behaviour, you can decide whether or not it makes sense for your company’s business model. If it has enough profit potential for your company, you may start offering discounts for both items together rather than just one. Significance of business analytics Businesses are continuously evaluating their performance and using data for the same. Here’s how business analytics helps various industries – Better decision-making You can identify trends in your customer base, find out where your revenue is coming from, and learn more about what makes your customers tick. These insights will help you make better decisions, from staffing to product development. Lower risk Business analytics can help lower risk in your business by allowing you to predict future outcomes based on past data. If you have a predictive model for customer behaviour, you can use it to predict what customers will do when interacting with your product or service and plan accordingly. This can help you avoid situations where the cost of failure is high. Improved efficiency Business analytics helps you understand how certain processes work and why they are important for your business’s success. This knowledge allows you to streamline those processes to run more efficiently and save money by reducing associated costs. Required business analytics skills The key business analyst skills required to succeed are as follows – Business acumen Business acumen understands business goals, processes, and activities. It involves both logical and creative thinking and the ability to identify opportunities and problems in the business environment. Communication skills This involves communicating with people at all levels of an organisation, including senior leadership. Problem-solving skills This refers to an individual’s ability to find solutions for problems that arise during a project. It is also important for teams to have good problem-solving skills so they can work together effectively and efficiently. Data analysis skills This refers to an individual’s ability to collect data from various sources (such as customer surveys) and analyse it using statistical methods such as regression or predictive modelling. This step usually aims to generate insights about your customers or company’s operations (such as how customers behave). Business analyst salary & job roles The world of business analytics is a vast and expansive one. That’s why it can be difficult to know where to start when you are looking for a business analytics job role. The good news is that there are a number of options available to you. Whether you are looking for a career change or just want to try something new, here are some of the most common roles in the field: Job roleSalaryData ScientistINR 10,00,000StatisticianINR. 20,80,346Business Intelligence AnalystINR 3.5 Lakhs to INR 16 lakhsData EngineerINR 8,67,354Data AnalystINR 4.3 LakhsPredictive Analytics SpecialistsINR 13,75,870 Career progression in business analytics As the economy changes, so too do the job market and career prospects. In today’s world, data analytics is one of the most important business analyst skills required because it is a skill that can be used in almost any industry. Business analytics involves collecting, analysing, and interpreting data to make better decisions for businesses and organisations. You can take many different paths with your career in business analytics. Some people start as analysts or interns who work closely with data scientists on projects related to their companies’ goals. In contrast, others advance into managerial positions where they oversee entire departments or teams of analysts. Some people choose instead to pursue higher education by getting master’s degrees or Ph.Ds in business administration, economics, or other related fields. How to get into the business analytics industry? Getting into the business analytics industry can be a challenging task. You will need a clear idea of what you want to do and how to get an analytics job Here are some steps you can take to get started – Earn an undergraduate degree While there is a lot of debate about whether or not you should pursue an undergraduate degree in business analytics before pursuing a master’s degree, most employers indeed prefer to see some previous experience in the field. In addition, pursuing your master’s degree in business analytics helps to have some exposure to the material before taking on a graduate program. Do a specialised master’s degree in business analytics If you want to enter the industry, earning a master’s degree in business analytics is the best way. You will learn how to apply data science techniques and statistics to real-world problems, which will help you make valuable contributions at work. Get the hang of visualisation tools and practice presentation The key skill set for success in business analytics is communicating effectively with data, whether presenting information visually or communicating it verbally. Work on hands-on projects To start your career with the executive programme in the business analytics industry, you will need to ensure that you have experience working on projects. This can be anything from creating a simple report for your organisation to developing an algorithm that will help improve efficiency. Showcase your work in your portfolio To get hired as a business analyst, employers will want to see what kind of work you have done in the past. They will want to see reports, dashboards, models, algorithms, and other things that show off the required business analyst skills. Do an internship or two Internships are great because they allow you to gain real-world experience while still being able to focus on school. If possible, try an internship or two before graduating college to be better prepared for interviews. Try to upskill with the latest versions of software or programming languages Upskill with the latest versions of software or programming languages. To work in analytics, it is important to be familiar with the most up-to-date tools and techniques. Many companies will offer training programs for employees. Still, if you are starting, taking some of these business analyst courses on your own time can be helpful. Build a robust professional network Build a robust professional network. Networking is critical in any industry, but especially so in business analytics. You must connect with people who can help you get your foot in the door at companies where you might eventually want to work. The best way to do this is through social media—especially LinkedIn—but also attend conferences and meetups where professionals from different companies gather to discuss current trends in business analytics. Find an entry-level job The best way to learn about how things work in a particular company is by working there. Also, often these entry-level jobs don’t require formal education or training. Just make sure that whatever company you choose has good reviews online and makes it easy for employees who want to enter the workforce in the organisation. Online Manipal helps you become an in-demand Business Analyst If you are looking to become an in-demand Business Analyst, the exclusively designed courses by the Manipal Academy of Higher Education (MAHE) with Online Manipal can help. MAHE’s MSc in Business Analytics programme is designed to equip you with the business analyst skills and expertise needed to succeed in the industry. You will learn how to apply analytics techniques and tools to real-world problems, giving you a competitive edge over other professionals who lack the business analyst skills required. Besides, you will be taught by experienced faculty members who are dedicated to your success so that you can confidently tackle any challenge that comes your way. The curriculum covers data mining, machine learning, and natural language processing. It also includes practical projects that will allow you to apply what you have learned in a real-world setting. The online learning platform allows flexible scheduling to balance your studies with work or other obligations. It is accessible through any device with an internet connection (PC/laptop). This means that you can study anytime, anywhere! Summing it up If you are looking to enter the business analytics industry, Online Manipal is the launchpad. You will learn from mentors who are experts in their fields and have years of experience working with big data in practical applications. The programme is designed to provide a comprehensive education that will give you the skills you need to succeed in the field.
Why you should become an data engineer Key takeaways: When it comes to data, data engineering is a crucial discipline. Data drives the operations of both small and large organisations. Businesses use data to answer pertinent questions about everything from consumer interest to viability of their products. Data is, without a doubt, a crucial component of growing your business and collecting insightful information. Working as a data engineer gives you an opportunity to directly impact society in a world where we’ll be producing 463 exabytes every day by 2025 and making data scientists’ lives easier. Working in the field of data engineering can be challenging and satisfying. You’ll be a key player in a company’s success by enabling data scientists, analysts, and decision-makers to access the information they require to do their jobs. You’ll rely on your programming skills and analytical abilities to develop scalable solutions. Data engineering skills are key to any organisation since data is always being processed. In India, the market for data engineering in 2022 stands at USD 18.2 billion. It is anticipated that this would increase during the following five years at a CAGR of 36.7%, reaching USD 86.9 billion by 2027. Of all non-IT businesses, banking and insurance employed the most data engineers. According to Glassdoor (May 2022), the average pay for a data engineer in the US is USD 115,176. However, some data engineers make upto USD 168,000 annually. Not all positions in data engineering are entry-level. In fact, many data engineers begin their careers as business intelligence analysts or software engineers. As your career develops, you might take on managerial duties or work as a solutions architect, data architect, or machine learning engineer. What is data engineering? A data engineer is an IT specialist whose primary duty is to provide data for analytical or operational use. They integrate, consolidate, and clean the data to prepare it for analytics systems. They aim to make data more accessible and enhance the big data environment within their company. Data engineers use different amounts of data depending on the size of the organisation. As the organisation grows, the analytics architecture will get more complex, and the engineer will be responsible for more data. Teams of engineers and data scientists work together to promote data transparency and provide organisations with the resources they need to make more reliable business decisions. The demand for data engineers Big data engineers fall within the categories of statisticians and information and computer research scientists, according to the Bureau of Labor Statistics (BLS). The employment prognosis for each of these two categories is as follows: Statistician: Starting from 2020 until 2030, jobs are expected to expand by 33%. The employment of computer and information research experts is expected to rise by 22% by 2030. Computer research scientists: The BLS estimates that demand for big data engineers jobs will rise drastically over the next four to five years, making this a promising career path to pursue, which is why most people want to be a data engineer. Evolving field Since the value of data is so widely acknowledged, it won’t be long until it appears on a company’s financial statements as an asset. Statista.com predicts that between 2020 and 2025, the amount of data/information produced/captured, transferred, and consumed globally will rise from 64.2 zettabytes to 181 zettabytes. However, sound data engineering is crucial for businesses to use that data efficiently. A drawback of having a lot of data is that modelling it might be difficult. To prevent models from being fed inaccurate or irrelevant data, it is essential to comprehend and analyse data. Although discussions on maximising the value of data frequently centre on AI (artificial intelligence), machine learning, and algorithms, it’s crucial to consider how that data is strategically gathered, transformed, and distributed. Data engineers must ensure that the data supplied to business users is relevant, of high quality, and reliable for firms to profit from the data they have invested in gathering and maintaining. Roles and responsibilities of a data engineer The following is a list of the duties that are included in the data engineer job description: Working on the data architecture, they plan, develop, and maintain data architectures systematically while keeping them in line with business needs. Gathering data The correct data must be gathered from appropriate sources before starting work on the database. Data engineers then store the processed datasets after creating a set of processes. Industry research Data engineers conduct industry research to solve problems that may come up while solving a business challenge. Improve data engineering skills Data engineers don’t just rely on abstract database theories. Regardless of the development environment that they are working in or their programming language, they must be capable. They must also keep up to date on machine learning and associated techniques, such as k-means, decision trees, and random forests. Data engineers must be adept at using analytics programmes like Apache Spark, Tableau, and Knime. They must produce insightful business data for a variety of sectors using these methods. Data engineers, for instance, can make a difference in the healthcare sector by spotting trends in patient behaviour that can be used to enhance diagnosis and treatment. ALSO READ: Data scientist job role and description Data engineering skills and tools required Data engineers need a variety of programming languages, data management tools, data warehouses, and other tools for data processing, data analytics, and AI/ML to develop such a robust data infrastructure. The following are some tools and data engineer skills they need to be proficient with. SkillsToolsCodingSQLData warehousingPythonKnowledge of operating systemsPerlDatabase systemsJavaData analysisC and C++Critical thinking skillsAmazon Web ServicesUnderstanding of machine learningHadoop Industries that require data engineers Data usage has dramatically increased during the last few years. More people, groups, companies, etc., are using data in their regular operations. People used to place a greater emphasis on insightful analysis and insights, but they have since realised that maintaining data demands just as much attention. Data engineer skills are in high demand in almost all industries. Listed below are some of them. Healthcare and pharmaceutical It takes careful consideration to launch a career in the healthcare industry. Therefore, if you choose to enter it, be sure that you are prepared to deal with facts that may be related to people who are having a difficult time with their lives. Therefore, working in this field is a humanitarian endeavour, and you must be cautious while developing your data science strategy to provide the most insightful solutions to data problems. Telecommunications sector Mind Commerce estimated that the big data and data science industries will help the telecom sector develop at a compound annual growth rate of 50%, with annual revenue reaching from USD 59 billion in 2019 to over USD 105 billion in 2023. Because of the readily available analytics software, data storage prices have significantly decreased, and computer processing power has increased. Consequently, a data engineer’s job description has become simpler. Because of the data obtained from customer behaviours like voice, video preferences, SMS, social media activity, and demographics, telecom companies can offer personalised services and products. Internet industry The data explosion brought on by advanced technology, big data, and cloud computing is now strengthening the internet sector. Data scientists have an incomprehensible amount of data at their disposal, which they use to create personalised recommendations, conduct sentiment analysis, analyse videos, etc. With billions of people using the internet, sharing images and videos on social media, and conducting Google searches every second of the day, it is no surprise that the internet sector, e-commerce, and social networks are thriving to an inconceivable extent. Opportunities & hiring companies Data engineering is the new gold of the 21st century. Here are a few companies that provide the eBay opportunity to start a career. AmazonCBREAllied UniversalAya Healthcare HumanaPwCMarriott InternationalNorthwell HealthUnitedHealth GroupJPMorgan ChaseAramark CorporationVerizonRandstad US Career growth options Like any job in software engineering, a data engineering roadmap can take you through different avenues. You might advance to the status of a key contributor. Additionally, you might manage a group of engineers. The data engineer roadmap is quite big and worth exploring, to begin with. Pay scale According to Glassdoor, the average Data Engineer salary in India is Rs. 8,56,643 LPA. Of course, a number of variables affect a data engineer’s compensation, such as the company’s size and reputation, location, educational background, position held, and experience. Data engineers are typically paid well by reputable businesses and major participants in the Big Data sector, including, but not limited to, Amazon, Airbnb, Spotify, Netflix, IBM, Accenture, Deloitte, and Capgemini. Additionally, your market value will increase the more Big Data-related employment experience you have. How to become a data engineer? You can begin or advance your data engineering career with the right abilities and knowledge. By acquiring a degree, you may lay the foundation for the information you’ll need in this rapidly changing sector. To expand your career and open doors to opportunities with possibly greater salaries, consider getting a master’s degree. You can take a number of different actions in addition to getting a degree to position yourself for success. Improve your knowledge of data engineeringEarn a credential by enrolling a data science programmeCreate a portfolio of work, including data engineeringPursue an internshipApply in a entry-level job RELATED ARTICLES Top reasons to learn the big data technologiesWhat next after bachelor’s? Grow your career with master’s in data scienceRising demand for data science in IndiaTop opportunities with M.Sc. in Data Science in IndiaData scientist job role and description Closing remarks It is a great time to think about becoming a data engineer, given the continual increase in demand for data analytics and Big Data opportunities in India and beyond. It is predicted that there will be more career opportunities in the data science field in future. Visit Online Manipal’s website if you’re interested in learning more about data engineering. They provide an M.Sc. in Data Science programme online. Expert faculty from Manipal Academy of Higher Education (MAHE) has designed the curriculum, which prepares future-ready professionals. From the comfort of your home, you can become an expert in data science and thrive in your career.
Why you should become a data scientist Key takeaways: Data science combines various statistics, mathematics, and business operations. It revolves around evaluating and simplifying raw data using various artificial tools. Data science has emerged as one of the most flourishing careers in technology. Every organisation requires data scientists. A data scientist deals with the operations of data science. A data scientist’s basic role and responsibility is to get insight into raw data, evaluate the required and necessary information, and arrange that information so every sector of the firm can use it. Those who want a high paycheck and are interested in technology should pursue their career in data science. Moreover, the job opportunities in data sciences are increasing by every passing day. Students interested in a career in data science have the opportunity to work with international companies like Facebook, Microsoft, and Amazon. Due to growing technology, data science has emerged as its apotheosis. A data scientist is a highly required designation in any organisation. Data science revolves around developing strategies for analysing data, exploring data, preparing data for analysis, visualising data, and using programming languages such as R and Python. Moreover, it includes using processes, algorithms, scientific methods, and systems to extract knowledge and insight from structured or unstructured data. Data science was used long ago but recently got highlighted due to emerging technology. Nevertheless, in 1974, Peter Naur proposed it as an alternative name for computer science. However, most people ask, is data science a good career? Data science is an excellent career option in India and worldwide, with tremendous opportunities and a high-paying scale. Moreover, it is one of the fastest growing fields in terms of technology across the globe. Data scientist salary in India is higher than most job profiles. Moreover, Apple, Facebook, Microsoft, and Google are top-notch companies that need data scientists. The career growth in data science is diverse. A data scientist can seek various job opportunities such as mathematics, research data scientist, vertical expert, data engineer, and statistician. Moreover, the best part about being a data scientist is that you are eligible for a remote job, i.e., you don’t always have to work on-site. What is data science? Numerous data science experts have given significant definitions to data science. However, it can be best described as a field that applies advanced analytics techniques and scientific problems to extract valuable information from data for business decision-making, strategic planning, and other uses. It combines statistics and mathematics, business, and computer science. The demand for data scientists Data science is a fast-growing field. Since 2012, there has been a 650 percent increase in participation in this industry. Moreover, the market is expected to grow from USD 37.9 billion in 2019 to USD 230.80 billion by 2026. The data evolved by data scientists has many different purposes, and the linking has assured data science as the most promising career with diverse job profiles. The jobs for data scientists are open for people skilled in python, SQL, business, statistics, and computers. Data scientists have a vast knowledge of computer technology, including computer systems and programming languages. They hold their expertise in managing and analysing a large amount of data. Evolving domain The role of data scientists is diverse. All types require companies to manage their data in various job profile roles. India has the best companies to work for as data scientists. Data scientists extract hidden information from huge data to provide insights for decision-making that improves the status and strength of an organisation. Moreover, it is a highly paid and prestigious position that capitalises on technological disruptions to simplify complex working. READ MORE: Rising demand for data science in India Benefits of data science Data science is one of the most important aspects of technology. Being a data scientist offers various advantages, some of which are mentioned below: Data scientists are required in every field, be it business, mathematics, sales, marketing, or artificial intelligence. Moreover, big social networking sites like Facebook, Instagram, and WhatsApp require a team of data scientists for smooth execution of work. Pursuing your career in data science opens doors to various postings in sales, marketing, business, computing, etc. However, the best part is that a data scientist can work from home or remotely. The salary offered to data scientists is higher than the average salary received by an individual in India. Moreover, as per stats, on average, a data scientist earns around INR 10.5 Lakhs per annum. Diverse roles and responsibilities of a data scientist Being a data scientist is not a piece of cake. A person needs to learn, research and train oneself to be specialised in this field. Data scientists have huge responsibilities on their shoulders. Mild inconvenience to their work can affect the workflow of the whole organisation. Here are some roles and responsibilities of the data scientist: Take raw data and analyse it for efficient working Process unsaturated data so it can be useful for the company Analysing various patterns and trends to check the demand for a product or service in the market Constructing machine learning algorithms and predictive models for the execution of data Presenting data in the form of visuals, so it is understandable and approachable to everyone present in the organisation. Provide a solution to an existing problem and try to identify the upcoming error Collaborate and communicate with product development teams and the engineering team Skills and tools required in data science Data Scientists are liable for utilising their programming abilities to develop automated systems that assist organisations in further developing business activities. Their duties include gathering crude information from various sources; this involves creating new studies and transferring it into an appropriate format which is then analysed. A data scientist’s qualification involves a degree in computer science with good academic credentials and relevant experience in the same field. Data mining is analysing raw data to get favourable outcomes along with a good understanding of machine learning and operation skills. Knowledge and working of R, SQL, and python with reference and understanding of java, C, C+, and C++. Strong hold on mathematics, especially with algebra and statistics. Have a good understanding of business analytics and intelligence tools such as Tableau and Hadoop. Decision-making and problem-solving aptitude with good communication skills, written and verbal and presentation skills. READ: The data science roadmap explained Industries that require data scientists Data science is a flexible and vast field that is required in every organisation. The main purpose of appointing data scientists is to analyse raw data and assemble the extracted data in a useful manner. However, the following are some of the fields that are associated with data science – Finance Banking Cybersecurity Digital marketing Retail Media and entertainment Tech startups Opportunities and hiring companies for data scientists The scope for data scientists is vast. Almost every company associated or non-associated with technology requires a data scientist to examine their stats. But following are some priority companies that are hiring data scientists – Top companies hiring data scientistsMicrosoftAmazonEYGoogleVM wareWalmartSplunkNumeratorDatabricksClouderaUnified Career growth as a data scientist Data science not only opens doors to various opportunities but also has terrific career growth. This field allows an individual to flourish and grow. Moreover, with time, the individual learns various new things. Data science improves the work of experts and provides them with the motivation to learn new things. An individual who has been in this field for more than three years is eligible to qualify as a senior data scientist. A data scientist can also widen his/her footstep to become a data analyst. The job of a data analyst is to gather and interpret data to solve specific problems. A data engineer deals with a variety of settings to build systems that collect, manage, and convert raw data into usable information for business analysts and data scientists to interpret. A business intelligence developer is in charge of generating, organising, and maintaining the company’s interfaces. These include data visualisations, dashboards, regular and impromptu reports, and data querying tools for users to obtain the required information. Data scientist salary in India and worldwide The average pay scale for a data analyst in India is around INR 90,000 per month. However, top data scientists also receive a salary of around INR 25-40 lakh per annum. A fresher may receive a package of INR 5 lakhs per annum that increases with time. Data scientists working in Bangalore and Mumbai receive the highest salary. How to become a data scientist A step by step process to become a data scientist – The aspirant needs to earn a bachelor’s degree in data science or related field. Academic credentials are required to ensure expertise in the field. Related short courses will help the individual acquire more skills. Work on computer language and skills associated with data science like mathematics, statistics, communication skill, and business skills. Check for vacancies for data scientist roles in companies Send your detailed resume to hiring organisations. Prepare yourself for an interview. The interviewer might ask you a question about why you want to become a data scientist. After a successful interview, you will work as a data scientist. Final words Online Manipal is a digital learning platform that enables you to pursue various degrees in business stats and science. The degrees and courses are affiliated with Manipal Academy of Higher Education (MAHE). Currently, Online Manipal offers online M.Sc. in Data Science to prepare future-ready data scientists. The best part about Online Manipal is that you can learn at your pace with experienced faculty.
Job roles in MBA Operations Management Operations management is the regulation of business practices and operations to maximise organisational efficiency. It forms the most important component and aspect of any business. The person in charge of the operations department is responsible for ensuring the quality and output of the product in the manufacturing facility and the regulation of the processes involved to maximise the organisation’s profit. Future prospects for graduates with an MBA in Operations Management are expanding with industry advancements, and new opportunities in the sector will keep increasing in the years to come. The MBA in Operations Management programme aims to spread information about the working of an organisation and the development and administration of resource capabilities employed by a company to produce goods or services. MBA in operations management scope is very high because this programme prepares students to take on difficulties in supply chain management and logistics. Students who complete their MBA with a specialty in operations management have huge growth chances in the management and planning sectors of any corporation. Operations management deals with a variety of duties connected to commercial concerns, including forecasting, product designing, supply chain processes, inventory, maintenance, and quality control. Individuals are usually hired for roles in resource management and operations handling. Another important reason behind the popularity of this career field is an MBA in Operations Management graduate’s handsome salary package. The average salary of an Operations Manager in India is around ₹ 7.5 LPA. Objectives and applications of Operations Management Many top recruiting companies offer excellent opportunities to MBA candidates with the Operations Management specialisation. The major objectives of Operations Management are: Customer service: The main goal of operations management is to use organisational resources to provide goods and services that meet customers’ expectations by delivering the “right thing at the appropriate price, place, and time.” Resource Utilisation: Another important goal of operations management is to utilise the organisation’s resources as efficiently as possible to meet the standards and customer demands. In operations management, various inputs, including the capital, labour, material, machinery, and information, are integrated and used to create output in the form of products and services. The organisation measures several process points and compares them to the established standards to determine whether corrective action is necessary. Applications of operations management are: Operations management is the decision-making and problem-solving method followed during the creation of goods and services. It involves all the processes while producing goods which entails planning, organising, coordinating, and controlling the resources required for the production of the goods and services of a company. Operations management has a wide range of applications.. Project allocation and distribution: Allocating resources, such as people, materials, machinery, time, and money, to projects in the best way possible. Selection and use of the appropriate personnel. Project planning, oversight, and management. Planning for production and facilities: The choice of factory size and location. Calculating the approximate number of facilities needed. The creation of projections for the different inventory products and the calculation of reasonable order quantities and reorder points. Scheduling and ordering production runs using the appropriate machine allocation. Selecting a warehouse location. Decisions about maintenance policy. Career after MBA in Operations Management The operations of any firm or business depend on efficient operations management, including product quality and pricing. The knowledge of maximising resources, products, policies, design flows, establishing the supply chain, and logistics concerning the product will be taught to students studying in an MBA in Operations Management programme. Individuals with an MBA in Operations Management degree can easily apply their skills and experience to help organisations achieve their goals. There is an availability of various jobs in operations for freshers in the field. The subfields of operation management, including retail, hospitality, logistics, transportation, construction, financial institutions, information technology, management consulting, and others, are where individuals can develop their careers. Some of the common job roles offered to individuals with this specialisation are: Supply Chain Manager Logistics Manager Inventory Control Manager Project Manager Operations Manager People specialising in operations management in their online MBA program are more prepared to face issues in supply chain management, design, and logistics. Operations management deals with a variety of strategic concerns, such as deciding the size of industrial facilities, project management techniques, and putting information technology networks into place. Other operational concerns include work-in-process levels, raw material acquisition, quality control, material handling, maintenance procedures, and inventory management. Here are the various job roles that you can land after an MBA in Operations Management Operations Executive The Operations Executive is the office team member who directly controls operations and facility upkeep. Although the Operations Executive typically has direct access to senior management, they can report to numerous departments within the organisation, including the Facilities Executive, Chief Financial Officer, or Chief Operations Officer. The following duties are part of the Operations Executive role: Interacting with senior management to establish strategic, operational objectives. Creating long-term strategic plans to accomplish strategic goals. Creating and managing the budget for the organisation’s financial, operational and capital projects. Monitoring the performance of internal and external service providers in terms of operations. Monitoring the state of the facilities and performance of the environment, suggesting or approving funding amounts and spending schedules Creating an environment at work that encourages productivity. Keeping an eye on occupant contentment. Keeping an eye on rehabilitation and construction projects. Tracking performance indicators. Obtaining clearances and notices and responding to them. The average salary of an Operations Executive in India is ₹ 2.6 LPA. Area Operation Manager The Area Operation Manager controls and successfully manages labour, productivity, quality assurance, and safety standards as developed and set for the operations department. They manage overall operations processes. The Area Operation Manager represents the corporation in governmental matters. They are usually in charge of the areas of information management, business processes, improved management reporting, and system expansion, improved operational procedure, systems, and principles. They fulfil their supervisory duties in accordance with the company’s rules and relevant legislation. Some of the duties and responsibilities of an Area Operation Manager are: Interviewing, choosing, and hiring employees. Training new and existing employees. Planning, allocating, and directing workflow. Authoring and discussing performance appraisals with employees to motivate and reward employees. Addressing employee performance and corrective action plans. Coordinating with the director to plan the company’s budget. The average annual salary of an Area Operation Manager is ₹ 7.1 LPA. Deputy Manager A Deputy Manager is a senior executive who works in an organisation directly under the manager and supports the manager in carrying out their responsibilities. Deputy managers support the creation, development, and implementation of numerous firm initiatives and programmes. They collaborate with other divisions to guarantee efficient business operations. Additionally, they communicate with senior management before making important choices pertaining to numerous departments. Their precise role and responsibilities may change depending on their function and the organisation they work in. For instance, the duties of a Deputy Manager employed by a marketing firm will differ from those of a Deputy Manager employed by a bank. The salary package will also vary based on the organisation and work sector. The average salary of a Deputy Manager in India is ₹ 7.2 LPA. Operations Manager Operations Managers are in charge of all levels of an organisation’s operational activities and are also responsible for hiring, training, and overseeing quality control initiatives. An operations manager develops a process improvement strategy to guarantee that everyone completes their job on time. The average salary package of an Operations Manager is ₹ 7.5 LPA. General Operations Manager The General Operations Manager manages several departments or locations while planning, directing, or coordinating the activities of public or private sector organisations. The General Operations Manager creates policies, manages daily operations, and plans the use of materials and human resources. However, these duties and responsibilities are too varied and general to be categorised in any one functional area of management or administration, such as personnel, purchasing, or administrative services. The average annual remuneration of a General Operations Manager in India is ₹ 18.5 LPA. Plant Manager A manufacturing plant’s operations and processes are under the control of the Plant Manager. To consistently maintain good performance and production entails managing and coordinating everyday tasks. Other responsibilities of a Plant Manager include: Make sure corporate policies and procedures are followed. Helping new workers get settled in. Giving employees access to training and educational resources. A plant manager’s professional growth could lead to a directorship or executive post, depending on the business. The average annual remuneration of a Plant Manager is ₹ 10.6 LPA. Manufacturing Consultant Manufacturing consulting’s role is to advise on and implement manufacturing initiatives from the sales floor to the boardroom. Manufacturing consultants take a holistic view of the business, ensuring that all operational functions are understood and acknowledged. The goal of a Manufacturing Consultant is to offer clients answers for their evolving business demands. The scope of the engagement is extremely flexible and may involve developing the fundamental strategy, implementing it on a big scale, optimising processes, managing change, and introducing new technologies. The average salary package of a Manufacturing Consultant is ₹ 16.3 LPA. Know the prerequisites to become an operation manager Some popular hiring companies Top companies that hire candidates with an MBA degree in Operations Management are: Accenture MEIL L&T KPMG ICICI Lombard Flipkart HDFC Bank IBM Casting Networks EY Randstad Optum Global Myntra Amazon Online Manipal’s MBA programmes allow you to dream big Manipal University Jaipur is a NAAC, A+ accredited institution that offers UGC recognised MBA courses to applicants. The online learning platform, known as Online Manipal, provided by Manipal University Jaipur, enables students to enrol and complete courses online from anywhere in the world. Online Manipal’s online MBA programme gives you all the exposure you need to thrive in your career. The programme will help you in honing your skills to become a skilled professional. The course mainly focuses on developing the managerial and critical skills of the candidate. The course has many case studies to help candidates better understand the concepts of the programme. Online Manipal also provides placement assistance and provides free access to courses on Coursera. Thus, Online Manipal’s intricately designed MBA programmes allow you to dream big and land your dream job. Conclusion Operations management forms one of the basic components of businesses. Careers in operations management are thriving in today’s time with the requirement for more skilled people in operations management. Many UGC-recognised institutions offer online MBA degrees with multiple specialisations to individuals interested in advancing their careers in a particular field. Manipal University Jaipur is one such esteemed institution that offers a variety of online degree programmes in various fields.
How an MBA in Creative Economy will help you? Creative Economy is a new evolving concept, and the term was first popularised by John Howkins in 2001. He used it in relation to arts, cultural goods, services, games, research and development. Creative Economy doesn’t have a fixed or single definition as such. It is an economy that combines human creativity and management aspects. It includes creativity, intelligence and ideas with the finance and revenue aspects. You might have heard the term creative industry and wondered what it meant. In simple terms, it means the commercialisation of creative art. It is doing business that involves art and intellectual property. An artist creates art, but the process of finalising the creative product and making it available in the market for final buyers involves various steps and people. MBA in Creative Economy combines the creative part along with the management aspect of the creative industry. It provides a great opportunity to work with creative people. An MBA in Creative Economy will equip you with the necessary skills required to manage and handle licensing, promotion, retail and marketing of your client. You will be able to effectively use your communication and managerial skills in the creative industry. Anyone who has an interest in the creative industry and wants to make a career in it can enrol in a two years MBA programme. The candidate either should have a relevant undergraduate degree or have relevant work experience in the creative field to enrol in the programme. What are different creative industries? The Creative Economy is one of the most important factors in a nation’s Economy. It has different industries, and each industry is unique and special. Let’s look into some of the types of creative industries. Arts: Art is the application of human creativity and imagination. It includes paintings, scriptures, cartoons etc. Music: Digitalisation has equally impacted the music industry. There is a shift from physical music cassettes and records to digitally downloadable formats. The launch of music streaming services has further revolutionised the industry. Digital Marketing: It is a type of marketing that uses digital media. The aim is to promote brands and accrue potential customers from the internet. Social media Apps: Social media has become an integral part of our daily lives. We use social media to connect with our loved ones to search for our next best job. It has made our life convenient. Creating and maintaining new social media apps is also a blooming career choice. Fashion Management: Fashion keeps changing from time to time and one has to come up with new designs and ideas to stay ahead of the competition. Fashion industry is one of the trending creative industries across the world. Publishing: This industry primarily consists of publishing houses, writers, editors and a marketing team. Self-publishing is a new concept that gives writers greater creative freedom, but they still need a team to reach the final stage. The new technology era has introduced digital forms of publications like ebooks, audiobooks etc. Architecture: It includes interior designing, building planning, structure development, town planning and preservation of monuments. Media: Media and entertainment industry has an extensive area of operation. It includes films, TV shows, radio, documentaries etc. This industry is dynamically evolving with streaming services and the launch of different production houses. We are in the era of the best creative media products. Advertising: Every company will have a team of dedicated creative employees that will design and plan advertisement campaigns. It is a continuous process that companies undertake. It could be in-house or can be hired from outside. Their responsibility is to create good appealing advertisements. Entrepreneurship: It is the art of setting up and running a business. Planning, organising and managing a business along with uncertainties need lots of creativity and skills. Read this interesting article on subscription economy. Stay ahead of the competition with an MBA in Creative Economy Whether you are a student or someone working in the creative industry, an MBA in Creative Economy will give you that career growth advantage over other candidates. As it is a relatively new programme, the pioneer students will have an advantage over others. The benefits are numerous; let’s look into a few of the benefits of the MBA in Creative Economy programme. Existing professionals: If you have experience working in the creative industry, this MBA will help you climb the corporate ladder. The combination of degree and experience will provide various new opportunities in industries like music, tv, publishing house, etc. Increase your earning potential: An MBA holder generally is highly paid compared to his contemporaries. So enrolling in a master’s in the creative industry will increase the chances of getting high-paying jobs. Sharpen your skills: The programme is designed to provide real-life experiences and case studies from the industry’s current scenarios. These case studies prepare students for the future. They will be able to apply the knowledge gained during the course and effectively perform their duties. Network expansion: The MBA programme will provide an opportunity to network with industry personnel. The course content is designed by experts and industry leaders. It is a great opportunity to interact with them. Many universities conduct project trips to help better understand and develop relations that will help in the future. Enhance knowledge: Life is a continuous learning process. Nothing can beat the experience one gains in the field. It is very crucial to stay up-to-date with the latest developments in any field. Pursuing a degree in the creative economy will surely enhance your knowledge base. Emerging domain: Creativity has become one of the core aspects of the economy. Companies like Netflix, Hulu etc., are hiring efficient candidates to manage their different fronts. So there is a requirement for the professionals that can apply a combination of managerial and creative skills simultaneously. In-demand skills: The MBA in Creative Economy course is packed with skills and experiences that are widely popular among employers. Gaining these in-demand skills will make you a desired candidate in the eye of the prospective employer. Professional development opportunities: The MBA programme enhances the overall personality of the student. It helps individuals develop a proper professional outlook. Varied job roles with lucrative salaries: The MBA degree will open doors to new opportunities. The candidate will be able to explore new job roles and profiles which might not have been available without this specialisation. Uninterested in regular domains of work? Choose the right creative specialisation There are numerous advantages to pursuing an MBA in the Creative Economy. Managerial skills: It will provide necessary skills and training to facilitate managing creative work. The product of creative work is similar to other products, and they need to be marketed and managed just like any other goods or services. New industry: Creative industry is evolving at great speed, as MBA in the Creative Economy is not yet popular. There are untapped opportunities that one can explore with higher education. Excellent communication skills: Working as a manager for a singer or painter, or any creative person, you will mostly interact with different people and represent your client. The MBA course will help you develop the required communication skills. Opportunity to work with creative people: The creative industry is loaded with creative people and famous personalities. This MBA programme will open new avenues and opportunities for individuals to work with them. Creative thinking: Working in this field will help in developing innovative and creative thinking. As the industry is evolving and changing rapidly, candidates must be updated with the changing industry. The MBA will develop and train important industrial skills. Career change: If you are someone looking to take a leap and want to try something different, the creative industry provides amazing and challenging opportunities. To start a career in this field, an MBA in Creative Economy will provide the necessary platform to launch your career. Popular job roles for MBA in Creative Economy aspirants Art director The art director is responsible for the visual elements such as images and graphs. Their main motive is to create a visual aesthetic component that properly resonates with the theme of the topic. Advertising manager They are responsible for managing the advertising strategy of the company. They focus on developing company-specific and brand-specific advertisements. They work with other staff members and set visions and goals for the team. They are responsible for directing, controlling and monitoring the operations of the advertising department. UX designers They are responsible for designing the user experience of any app, website or product to make it smooth, enjoyable and accessible. They are responsible for overall user satisfaction. Their key responsibilities involve: Understanding the user: It is like stepping in the shoes of the users and thinking about what problems a user might face and how to solve them. Conduct research: They conduct research about users’ needs, demands, preferences and behaviour. Analyse the data collected in the previous step. Design: At this stage, the UX designer will build a design, prototype, site map, etc., which will help the team better understand the final product. Testing: it is a test run of the product. It helps in finding out how a real user will interact with the product and tracking any problems. The final stage is submitting the final product to the company. Interior designer Interior designers use their creativity in managing and designing the interior of a home, office, or any commercial space. They create aesthetic and pleasing indoor spaces. Their main aim is to make the available area functional, comfortable, and visually appealing as per the client’s needs. They discuss with the clients and understand their requirements and expectations and use their creativity to deliver the final product. Marketing director A marketing director is the head of the marketing department. They provide guidance and make all important decisions for the marketing team. They continuously evaluate and coordinate different marketing projects. They are responsible for making marketing strategies for promoting products and services. They organise trade events, meetings, promotional events etc. PR director They interact with media persons and are representatives of their client or company. It is their responsibility to maintain a positive image for their clients. They conduct conferences and interaction events to build a favourable reputation in the market. Brand manager The brand manager studies the target market and consumers and designs brand strategy accordingly. They aim to capture maximum attention and use tactics that make potential customers relate to the brand. Front-end web developers A front-end developer creates websites and web applications using web technologies. Their main objective is to ensure that the website visitors can easily understand and interact with the website. Online Manipal leads the way for online MBA aspirants Online Manipal, the online platform offered by Manipal University Jaipur, lets you pursue an online MBA degree from the comfort of your home with a wide range of specialisations. You can select the specialisation as per your interest from the available options. The Online MBA degree from the UGC accredited and NAAC A+ rated Manipal University Jaipur opens up doors of new opportunities. The MBA programmes are designed to impart the necessary skills and training for students to help them excel in their career. Online Manipal provides various specialisations for their MBA programme, such as Finance, Marketing, Retail Management, Human Resource Management, Analytics and Data Science, BFSI, IT & Fintech. Individuals who want to advance their careers can opt for online MBA programmes. Once you enrol for the MBA programme, you get trained by the best faculty at Online Manipal, gain free access to Coursera courses, attend webinars of highly-qualified industry experts, interact with alumni and other advisors for career guidance The real-life based case studies will prepare students to face any challenges in the the future. Online Manipal provides placement assistance for students to help them land their dream jobs through internal skill assessment exams, resume building workshops, and interview preparation. The online MBA course fee is very affordable and varies from specialisation to specialisation. The University also runs various scholarship programmes, thus making MBA accessible for everyone. Conclusion We are living in an era that sees continuously evolving trends and technologies, and it is the best time to embark on a career in a creative industry. A career in creative avenues might initially sound intimidating, considering it is an unconventional career prospect. But with the right degree, one can surely excel in this new evolving domain. Join an online MBA programme from a reputable organisation such as Manipal University Jaipur and add relevant skills, experience, and credentials to your resume.
Important concepts to learn during an MBA in BFSI A career in the banking, financial services, and insurance (BFSI) sector can be immensely rewarding. This sector offers huge opportunities for growth and advancement, and the work can be both challenging and exciting. For those considering a career in this field, an MBA in BFSI can be an excellent way to gain the skills and knowledge needed to succeed. An MBA in BFSI covers a wide range of topics, from finance and accounting to risk management and insurance. As a result, students who complete this programme will be well-prepared for a variety of roles within the BFSI sector. In addition, an MBA in BFSI can help students to develop essential soft skills, such as team-building, leadership, and communication. These skills will be invaluable in any career, but they are especially important in the fast-paced and ever-changing world of BFSI. A few important concepts you’ll learn during your studies are: Asset management is a key concept that all MBA students in the BFSI specialisation must master. It includes understanding how to effectively manage different types of assets, such as stocks, bonds, and real estate. You’ll also learn about risk management and how to minimise the potential for losses. In addition, you’ll gain an understanding of financial analysis and financial modelling, which will be essential in making investment decisions. With a comprehensive understanding of these concepts, you’ll be well-prepared for a successful career in the financial services industry. Read along to understand in-depth the subjects taught in an MBA in BFSI programme, the core concepts you need to master and the career options you can choose after completing the programme. Which subjects are taught during an MBA in BFSI? The MBA in BFSI course is designed to meet the increasing demand for professional management in the banking, financial services and insurance sector. The course covers a wide range of subjects, including economics, finance, accounting, marketing and management. In addition, students are also required to complete a project on a topic related to the banking and financial services sector. Admission to the course is generally based on the candidate’s performance in an entrance test such as the CAT or GMAT. The MBA in BFSI is a 2-year full-time postgraduate course; the minimum eligibility to enrol in the course is a bachelor’s degree in any field from a recognised university. The syllabus of the MBA BFSI programme is divided into 4 semesters spread over 2 years, with each semester focusing on different aspects of the banking and financial services industry. Some of the banking and finance subjects covered in the MBA BFSI syllabus are: Financial Markets and Institutions Banking Management Principles of Insurance Risk Management Investment Analysis and Portfolio Management Financial Planning and Wealth Management Tax Planning and Estate Planning Retirement Planning and Employee Benefits. Among the various subjects covered in the MBA BFSI syllabus, the important ones include macroeconomics, microeconomics, commercial banking, insurance, risk management, financial markets and institutions, investment analysis and portfolio management. In addition, students are also exposed to topics such as corporate governance, taxation and the regulatory environment. MBA in BFSI is a specialised course designed to meet the ever-growing demand for skilled professionals in the banking and financial services industry. Upon successfully completing the course, students can find employment in various positions such as bank managers, investment bankers, insurance analysts, etc. The MBA in BFSI course aims to provide students with a comprehensive understanding of the functioning of the banking and financial services sector. After successful completion of the course, students can find employment opportunities in banks, insurance companies, asset management firms and other financial institutions. Topics one must master for a successful career in BFSI If you’re looking for a successful career in the Banking, Financial Services and Insurance (BFSI) sector, there are a few key topics you’ll need to master. Firstly, it’s essential that you have a strong understanding of financial accounting and reporting. It will enable you to effectively manage the finances of your company or clients. Secondly, you’ll need to be well-versed in risk management, as this is a key area of responsibility for those working in BFSI. Finally, it’s also important to have excellent communication and relationship-building skills, as much of the work in this sector involves communicating with clients and others in the industry. If you can master these topics, you’ll be well on your way to a successful career in the BFSI sector. Given below is the list of some of the important concepts you would need to master for a successful career in the BFSI sector. Finance risk management A career in BFSI (Banking, Financial Services and Insurance) can be very rewarding. It offers the opportunity to work with some of the biggest names in the industry and to be at the forefront of economic change. However, it is also a highly competitive field and those who want to succeed need to be able to master a number of different topics; one of the most important concepts among these is finance risk management. Risk management is all about identifying, assessing and mitigating risks. It is an essential skill for anyone working in the financial sector, as it can help to protect both banks and investors from losses. Those who want to make a successful career in BFSI need to be able to identify risks, assess their impact and develop strategies for mitigating them. With a strong understanding of risk management, individuals interested in the domain will be well-positioned to build a successful career in this exciting industry. Managerial economics A career in the BFSI sector is one of the most sought-after career options these days. The reason is the mammoth growth of this industry in India. To have a successful career in the BFSI sector, one must have sound knowledge of various subjects like Managerial Economics. Managerial Economics is a subject that deals with the application of economic concepts and principles to real-world business scenarios. It helps managers make better decisions by understanding how economic factors impact business operations. Some key topics covered in managerial economics are demand analysis, supply and demand curves, pricing strategies, market structures, game theory, etc. A strong understanding of these concepts is essential for individuals aspiring to build a career in the BFSI sector. So if you want to make a career in this industry, ensure you have a firm grip on Managerial Economics. Banking and insurance marketing Marketing in the banking and insurance sector has undergone a sea of change in the past decade. With the advent of technology, BFSI marketing strategies have emerged as a dynamic and complex concept. To succeed in banking and insurance marketing, one must be well-versed in topics such as digital marketing, customer experience, data analytics, and product management. One must understand certain topics to master the concept of banking and insurance marketing. Firstly, an understanding of the banking sector is necessary. It includes an overall understanding of the various types of banks, their functions, and the products they offer. Secondly, one must have strong knowledge of financial products and services. It includes an understanding of how different financial products work, as well as the risks and benefits associated with them. Thirdly, one must be able to effectively market banking and insurance products to potential customers. It involves creating compelling sales pitches and developing marketing strategies that target the right audience. Finally, one must be able to build and maintain relationships with clients. It includes providing excellent customer service and keeping up-to-date with the latest industry news. Finance modelling A career in the BFSI (Banking, Financial Services, and Insurance) sector is one of the most lucrative and secure career options. The sector has been growing at a rapid pace and offers plenty of opportunities for those who are skilled in banking and finance services and have commercial and financial acumen. When it comes to a successful career in this sector, there are some specific vital topics that one must master. These include financial modelling, risk management, investment banking, and commercial banking. A thorough understanding of these topics is essential for anyone looking to build a successful career in the BFSI sector. Financial modelling is used to forecast the financial performance of a company or investment. It is the process of estimating a project’s or business’s financial performance by considering all relevant factors such as growth and risk assumptions and interpreting their impact on the assets. It helps gain a concise understanding of all the parameters involved in financial forecasting. A sound understanding of this concept is essential for anyone looking to make a successful career in BFSI. Financial institutions and services Financial institutions and services require one to master a number of topics. Firstly, it is essential to have a good understanding of the different types of financial institutions and the services they offer. It includes banks, insurance companies, investment firms, and so on. Secondly, it is important to be familiar with the various financial products and services available. These include savings accounts, loans, credit cards, and so on. Finally, it is necessary to have a sound understanding of the regulatory environment in which the BFSI- financial institutions and services operate. It includes an overall knowledge of monetary policy, banking regulation, and securities regulation. Merchant banking Merchant banking is an important concept that one must master to have a career in the BFSI sector. It includes topics like capital markets, derivatives, implementing hedging strategies, etc. A strong understanding of these topics is essential to provide guidance to clients on the best way to grow and protect their assets. Merchant bankers also need to be well-versed in the regulatory environment surrounding the financial sector. They must keep up to date with changes in regulations and know how they will impact their clients’ businesses. By staying ahead of the curve, merchant bankers can provide valuable insights and advice that helps their clients navigate the ever-changing landscape of the financial world. Besides a thorough knowledge of financial regulations and compliance, merchant bankers also need to have a keen understanding of risk management. As advisors to some of the wealthiest people and organisations in the world, they must be able to advise their clients on the best ways to mitigate risk and protect their assets. As the ultimate risk takers who often deal in very high-risk investments, merchant bankers must know how to manage risk for their clients and their businesses. E-banking The banking, financial services, and insurance (BFSI) sector is one of India’s most rapidly growing industries. In order to have a successful career in this field, you also need to master and understand the concept of e-banking. E-banking refers to the use of electronic channels, such as the Internet, to provide banking services. It includes a wide range of activities and functions, such as online banking, mobile banking and point-of-sale transactions. With the development of technology in this field, you need to have a good understanding of how all these various channels work and how they can be used to provide banking services efficiently. You also need to be able to effectively use them to meet the needs of your customers. Retail banking There are a few topics which are very important for a career in Retail Banking in the BFSI sector. Firstly, it is important to have a good understanding of the various products which banks offer to retail customers. It can include savings accounts, current accounts, fixed deposit accounts, credit cards and personal loans. It is also essential to be familiar with the KYC (Know Your Customer) guidelines that banks follow to comply with anti-money laundering regulations. Additionally, one must also have a good understanding of financial concepts such as interest rates, inflation, etc. As retail banking is all about providing banking services to individuals and small businesses, it is also vital to have strong interpersonal skills and be able to build relationships with customers. Finally, it is also important to be updated on the latest developments in the banking sector so that you can provide the best possible service to your customers. Get to know the complete course details of MBA BFSI programme How does an MBA in BFSI land you managerial roles in the banking or finance sector? The MBA programme with the BFSI specialisation is designed to prepare students for managerial roles in the banking and finance sector. The programme curriculum covers topics such as financial accounting, investment banking, risk management, and financial regulations. MBA BFSI students gain practical experience through internships and case studies. As a result of their studies, graduates are well-prepared for careers as bank managers, financial analysts, and other leading positions in the banking and finance industry. This specialisation provides students with the skills and knowledge they need to succeed in this rapidly-growing industry. With an MBA in BFSI, you can land a managerial role and other higher-level positions in various organisations like banks, financial institutions, and other businesses. An MBA in BFSI also provides graduates with the opportunity to develop a network of contacts within the financial community. These connections can be invaluable when seeking employment or advancing one’s career. In addition, an MBA can give graduates the confidence and ability to start their own businesses or ventures in the banking and finance sector. With an MBA, the sky’s the limit when it comes to career possibilities in banking and finance. Individuals with an MBA in BFSI can land various job roles with the skills and experiences they gather from the programme. They can land a role as a trading analyst, investment banker, portfolio manager or analyst. These professionals typically report directly to a department or division manager within the organisation and play a key role in making crucial business decisions. In addition, they are often responsible for coming up with new ideas and strategies that can help them grow the business. Another benefit of an MBA in BFSI is that it provides you with the critical skills and understanding of important concepts needed to succeed in this field. For example, banking and financial services professionals need strong analytical skills and the ability to think critically and analytically while facing any problems. They also need to be able to communicate well with clients and have strong leadership skills because they are often involved in making crucial business decisions. Thus, an MBA in BFSI specialisation equips individuals with the relevant skills, understanding and experience to land managerial roles in the BFSI sector. Increase your job opportunities with an MBA from Online Manipal An MBA from Online Manipal is a great way to increase your job opportunities and advance your career. With an MBA, you’ll be able to pursue a variety of different job roles, from management to consulting and can expect to earn a very competitive salary. An MBA from Online Manipal can help increase your job opportunities in several ways. Firstly, it will give you the theoretical knowledge and practical skills needed to perform effectively in a management role. Secondly, it will allow you to network with other professionals and better understand the business world. With an MBA from Online Manipal, you can significantly increase your job opportunities and potential earnings. Here are just a few of the job roles with the annual average salaries you could pursue with an MBA in BFSI specialisation: Job positionJob descriptionAverage annual salaryInvestment BankerInvestment bankers work in a specific area of finance to help companies raise money by issuing and selling securities. They also advise companies on mergers, acquisitions and capital raising.INR 6 lakhsInvestment AssociateThey provide relevant banking and financial information to stockbrokers, traders, and managers. They get this information from the analysis of the global investment data.INR 13 lakhsAccounts AssistantThey provide clerical support to the accounts. They partake in jobs like filing/compiling documents, handling emails and phone calls, etc. They also aid the managers in dealing with external agencies. INR 2.2 lakhsFinancial ManagerThey are in charge of investigating and recommending methods to increase profitability. They are responsible for analysing markets for expansion, mergers & acquisitions, and business opportunities. Their main objective is to review financial reports, monitor accounts, and prepare financial reports & forecasts.INR 13 lakhsBusiness AnalystThey are responsible for developing technical solutions to financial problems. They help in the identification of goals, development of best data collection practices, and analysis of collected data to make data-driven decisions.INR 7 lakhsMarket AnalystThey are in charge of analysing data to determine consumer behaviour and trends to further improve the company’s marketing strategy.INR 8 lakhs An MBA from Online Manipal will help you learn to be a better leader, improve your communication skills, and be more confident when interacting with others. One of the major benefits of an online MBA is that you can complete it from anywhere in the world, and it can help increase your job opportunities. You will also be able to save money on tuition fees as well as living expenses if you live outside of India. An online MBA also allows you to customise your experience. You can choose which classes and assignments to take, how much time you want to spend on each one, and how much time you want to study for each class. It means that you can tailor your learning experience according to your needs and interests. Online MBA in BFSI from Online Manipal is an excellent choice Today’s business world is more competitive than ever, and the competition will only keep increasing with time, and an MBA in BFSI from Online Manipal can give you the edge you need to succeed. Online Manipal is the online platform offered by Manipal University Jaipur that allows students to take up and complete courses online. Manipal University Jaipur is a NAAC A+ accredited institution that offers applicants UGC recognised MBA programmes in various specialisations. An MBA in BFSI degree programme provides comprehensive training in all aspects of the financial services industry, from banking and investment to insurance and risk management. The curriculum is designed to give you a solid foundation in the core subjects while also allowing you to choose electives that match your interests and career goals. Plus, with the online format, you can complete your degree according to your time and schedule without having to sacrifice work or family time. Manipal University Jaipur also provides placement assistance to its graduates. The placement cell works with leading organisations in the retail BFSI sector to identify suitable placement opportunities for students. MBA graduates from Manipal University Jaipur have been placed with renowned companies such as Amazon, Flipkart, HSBC, ICICI Bank, Kotak Mahindra Bank, and more. The ever-changing landscape of the business world has made it essential for professionals to continuously upskill themselves. The BFSI sector, in particular, is subject to constant flux, making it necessary for employees to have a deep understanding of the latest trends and developments. Recognising this need, Manipal University Jaipur has introduced and developed an online MBA BFSI programme. This course curriculum covers a wide range of topics, including retail banking, insurance, and investment management. It also provides students with a solid foundation in financial accounting and risk management. And because it is offered entirely online, it is flexible enough for the schedules of working professionals. Moreover, the course comes with comprehensive placement assistance and free access to Coursera courses, so students can be sure of acquiring in-depth subject knowledge and practical expertise. The online MBA BFSI elective from Online Manipal is the perfect way for professionals to stay ahead of the curve, with its cutting-edge curriculum and convenient delivery model. Conclusion The concepts and subjects taught during an MBA in BFSI programme are essential for individuals looking to pursue a career in this field. Risk management is one of the most critical aspects of the BFSI sector. Students who understand this concept will be better equipped to handle the financial risks associated with this industry. In addition, students should also have a strong understanding of financial regulations and compliance issues. Those who are able to navigate these complex issues will be in high demand by employers in the BFSI sector. Finally, students should also be familiar with the latest technology and data analysis tools, as these will be essential in this rapidly changing industry. Individuals who can master these concepts will be well-positioned and have a successful career in the BFSI sector. The MBA programme with the BFSI specialisation provides students with a comprehensive understanding of the financial services industry. In addition to traditional business concepts, students learn about the unique aspects of the financial services sector, such as risk management and compliance. The programme also focuses on innovation and technology, two areas that are critical to the future of the financial services industry. As a result, the MBA programme with the BFSI specialisation provides students with the skills and knowledge they need to succeed in today’s dynamic and ever-changing banking and finance industry.
How to become an Operations Manager? Operations management is a field that deals with the efficient and effective production of goods and services. It is concerned with converting materials and labour into goods and services as efficiently as possible to maximise the profit of an organisation. So who is an Operations Manager? An Operations Manager is responsible for ensuring that all aspects of the production run smoothly and efficiently. Operations managers typically work in manufacturing or service industries but can be employed in any sector that relies on the production of goods or services. The scope of an Operations Manager’s job varies depending on the size and type of organisation but usually includes planning and organising production schedules, overseeing the day-to-day running of operations, and maintaining quality in both manufacturing and service industries. In manufacturing, Operations Managers are responsible for the efficient flow of materials through the production process. In service industries, operations managers are responsible for effectively managing resources such as employees, equipment, and technology. There are many job opportunities available for Operations Managers. They can work in a variety of industries, including manufacturing, healthcare, retail, and logistics. Operations Managers typically have a bachelor’s degree in business administration or a related field, and some companies may require a master’s degree for the position. Operations Managers generally earn high salaries. Salaries for operations managers vary depending on the industry and level of experience. The average salary of an Operations Manager in India is ₹ 7.5 LPA and ranges from ₹ 3.0 Lakhs to ₹ 18.5 Lakhs based on skills and experience. Becoming an Operations Manager is a great way to start a career in business administration. Operations Managers play a vital role in ensuring that businesses run smoothly and efficiently. They are well-compensated for their work and often have many job opportunities. If you are interested in becoming an Operations Manager, be sure to research the educational requirements and industry expectations for this position. Requirements to become an Operations Manager Individuals who want to pursue their career in operations management might often wonder, “How to become an Operations Manager?” The answer is becoming an Operations Manager generally requires a combination of education and experience. Most Operations Managers have at least a Bachelor’s degree in business administration or a related field. In India, the eligibility requirements for becoming an operations manager varies depending on the organisation. However, there are some general qualifications that are usually required. For example, most operations managers have at least a bachelor’s degree in business or a related field. In addition, many Operations Managers have several years of experience working in an operational role within an organisation. However, some employers may prefer candidates with a Master’s degree in business administration (MBA) or a Master of Science (MSc) in management. In addition to education, many operations managers have several years of experience working in various operations and management roles. Strong communication and problem-solving skills are essential for success in this role. Some Operations Managers may also be certified through professional organisations such as the American Production and Inventory Control Society (APICS) or the International Organisation for Standardisation (ISO). These credentials can demonstrate to potential employers that a candidate has the necessary skills and knowledge to be successful in an operations manager role. Operations managers must be able to effectively coordinate with their team in order to achieve organisational goals. They must also be able to quickly adapt to changes and solve problems as they arise. As a result, Operations Managers must have both analytical and interpersonal skills. Those interested in becoming Operations Managers should consider pursuing a degree and/or gaining relevant experience to improve their chances of success. Roles and responsibilities of an Operations Manager Now let’s answer the next question, “What are the roles and responsibilities of an Operations Manager?” An Operations Manager is responsible for the day-to-day running of a company or organisation. They ensure that all departments are working efficiently and that resources are used in the most effective way possible. They also develop plans to improve operational effectiveness and solve problems within the organisation. Here are some key points that summarise the roles and responsibilities of an Operations Manager . Operations Managers are responsible for the day-to-day running of a company or organisation. They ensure that all departments are working efficiently and that resources are being used in the most effective way possible. They also develop plans to improve operational effectiveness and solve problems that arise within the organisation. As Operations Managers typically have a broad range of responsibilities, they must be able to prioritise their workload, delegate tasks effectively, and have strong decision-making skills. They must also be able to work well under pressure and meet deadlines. Additionally, operations managers need to be excellent communicators and have good interpersonal skills in order to liaise with other departments and build strong working relationships. They should also be proactive in their approach and be able to think creatively in order to come up with new solutions to problems. The role of an Operations Manager is to oversee the implementation of key processes within an organisation. The job may also require you to monitor personnel, oversee quality assurance, and create workflows across an organisation. Operations managers, also known as chief operating officers, are responsible for improving the productivity and efficiency of employees and processes within their organisations. Their work may also involve mapping strategies and enhancing performance, as well as ensuring legal compliance. The role of an Operations Manager can be demanding. Although the job description will differ with industry and company, the primary responsibilities are the same: to oversee the business operations. As the leader of the organisation, an Operations Manager is responsible for managing all aspects of an organisation’s business. It can include overseeing a wide range of departments, hiring employees, implementing quality assurance programmes, and reviewing current business practices. The role of an Operations Manager calls for constant monitoring of every process and procedure within the organisation. An Operations Manager should be able to communicate effectively and multitask to stay on top of everything. Ultimately, it is their job to monitor everything. A successful Operations Manager will possess a mix of soft skills and hard skills. They may need mechanical aptitude or even expertise with manufacturing equipment. In addition to the necessary knowledge, they must be able to effectively work with people and develop relationships with them. Good interpersonal skills are also necessary, as an Operations Manager must be able to effectively motivate employees. As such, they need to have excellent communication skills and be good listeners and communicators. Aside from being responsible for daily operations, an operations manager also needs to be responsible for the coordination of resources, activities, and time. Coordination involves carrying out specific activities at the same time, switching between them, and dealing with crises and interruptions. Managing operations effectively can help an organisation achieve its goals, so a successful Operations Manager must be familiar with its various functions. As the role of Operations Manager involves overseeing manufacturing processes, they must also be knowledgeable about how production systems are set up. Moreover, they must be able to devise schedules, source third-party service providers, and manage employees responsible for certain projects. Quality control refers to ensuring that products are of high quality and meet customer needs. An Operations Manager must also be familiar with recent technological innovations and utilise them to enhance internal processes. An Operations Manager is responsible for the entire supply chain process. During this time, they will be evaluating the number of products that can be produced in a period. They must also evaluate human resources and assess market demands. On the other hand, inventory management involves implementing a streamlined manufacturing system. It is also referred to as inventory control or supply chain management. What impact does an efficient Operations Manager have on a company? An Operations Manager is an individual who is tasked with managing the processes and resources that are needed to support a company’s day-to-day operations. They must understand how the company’s processes work, and they must be able to communicate effectively with employees so that everyone knows what needs to be done and when. An Operations Manager’s main responsibility is to ensure that all of the processes that support the company run smoothly, but there are also other important tasks that they need to perform. For example, an Operations Manager can help train new employees so that they become proficient in the company’s processes as soon as possible. Similarly, an Operations Manager can also help improve the workflow processes and ensure that everyone knows what needs to be done and when. By doing these things, an Operations Manager can help ensure that every employee feels valued and clearly understands what needs to be done. An effective Operations Manager optimises resources and processes, reducing costs per unit and increasing the bottom line. These managers must be effective communicators and motivate employees to increase their productivity, and they must also understand how to improve processes and measure their results. Here are a few tips for effective Operations Managers. These managers have the power to make a significant impact on their companies. They can reduce production times, increase goods produced, and more. First, you need to understand why your employees aren’t executing well. For example, when you are working to improve production time, an operations leader might directly communicate with employees about a slowdown in production. An effective Operations Manager will explain why production isn’t meeting expectations and help develop alternate solutions. When you have an efficient operations manager, everyone will be more productive and happier. Next, the Operations Manager must understand how to address issues of concern among their team. It is particularly important to know why the team is underperforming and what needs to be done to get back on track. An Operations Manager must be able to identify the problem and address it quickly and effectively, without provoking fear of losing one’s job. Ultimately, a strong operations leader will encourage the top performers while finding ways to bring underperforming team members up to standards. How does an MBA in Operations Management be beneficial to you? An MBA in Operations Management is a great way to start your career in the field of operations. It gives you a broad knowledge of all the different aspects involved in operations and equips you with the skills necessary to excel in any role. It also prepares you for a wide range of career opportunities in operations, such as roles at start-ups, multinationals, and even consulting firms. If you want to advance your career and are interested in managing businesses, an MBA in Operations Management could be a perfect choice. With this degree, you will learn how to manage a company’s operations and ensure that the entire business is running as smoothly as possible. In addition to this, you will gain a better understanding of different business sectors and be able to apply this knowledge to the needs of your company. It’s important to remember that an MBA in operations management isn’t just about learning the technical aspects of running an operation. It’s also about learning how to lead and manage people. This can be invaluable when you’re looking for a position as an Operations Manager. An MBA in Operations Management is also a great way to help improve your CV, especially if you want to apply for positions within large organisations. Having a solid background in operations will give you an advantage over other candidates who may lack this crucial knowledge. An MBA in Operations will expose you to the different sectors of the business, enabling you to gain a broad understanding of the process of manufacturing and dispatching an end product. You will also gain an understanding of the competition in a variety of industries, giving you the flexibility to switch between job roles in the future. This degree is highly valuable in the current job market. You can even get a job in the field of operations management if you want. In addition to expanding your network, an MBA in operations management can also help you land a job in the field of your choice. Today, the skills needed to run a business are critical, and you can learn how to manage resources, manage teams, and deliver products to global customers. An MBA in Operations Management provides job flexibility between sectors. You will learn how to manage the entire production process, from sourcing raw materials to the final delivery of the product. There are many opportunities in the field of operations management, and an MBA can help you find them. An MBA degree will give you the skills to lead an organisation. In business, the goal is to maximise profits by doing things better. This requires a diverse background and will work with a variety of people. For example, if you are working in the field of sports shoes, you will have to work closely with a variety of people, including seamstresses making sneakers and materials scientists developing new fabrics for sneaker production. As an MBA student, you can expect to get a job in the fast-growing industry of operations management. This career field is one of the highest-paying in the country and is projected to grow rapidly. So, an MBA in operations management could help you land a good job with a better salary. Learn about the MBA in Operations Management course details Online Manipal is your ideal choice for any online MBA degree Manipal University Jaipur is a NAAC A+ accredited institution that offers applicants UGC recognised MBA programmes. Online Manipal is the online platform offered by Manipal University Jaipur that allows students to enrol in and complete courses online from the comfort of their homes. Online Manipal provides its students with a world-class online learning environment with the most flexible options for their degree programmes. Online Manipal’s online learning environment is an ideal choice for any student planning to pursue an online MBA degree. The flexibility of online classes allows students to study at their own pace, while the high-quality teaching and industry experience ensures that you learn what you need to succeed in your MBA programme and build a stable career for yourself. Students can complete the course from anywhere in the world according to their time and availability. Online Manipal’s MBA programme is designed by professionals who understand the needs of today’s business leaders and firms. Students are offered a broad range of course options that allow them to focus on what matters most to them. A variety of specialisations are also offered so one can choose to do an MBA course in the field of their interest. Course fee details for MBA in Operations Management offered by Online Manipal is given below: Total course fee- INR 1,50,000/- Inclusive of all taxes Fee per semester- INR 37,500/- Inclusive of all taxes You can also take advantage of the unique scholarship programmes and no-cost EMIt payment options. Online Manipal also provides placement facilities with a broad range of placement assistance activities, such as resume writing workshops and interview tips. Online Manipal can help you reach your goals and advance your career. So if you’re ready to take your career to the next level and make a name for yourself in today’s competitive business world, consider one of the online MBA degree programmes today! Conclusion The Operations Manager role is responsible for all aspects of running an organisation. As the Operations Manager of a firm, you need to make sure that everything runs smoothly at all times while being able to adapt your approach to keeping up with changes. You will need to have a broad knowledge of all areas that make up an organisation and work well with other departments such as marketing, human resources, and finance. At the same time, you will need to be able to work on your own and in a team and speak to people from different backgrounds. A skilled Operations Manager can make all the difference to a business. While an Operations Manager is primarily responsible for the operations of the business, it’s important to remember that it’s not just about the numbers. It is essential to consider how the business is positioned for the future and where it needs to be heading. Being able to communicate this effectively to a range of people is a significant part of the job role and is crucial for building a strong team.
Important concepts to learn during an MBA in Analytics and Data Science The integration of data and analytics is essential for sustaining a market edge and economic relevance in a digitally revolutionised industry. Our world generates, uses, and absorbs an infinite amount of data every moment. The transmission and retrieval of data have evolved to be among the most lucrative 21st-century businesses as every smartphone has internet access. It has fostered the expansion of existing industries in addition to helping to generate new ones. Data is now a key tool for businesses and organisations, regardless of their industry, to fine-tune their operations and increase profit. The way that existing businesses function and formulate their strategies has also been significantly impacted by data analytics. You may now find data analytics being employed worldwide, from airline route management to advanced predictive analysis in production plants, thanks to its adoption in a variety of diverse industries. Even sectors like retail, which you might not typically identify with big data, are joining in, using analytics to increase consumer loyalty and customise special promotions. As more firms and industries join the trend, the significance of these abilities will only increase in the coming years, which explains why there is currently such an emphasis on data analytics in higher studies. Data Science and Analytics are quickly moving to the top of the list of preferred MBA specialisations in India as individuals join MBA programmes predominantly to leverage the advantages of their degrees to advance their careers. The specialised curriculum of the MBA in Data Science and Analytics programme prepares students to take on complex business issues in the future that require the incorporation of data-driven decision-making components into IT, modern technology, and mobile apps. This MBA specialisation is more than worthwhile, given the potential career benefits, improved salary and employment options, and skills and information you’ll gain that will only become more valuable in the future. You will have a variety of possibilities once you earn this postgraduate business degree, as it will improve your knowledge of advanced analytics and help you start a job in the data science domain. Read on to learn more about the important topics of data science and analytics. What are the subjects covered in an MBA in Analytics and Data Science? The three primary curriculum elements of the MBA in Data Science and Data Analytics course are the core subjects, elective subjects, and lab subjects. The core subjects are mandatory, while the students can choose the elective subjects based on their field of interest and the practical work. The course structure is as follows: Core subjects Elective subjects Lab Seminars Workshops Research paper analysis Internship Project work The core MBA in Analytics and Data Science subjects that are taught over a period of 2 years include: Year 1Year 2EconometricsApplied Business AnalyticsFinancial Analysis and ReportingFoundation Course on Predictive AnalysisMacroeconomics in the Global EconomyFoundation Course in Descriptive AnalysisFoundation course in Business AnalyticsStochastic ModellingSpreadsheet ModellingEthical and Legal Aspects of AnalyticsApplied Statistics for Decision MakingSAP FICOOrganisational BehaviourSocial and Web AnalyticsApplied Operations ResearchSAP HCMProject ManagementR ProgrammingResearch MethodologyProject Work Check out the complete MBA in Analytics and Data Science syllabus Key concepts one needs to learn during an MBA in Analytics and Data Science With the progress of the digital era, it is possible to collect and analyse enormous amounts of data. The dependence of businesses on data as a resource is growing rapidly along with the need for individuals who are specialists at producing valuable outcomes by processing and analysing raw data. An MBA in Analytics and Data Science equips you with the conceptual knowledge and understanding of the latest technologies and tools employed in this rapidly changing industry. The following are some of the key concepts and topics for data science and analytics you need to learn during your MBA course. Managing data structures Management of data structures is among the key data science concepts. It is essential to structure the data to improve the efficiency and speed of your searches and complete the analysis as quickly as possible. Because of this, managing data structures is very important in analytics. Data structures provide a method for gathering and organising data so that you can use it to take action. Most crucially, data structures frame how information is organised so that machines and people can understand it. It enables the efficient usage, persistence, and exchange of data by logically combining the data parts. It also serves as the foundation for more complex applications and offers a formal model that outlines the arrangement of the data items. An MBA in Analytics and Data Science makes you well versed with this concept with practical case studies and illustrations. Cluster analysis A multivariate data mining approach termed cluster analysis groups items (such as goods, responders, or other entities) depending on a collection of user-selected traits or features. It is the first and most crucial step in data mining and a widely used method for statistical data analysis. It is employed in a range of fields, including data compression, machine learning, pattern recognition, information retrieval, etc. Any firm that intends to identify distinct groupings of clients, sales transactions, or other types of behaviours and items can find cluster analysis to be a compelling data-mining method. For instance, banks employ cluster analysis for credit rating, and insurance providers use it to spot fake claims. Machine learning Machine learning enables computer programmes to forecast outcomes more accurately without being expressly taught to do so. Machine learning algorithms forecast new outcomes using previous data as input. Business process automation (BPA), predictive maintenance, spam filtering, malware attack detection, and fraud are a few additional typical applications. It is significant because it aids in the creation of new goods and provides businesses with a perspective of evolving customer behaviour and operational business trends. A considerable portion of the operations of many of today’s top businesses, like Facebook, Google, and Uber, revolve around this concept. Also, for many companies, it has emerged as a key competitive differentiation. With an MBA in the Analytics and Data Science specialisation, you can have a more practical and deeper understanding of such important topics in the data science and analytics domain. Predictive and prescriptive analytics Predictive and prescriptive analytics can help analyse the vast amounts of data that firms routinely accumulate. It is seen as crucial to managing a small firm effectively. In contrast to prescriptive analytics, which examines prospective outcomes and uncovers additional possibilities, predictive analytics aids in identifying potential outcomes. Any small firm may stay on top of the game by using either sort of analytics. They are instruments for transforming descriptive measures into perceptions and choices. However, you shouldn’t rely on just one kind of analytics; by combining them, you can change your business plan and achieve the greatest results. Predictive modelling, decision analysis, optimisation, and transactional profiling are the cornerstones of predictive analytics. This strategy uses trends in transactional and prior data to find possibilities and related risks. Big data Big data is a grouping of organised and unorganised data that businesses collect for knowledge and insights to utilise cutting-edge analytics tools like machine learning and predictive modelling. It is used by businesses to enhance operations, deliver better customer experience, develop individualised marketing strategies, and carry out other tasks that can eventually enhance the revenues and profits of the organisation. Businesses that effectively use it have a prospective competitive edge compared to those that don’t can act more quickly and decisively. Big data, for instance, offers insightful information about customers that businesses can utilise to improve their marketing, advertising, and promotions and boost customer involvement and conversion levels. Firms can be more reactive to customer demands and needs by examining past and real-time data to gauge the changing consumers’ preferences or corporate clients. Big data is a vast field encompassing an array of components that affect the working of businesses. One can master this concept with an MBA in Data Science and Analytics course. Data Scraping The process of “data scraping,” sometimes known as “data extraction,” allows for the automatic extraction of data from websites, databases, business applications, and legacy systems. Large volumes of pertinent information, including product reviews, contact details for specific companies or people, posts on social media, and online content, can be gathered for use by businesses through data scraping. Web data is gathered and exported by custom software into a programme, where it is then integrated with the assets and processes of your business. Professionals can use a variety of tools to deal with data using the data scraping technique, including tools for obtaining, analysing, and integrating data. Data scraping is a productive method for replacing time-consuming and frequently ineffective programmes or tasks that humans are currently carrying out. It can be used to proficiently retrieve data from various websites or to pull information from an existing system if no API is available. Data and web scraping are used by many businesses across various industries for market analysis and content, making it an effective business automation tool for today’s business owners, who use it to boost efficiency and drive the advancement and profitability of their organisations. Big data analytics Big data analytics is the extremely intricate technique of poring over large amounts of data to find information such as patterns and insights, correlations, market dynamics, and consumer expectations that might assist businesses in making wise decisions about their operations. It is a type of complex analytics which includes advanced features that incorporate aspects like statistical algorithms, what-if analysis, and predictive models. Big data analytics technologies and software can help organisations make data-driven choices that can enhance the results of their business operations. The advantages of using big data analytics may include enhanced consumer personalisation, increased operational effectiveness, and more successful marketing. Applications using big data analytics frequently incorporate information from both internal and external sources, such as weather information or customer demographic data gathered by outside information service providers. As users want to execute real-time insights on data streamed into Hadoop systems via stream processing engines, like Spark, Flink, and Storm, streaming analytics apps are also becoming more prevalent in big data contexts. Business analytics Business analytics (BA) is the systematic, iterative examination of data within an organisation with a focus on statistical analysis. This thorough, iterative investigation of data within an organisation places a focus on statistical analysis. It is a collection of approaches and tools for applying data analysis, statistical modelling, and other quantitative techniques to address business issues. Data-driven businesses proactively seek out ways to use their data as a strategic edge and consider it a valuable corporate asset. Business analytics’ success depends on high-quality data, knowledgeable analysts who comprehend the industry and technologies, and a dedication to leveraging data to uncover conclusions that guide business choices. Every area of the company will benefit from business analytics and can reap profits. Everyone involved in the end-to-end process is in sync when data from several departments are combined into a single source. Ensuring there are no information or communication gaps opens the door to advantages like easy visualisation and data-driven decisions. Database management system It is among the essential MBA data science topics you need to grasp to work in the data science domain. DBMS is the system software used to create and administer databases. End users can create, protect, read, update, and remove data in a database with the help of a DBMS. It serves as a connection between databases and individuals or application programmes, assuring that data is uniformly organised and is always accessible. The database engine, which enables data access, locking, and modification, and the DBMS, which controls data management, define the logical organisation of the database. The DBMS can provide logical and physical data independence to shield applications and users from having to comprehend where data is kept or from worrying regarding modifications to the physical structure of the information. Developers won’t have to adjust programmes merely because modifications have been made to the database if programmes use the application programming interface (API) for the database that the DBMS provides. Learn why an MBA in Analytics and Data Science is a trending career choice Data scientists and analysts currently have one of the strongest career prospects in the field and are among the top-paid professionals in India’s corporate companies. Rising startups and businesses that offer digital services via smartphones are particularly looking for highly qualified applicants with an MBA in Analytics, a Diploma or Certificate in Data Science, or any other relevant or comparable course. Candidates who are skilled in data management and analysis can use their abilities to assist companies and institutions in developing better strategies and decisions based on feedback or survey results. There are many opportunities to work in the business and marketing industries because they are fields that are constantly evolving with new opportunities. The best plan of action for those who wish to make a career in the analytics or data science domain would be to get an MBA degree in Analytics and Data Science. Graduates with an MBA in Data Science and Analytics are in charge of data analysis and making critical business choices. The following are some of the crucial reasons why one should pursue an MBA in Analytics and Data Science: Emerging business data roles There is a tremendous need for Business Analysts and Data Scientists with an MBA degree since the quantity of data that businesses collect is continually and quickly expanding. Organisations must be able to investigate, identify, interpret, and display data patterns to analyse the benefits of data. An MBA in Analytics and Data Science equips and trains students in applying statistical methods, using technology to extract useful data, and employing data to improve overall productivity. Proficiency in related skills Excellence as a business analyst and data scientist depends on having a thorough awareness of the sector you operate in, expertise in your field, an understanding of the critical performance measures that must be considered, and the capacity to assess the task’s intended outcome. Some of the highly important yet non-technical skills needed in this sector include business sense, communication abilities and interpersonal skills. You will receive training and certification for these abilities in addition to theoretical understanding if you pursue an MBA in Analytics and Data Science course. Opportunities for professional growth Working in analytics and data science entails daily hurdles. Depending on the requirements of the client, you learn how to function and respond to various situations and roadblocks. You must maintain communication with individuals from numerous other departments and fields, each with their own special set of abilities and knowledge. Thus, it broadens your horizons and provides room for professional development by giving you the chance to learn about every department and how the company runs. Career options Opting for an MBA in Data Science and Analytics provides you with an array of job prospects at your disposal. There are several career options, ranging from business intelligence executives to analyst-level employment. Some of the popular career opportunities include the following: Management Analyst/Consultant Data Analyst/Scientist Business Intelligence Analyst Market Research Analyst Operations Research Analyst, and many more Higher salaries With the development in the data science domain, there is a fast-rising demand for data scientists and business analysts. But there is a dearth of business analytics and data science specialists in the market while people are increasingly turning to data for decision-making. Thus there is a potential for higher salaries and increased wages for skilled individuals in the domain because the sector is lacking these individuals. Multidisciplinary course structure Data science is becoming more relevant in all parts of various industries, and organisations are seeking experts who can analyse anomalies and offer insights that call for quick responses and workable solutions. The programme’s course structure is created to meet the industry’s present needs and anticipated future demands. Keeping in mind the impact that these innovations will have on how the business operates in the future, various topics related to analytics and data science are becoming popular. Artificial intelligence, machine learning, the internet of things, “R” analytics, Python programming, design thinking, fintech, and sector-specific (retail, sports, and healthcare) analytics are among the topics that are increasingly gaining importance. Vast job opportunities for MBA in Analytics and Data Science graduates The MBA in Analytics and Data Science degree aims to establish solid conceptual and application design underpinnings that will allow learners to rethink their career paths and open up new career growth options. The curriculum will equip graduates for various positions such as data analysts, business analysts, data engineers, and data scientists. Graduates with an MBA in Data Science have a plethora of employment options, and corporate demand in the field is only growing as the worldwide data analytics market is predicted to rise exponentially in the coming years. Organisations are increasingly eager to use data to forecast the future and make wiser decisions and are looking for capable individuals with knowledge and relevant skills. Some of the frequently sought-after job positions by business analytics graduates are. Business intelligence analyst Big data analyst Management analyst/consultant Market research analyst Data scientist Marketing Manager The table below shows some of the job roles with te average salaries that an MBA in Analytics and Data Science graduate can pursue: Job roleSalaryData Analyst₹ 4.7 LPAData Science Manager₹ 30.0 LPASenior Product Analyst₹ 12.5 LPAData Science Consultant₹ 19.0 LPABusiness Analyst₹ 7.0 LPAData Engineer₹ 8.1 LPAData Architect₹ 23.0 LPABusiness Intelligence Analyst₹ 7.0 LPADatabase Administrator₹ 10.2 LPA An MBA also increases your chances of landing high-level management positions across industries because data comprehension is appreciated regardless of your position within an organisation. Students who enrol in the MBA in Analytics and Data Science programme are prepared for careers in corporate management and data analytics. Due to the rapid job growth in data analytics, the MBA programme’s scope is vast. The course provides exciting career opportunities in a variety of industries, including IT, advertising, and sales, product-based enterprises, aviation and banking, among others. Employing data handlers is necessary because every organisation has a data management division to store its content. The employment market in this area will have a lot of vacancies as demand rises. Below are some of the sectors where graduates with an MBA in Analytics and Data Science are actively recruited: Hotels and restaurants Product-based companies Banking sector IT companies Hospitals Retail stores and shops Educational institutions Pursue an online MBA from a reputed university like Manipal University Jaipur Online Manipal is the online platform offered by Manipal University Jaipur that allows students to take up and complete courses online from the comfort of their homes. Manipal University Jaipur is a NAAC A+ accredited institution that offers UGC-recognized MBA programs in various specializations. A 2-year online MBA program in the Analytics and Data Science specialization from Online Manipal can help you launch your career in data science and analytics. The approach used for this program is a combination of theoretical principles, case studies, projects, simulation, and hands-on practical sessions. Interactive live lessons provide you with the opportunity to interact with your peers and the professors in real-time, creating a lively and engaging learning environment. Self-paced education is the most efficient way to adapt the material to your learning style and offers a training experience with detailed illustrations giving you complete control over how frequently you read the content. An online MBA in data science program builds leadership, analytics, and data science skills to prepare you for any managerial role. The course will be helpful to both entrepreneurs who seek to create tech products and learners who want to begin careers in tech fields. Professionals who want to change careers or advance into management positions should enroll in this program. Graduates from any field are eligible to enroll in this course, which has a total fee of INR 1,66,000 for 2 years, that is INR 41,500 each semester. After completing the online MBA program from Online Manipal, students are prepared for interviews through their placement assistance program. Online Manipal also organizes job fairs during the final year of the postgraduate program and many reputable companies participate in it to recruit suitable candidates. Conclusion The field of analytics and data science is currently experiencing a surge. Today, we have access to a wealth of data, and there has never been a better time to use that data to get insights. It will lead to improved work possibilities and alternatives for career advancement. In India, the discipline of data science and business analytics is still considered to be in its infancy. Even though the topic has recently gained popularity among management aspirants and many Indian universities have begun to offer data science degrees, there is still a significant need for Data Science and Business Analytics graduates in India. Thus, this provides space for growth in the number of colleges that deliver top-notch data science and business analytics courses and the number of students opting to sign up for these courses. Data has become the new fuel for organizations’ operations, and it has become essential to stay up to date on business trends and job opportunities. An MBA in Analytics and Data Science seeks to provide students with the knowledge and understanding necessary to interpret data and use various communication, statistical, human behavioral, and cognitive models, as well as information technology and analytical tools, in functional areas or domains of their choice. Even though pursuing an MBA will give you the fundamental management skills you’ll need to move to leadership positions, concentrating in business analytics is a terrific approach to future-proof your career and gain insight into how businesses use data. So, without any second thoughts, enroll in an online MBA in Analytics and Data Science from a reputable institute like Manipal University Jaipur, and carve a niche for yourself in this competition-driven world.
What is Business Intelligence and how does it work? Key takeaways: Business intelligence (BI) is an umbrella term that refers to a set of technologies and techniques used to extract data from various sources, analyse it, and present it to managers. BI can help you make better decisions by providing information about your business that’s relevant and accurate. BI can help you understand how different aspects of your business impact each other, so you can focus on what matters most and avoid distractions. Business Intelligence (BI) is a branch of information technology that uses data to help organisations make better business decisions. It can be used in various ways to improve your company’s performance. Business intelligence tools can help you identify problems, evaluate the effectiveness of your strategies, and predict future trends. They’re beneficial when figuring out how to invest in new products or services or grow your business. BI comprises three components: data, analytics, and visualisation. Data is information that has been collected and stored in an organised manner. Data can be structured or unstructured. While structured data includes numerical values, text, and dates, unstructured data includes images, audio recordings, videos, and emails. Business intelligence and analytics use algorithms to analyse structured data and make predictions based on it. Predictive analytics uses historical information to predict future outcomes based on trends. Prescriptive analytics considers current and historical data to make recommendations for future actions. Visualisation allows users to explore large amounts of data quickly and easily through interactive visualisations such as charts and dashboards. Business intelligence is becoming increasingly popular, not just because it helps companies make more money! Besides, the market for business intelligence tools is growing at an annual rate of 8%, making it one of the fastest-growing technologies today. What is business intelligence? Business intelligence (BI) is a method of using data to make better business decisions. BI helps companies make more informed decisions based on the information they have. Business intelligence tools can also help companies predict trends and patterns in their data, allowing them to see what’s coming next—and how best to prepare for it. Business intelligence tools allow users to analyse and visualise data to identify areas for improvement and growth opportunities. By using business intelligence tools, companies can get a more accurate picture of their performance against competitors and market conditions, which allows them to allocate resources more effectively and plan future projects more accurately. BI aims to turn raw data – information about sales, inventory levels, prices, and other metrics – into something useful for decision-making purposes. It also aims to do so in real-time so that a company can act on information as soon as it becomes available. History of business intelligence The history of business intelligence (BI) has been a long and winding road, but it’s been an important one. BI began as a way for businesses to make sense of the data they were gathering and analysing. Still, it has become an integral part of every business’s approach to information. Businesses have always collected data, but it wasn’t until the late 20th century that they started collecting it in large enough quantities to analyse it. The first big step toward BI was when companies started using computers to store and process data. This allowed them to analyse the data more accurately than before, making it possible for them to create more accurate models for predicting future trends. The next big step toward BI came when companies started using a software programme called “data warehouses”. These warehouses allowed companies to store vast amounts of data without losing fidelity or accuracy in its representation on their computer systems. It also made it easier for all employees within a company—not just those who had access to the warehouse—to access their data whenever they needed it or wanted answers about what was happening within their organisation at any given time (or even if something had happened in the past). As more people started using business intelligence software, it became clear that there were some limitations on what BI could do—one of these was its inability to predict future trends based on historical data alone. To accurately predict future events, analysts had to be able to incorporate other types of information into their models—this led researchers at top institutions to develop machine learning algorithms that could analyse data alongside human intuition (called “expert systems”). Data Analytics vs. Business Analytics vs. Business Intelligence Understanding the difference between business intelligence and business analytics and data analytics is essential. Data AnalyticsBusiness AnalyticsBusiness IntelligenceIts goal is to provide an understanding of customer needs and behaviours allowing businesses to make informed decisions about marketing strategies and product development.The goal of business analytics is to gain insight into your customers’ behaviours, allowing businesses to accordingly strategise products, services, and marketing campaigns. Its goal is to provide an overview of relevant information and data in a way that makes it easy for business to understand its users.Follows a data driven approach.Implies statistical analysis of data.Provides service based on internal data.Reveals insights from data letting businesses take the right next steps.Emphasises structured data.Uses IT to access, collect, cleanse, integrate and analyse data in order to present it in a format that’s easy to understand. Tableau and Qlikview are some of the tools used in data analytics and visualisation.Business analytics tools include data visualisation software, data management platforms, among analytics tools and data mining tools.Its tools include dashboards, data visualisations, KPIs, etc. Business Intelligence vs Data Analytics Business intelligence combines data analytics, reporting, and business management. It makes it possible for businesses to make better decisions by helping them understand information already available in their organisation. Business intelligence and analytics aren’t always the same thing either! BI refers to collecting information from different sources, transforming and organising it into a usable format, and then presenting it in a way that allows decision makers to make better-informed decisions. Data Visualisation vs Reporting Data visualisation helps you visualise data in a way that allows you to see patterns or trends more clearly than a table of numbers would let you do. Reporting provides information about what has happened in the past but does not help predict what will happen next or help us make better decisions about our future actions. Predictive Analytics vs Descriptive Analytics Predictive analytics uses algorithms to predict future outcomes based on historical data; descriptive analytics helps you understand past events to make better predictions about what will happen next time. Data Analytics vs Business Analytics Data analytics is analysing and interpreting data to find patterns or trends. In contrast, business analytics is the application of statistical and mathematical methods to derive meaningful information from data and then use that information for business purposes. Business analytics also focuses on gathering information from multiple sources and presenting it. Still, it typically doesn’t include transforming or organising that information in any way—it just explains it raw as-is. YOU MAY ALSO LIKE: Business Intelligence vs Business Analytics: Simplified How does business intelligence work? The best way to understand how business intelligence works is to see it in action. Let’s look at how BI can help you make better decisions about your company’s future. Business intelligence uses data gathered from many different sources, such as financial reports and customer surveys, to provide managers with a comprehensive view of the company’s performance over time. This information can then be used to identify trends and patterns within the data so that management can make informed decisions based on facts rather than assumptions or hunches alone. For example: if your company has been losing customers lately due to poor customer service levels, this might be because they’re not satisfied with their overall experience when buying products or services from your storefront locations around town (or online). In this case, business intelligence tools would provide management with statistical evidence showing how many people have complained about specific problems during each transaction over time so that they can track down where these issues may be happening more frequently than others. Business intelligence is usually a data-driven process. Once you’ve gathered information from different sources, you can use algorithms and statistical models to discover insights into how things work—or don’t work! For example, looking at your sales data, you might find that customers who buy from your website spend more than those who purchase in person. This could lead you to try out different advertising or develop new products that appeal more directly to online shoppers. Business Intelligence processes Business intelligence (BI) processes are the steps that take data from raw, unstructured sources and make it useful for decision-making. These processes include – Data integration The data integration process is the first step in a BI project. This process involves getting the data from various sources, cleaning it, organising it, and storing it in a way that makes sense for analysis. Data analysis Here, you use statistical methods and maths to analyse your data and generate insights about how it can be used in your business. Storing data Putting the transformed, processed data into long-term storage so that it can be referred to later if necessary Reporting Reporting is the final step in a BI project, where you take the insights generated by your analysis and turn them into reports that can be used by others in the organisation so they can make better decisions based on those insights. Significance of Business Intelligence Business intelligence has become an essential part of the business world. The wide range of business intelligence benefits and challenges brought to any company makes it a must-have for all businesses. Business intelligence tools provide insights into critical areas such as – Sales and revenue By understanding who their customers are and where they’re spending money online (or not), companies can create targeted content that resonates with those specific groups of people—and ultimately drive sales growth with less effort than traditional advertising methods like TV commercials or billboards would require. Customer retention Customers who feel valued will continue to use your products or services. At the same time, those who are dissatisfied with their experience may look elsewhere. Business intelligence can help you identify why customers are leaving your company so that you can address the issue before they decide to take their business elsewhere. Supplier relationships Suppliers provide vital resources at a reasonable price, which helps keep costs down for manufacturers and retailers alike. However, suppose one supplier fails to deliver on time or at all. In that case, business operations can come grinding to a halt. Business intelligence lets companies know precisely what kind of resources they will need from their suppliers so that everything runs smoothly from start to finish without any hassles. ALSO READ: Importance of Business Intelligence in B2C companies Types of BI analysis The BI industry has a lot of jargon, and it can be hard to figure out the different types of BI analysis. We’ve broken down the most common types of BI analysis into four categories: descriptive, diagnostic, predictive, and prescriptive. Descriptive analysisThis type of analysis is used to describe past events and data. It includes simple statistics, such as averages and frequencies.Diagnostic analysisThe diagnostic analysis is used to predict future events based on past data and trends. It includes predictive analytics, forecasting, and statistical modelling.Predictive analysisPredictive analysis allows you to predict future events based on current data and historical trends. It includes regression analyses, cluster analyses, and other statistical methods where you can predict future outcomes based on the variables in your dataset.Prescriptive analysisThis type of analysis provides recommendations for improving operations based on historical data. It can take into account future trends for planning purposes. Examples of Business Intelligence in significant sectors Here are some examples of Business Intelligence in major sectors – Online Retail: This sector relies on customer data to optimise the customer experience, which ultimately increases sales and market share. Healthcare: This sector uses business intelligence to make better decisions about patient care, reduce costs, and improve the efficiency of operations. Manufacturing: Business intelligence helps manufacturers improve their supply chain management so they don’t run out of parts or materials needed for production. It also helps them get products shipped quicker and more efficiently, which saves money. Financial Services: Financial institutions use BI to monitor their customers’ accounts, understand their spending habits, gauge market sentiment about their products or services, and generally stay competitive by staying one step ahead of the competition at all times (or at least trying). Business intelligence tools Business intelligence tools are a great way to get a snapshot of your company’s performance and ensure you’re on the right path. There are plenty of business intelligence tools out there, but we’ve narrowed it down to the three best: Google Analytics Google Analytics gives you a complete view of your website’s traffic, including traffic sources, user behaviour, and more. You can also use it to create custom reports and run A/B tests to figure out what works best for your business. SAP Business Objects SAP Business objects is a great business intelligence tool because it helps you get the information you need to make smart decisions. It’s fast. The dashboard building process only takes a few minutes, so you can quickly get what you need without having to wait around for too long. It’s flexible. SAP Business Objects allows you to work with any kind of data source, which means it will work with your existing systems so that all your data is available in one place instead of scattered across multiple locations where it might not be easy for everyone on your team to access at once! Datapine It has a lot of features. You can create custom visualisations, add interactive charts and graphs, utilise predictive analytics tools to make predictions about future outcomes based on current trends in your data, and much more. Future of Business Intelligence The future of business intelligence is changing the way we think about data. Today, BI is often seen as an add-on to existing systems and processes. But it will become a fundamental part of how we do business in the future. BI will continue to change how businesses are run in the future by assisting companies in making important decisions that affect their bottom line. In addition to providing insights on how well a company is performing, business intelligence tools should also help companies decide what direction they want their business to go in the future. Summing it up Business intelligence is a way for companies to collect data from various sources and make it useful. There are many different ways to do this. Still, the most effective way involves using software that allows you to visualise your data in an easy-to-understand manner so that your employees can use it daily to make better decisions. Fuel your career in Business Intelligence by enrolling for the world-class courses offered by Manipal Academy of Higher Education (MAHE) at Online Manipal. You can enrol in either online M.Sc in Business Analytics or if you’re an experienced professional, you can enrol in an MBA with Business Analytics specialisation. Join today!
Important concepts to learn during an MBA in Human Resource A Master in Business Administration (MBA) in Human Resources is a 2-year postgraduate course that provides in-depth knowledge to students about various subjects relevant to the HR domain and function. For example, Human Resource Management, Corporate Social Responsibility and Business Ethics, Industrial Relations, etc. Candidates can choose to pursue an MBA in HR via online or offline mediums from various universities. Read along to learn more about the details of an MBA in HR programme, the core concepts of human resource management and subjects taught in the course and the various career options you can opt for after completing the programme. What is the scope and demand of an MBA in HR? The study of Human Resources Management is relevant to all companies regardless of their domain, employee strength, products and services offered. Hence, there is a high demand for MBA graduates in the HR specialisation. Graduates with MBA in HR can apply for positions like Human Resource Generalist, Talent Manager, Human Resource Specialist, etc. It is estimated that the demand for human resource employees is likely to increase in the coming years. What are the various subjects taught in an MBA in HR? The university committee usually decides the MBA HR syllabus; therefore, it can differ a bit from one university to another. However, some of the common MBA HR subjects that are taught in business schools are as follows: Business Environment: It involves studying all the components of a business environment, for example, suppliers, target consumers, economic conditions, investors, the technology used, competitors, etc. This subject also teaches about the core analysis methods such as SWOT, PESTLE, Boston Box Matrix and Porter’s Five Forces, etc. Human Resource Management: In this subject, you will be taught concepts like how to steer negotiations, employee relations, workplace rules and regulations followed by managers, trade unions etc. Quantitative Techniques in Human Resource Management: Quantitative techniques in human resource management involve creating equations and variables that enable us to set up an empirical relationship of operational human resource planning. This technique teaches individuals to tackle various problems as a well-defined system. Corporate Social Responsibility and Business Ethics: CSR or Corporate Social Responsibility is a corporate ideology that urges the organisation to conduct their manufacturing and sales activities in a way that does not cause environmental pollution and is also sustainable for the environment in the long term. Business Ethics are a set of moral guidelines that should be followed by every organisation as a step toward social responsibility. Economics of Human Resources: This subject talks about the strategies that are aimed toward properly utilising the workforce and resources to positively impact the economy of a region or nation. Some topics of this subject include employee training, recruitment processes, employee retention, etc. Industrial Relations: This subject has three major components: a) development of a positive relationship between employees and executive management, b) avoiding conflict between internal and external stakeholders, and c) promotion of industrial democracy. Human Resource Information System: This subject deals with the IT system and management responsible for collecting and storing employee data. This data could be their name, private address, salary information, or performance reviews. This data is strictly confidential and is used for data-driven decision-making in the Human Resources department. Human Resource Planning and Development: This subject teaches the students how an organisation decides on the requirements of the human resource department to finish all the projects and responsibilities effectively. It also deals with the development process (both skills and behaviour) of the human resource team. Performance Management and Competency Mapping: This subject teaches how to choose the right employee for a specific task and review the employee’s performance during the process. This process helps in highlighting the strengths and weaknesses of the employee. Compensation and Reward Management: This subject deals with the formulation and implementation of reward and compensation strategies that aim to treat employees equitably according to their functions and responsibilities and their performance and value. Labour Laws: This subject teaches about the rules and regulations that apply to employment, work conditions, trade unions, remuneration of employees, industrial relations, etc. The primary objective of labour laws is to try and maintain a proper balance of power between the employer and the employee. Strategic Human Resource Management: This subject teaches the skills that help in the solving of issues in the hierarchy structure, performance issues, organisational culture, operational efficiency, etc. It involves a process that aims to develop and implement human resources programmes that could solve business issues. This subject will further help in achieving the long-term goals of the organisation. What are the key concepts you can learn in an MBA in HR? Some of the important HR concepts that you need to master during an MBA in Human Resources programme are as follows: Recruitment Recruitment is one of the most important and basic HR concepts. It can be defined as the process of locating and hiring potential employees to fill up the existing vacancies in a company. The recruiters in charge of the recruitment process ensure that the skills required for the specific position match the skill sets of the potential employee. Generally, a 5-step process is recommended for the recruitment process to boost the efficiency of the process. The steps include: Recruitment planning: This step includes the analysis of the vacant position and the preparation of a job description. Strategy development: This step deals with formulating strategies for the recruitment process. It involves defining the job location, recruitment sources, type of recruitment (permanent or temporary), etc. Searching: This step deals with selecting the internal and external sources from which the potential candidates can be searched and selected. Screening: This step is carried out after the HR department has sourced enough candidates for a specific position. It involves reviewing candidates’ skill sets from the CVs, motivation letters, interviews, case studies, etc. Evaluation and Control: This is the final step of the recruitment process where the process is thoroughly reviewed, and the scope of improvement in future processes is defined. Employee engagement Employee engagement is an essential concept of human resource management that indicates the commitment and dedication level of the employees towards their job and the company. This concept is critical for the success of the company’s objectives since it deals with employee morale and job satisfaction. It is also crucial for the company because engaged employees showcase better productivity and performance at work compared to the ones who are not that well involved. Some of the ways in which companies can promote employee engagement are listed below: Employers should communicate the work expectations clearly and effectively. Rewarding employees with incentives and promotions for exemplary work and fulfilling their responsibilities efficiently. Setting up an efficient communication channel to update the employee about the company’s performance. Regular feedback sessions and appraisals. Making the employees feel valued and respected in the workplace. HR audit HR audit is a concept included in the MBA in Human Resources programme that discusses the auditing process of an organisation’s HR management system, practices, policies and procedures. The primary objective is to pinpoint the issues in the management system and find ways to improve the existing process. This audit can be performed internally by the HR department, or a company can hire an external audit consultant to conduct the evaluation. Some of the specific areas that are examined are as follows: Best practices: The auditing process ensures that the HR practices of a company are compliant with the industry standards. Competitiveness: The audit aims to ensure that all the employees receive fair and equitable compensation for their work and performance. Compliance: The audit is designed to ensure that the business operations comply with regional, national, and international laws. Performance: The auditing process also examines the feedback process implemented by the company for appraisals and other incentives. Function-specific areas: This is a minor audit process which monitors the human resource areas like payrolls, documentation, etc. Job demands-resource model The Job demands-resource model or the JD-R model was created by Evangelina Demerouti and Arnold Baker in 2006. This is an example of an occupational stress model that aims to provide a comfortable work environment to employees when they are working under a lot of stress. It assumes that the imbalance between the job demands of an employee and the available resources causes strain. Let us understand the two categories in detail that predict the level of working conditions under this model: Job demand: These are the physical elements that increase the stress levels in a work environment. These elements include a hectic work schedule, tight deadlines, stressful work environment, ambiguous work profiles, heavy workload, and poor employee-employer relations. Job resources: These are the physical, organisational, and social elements that support you in completing work objectives and reducing work-related stress. These elements include strong employee-employer relations, autonomous work culture, training and mentoring workshops, opportunities for career advancement, etc. Talent management and employee retention Talent management is a process that helps in minimisation of the overall cost of hiring and maintaining employees. It is mainly initiated by training these employees and then retaining them. Employers put in a lot of money and effort to train employees so that they can function efficiently in a workplace, and therefore, they prefer to retain the trained employees for a long time. Some of the main factors that could affect the employee retention rate are as follows: Remuneration: This accounts for the employee’s salary, bonus, incentives, advance pay, insurance coverage, transport reimbursement, etc. Work environment: A healthy workplace environment boosts the productivity of employees and helps retain them for a longer time. Professional growth: Every individual wants to grow in their professional career. The employees will probably accept to retain their job role if employers provide them with opportunities to grow within the company. Support: Companies should support their employees to grow professionally and climb the corporate ladder. They need to offer financial and motivational support to the employees so that they function better. Employee turnover Employee turnover is also one of the HRM core concepts that you should focus on during your MBA in HR course. It can be defined as the total number of employees that leave a company over a specific period. It includes the employees who resigned from the company voluntarily and those who were terminated involuntarily (for example: laid off or fired). It is important to note that employee turnover is not the same as employee attrition because involuntary terminations are not taken into account for the latter. Employee turnover gives us an idea about important factors like employee satisfaction, company culture, remuneration structure, etc., in the company. In simple words, the higher the turnover rate, the lower the company’s image. HR analytics HR analytics (also known as talent analytics, workforce analytics, or people analytics) is an analytical approach to human resource management that helps collect, analyse and report HR data. This approach can also be used to measure and visualise HR-relevant metrics and KPIs. It further helps the organisation to assess the performance of a company and make data-driven decisions. This approach is a relatively new concept that has not yet been thoroughly explored. Here are some examples of human resource management questions that could be resolved via HR analytics: Patterns in employee turnover The average time taken to hire employees Average recruitment cost The average number of days that employees take leave The average investment needed to train employees and get them up to speed, etc. Compensation and benefits The compensation and benefits package is the remuneration and other allowances that the employee receives for their services to the company. The remuneration package of an employee could be paid at hourly, weekly, monthly, or annual rates. The benefits of an employee include all sorts of allowances and other perks offered by the company, such as stock options, health insurance, travel reimbursement, etc. Other essential components of the compensation and benefits package are the number of annual leaves, overtime pay, festive bonuses, pension, etc. Compensation and benefits are the essential factors that affect the recruitment process, employee turnover, employee satisfaction, and an organisation’s overall working environment, etc. Most job searchers consider the compensation and benefits package as the most important criteria while searching for a job position. It is important to note that the compensation and benefits package depends on various factors and usually varies from one region to another and from one organisation to another. Performance management and appraisals Performance appraisals and management are organisational processes that aim to evaluate the performance of an employee. The important thing you need to understand is that while both these processes perform similar functions, they are inherently different. Performance appraisals are conducted annually to assess the accomplishments and performance of an employee. The major downside of this process is that the evaluation is carried out by the managers and supervisors without any significant involvement of the employees. The appraisal approach did not really contribute to the company’s vision or objectives but instead was only focused on the evaluation process based on the employees’ performance. It is the reason why many companies have recently diverted from performance appraisals to performance management. Performance management focuses on the behaviour and results showcased by the employee towards the specific goals and objectives of the company. The purpose considered for this approach is mutually agreed upon at the start of the performance review cycle. Employee relations management Employee relations management is one of the most crucial HR concepts you need to learn during your MBA in HR course. It is the process by which an organisation manages the relationship between the employees and the management. This relationship could be between two employees at different hierarchical levels or the same level. It is crucial to ensure that the employees work as a team towards achieving the common objectives and goals of the company. Achieving the organisational goals will be difficult if there are widespread conflicts and issues between the employees and the management. Some of the tips to ensure efficient employee relations management are as follows: Efficient communication channels must be set up to discuss and resolve conflicts. Organising fun outings and other group activities to boost the team spirit and morale among the employees. Common workplaces should be promoted rather than individual cabins. Partiality towards specific employees should be avoided at all costs. Who is eligible to do an MBA in HR? Candidates interested in working in the HR domain can pursue an MBA in HR programme. The eligibility criteria for students who want to join the MBA in HR programme and the precise prerequisites might vary from one university to another. In general, an MBA in HR programme can be opted for by candidates who have finished a Bachelor’s degree with any specialisation. Another primary eligibility criterion of universities to admit students for an MBA in HR course is that the candidates must have scored at least 50 percent CGPA during their undergraduate programme. However, some institutions might consider candidates with lower CGPA as well, considering they possess relevant skills. There might be special concessions available for candidates belonging to scheduled caste, scheduled tribe, or people with disabilities. To take admission in an MBA in HR course from a top university, you might also have to apply for an entrance test that is accepted by the institution of your choice. For example, CAT, GMAT, XAT, TISSNET, etc. Candidates are usually expected to score above the cut-off score to reserve a seat for an MBA in the HR specialisation. Job roles an MBA HR graduate can take up An MBA in HR programme opens up a lot of possibilities and career choices that can be explored after graduation. Some of the most attractive career options after completing an MBA in HR degree are as follows: Job titleJob descriptionAverage salaryHuman Resource Generalist A human resource generalist works in various activities, including recruitment, attendance monitoring, orientation programme, employee engagement activities, performance management or appraisals, handling payroll, etc.The average salary of a Human Resource Generalist is about INR 3.6 lakhs per year.Human Resource ManagerA human resource manager is in charge of the recruitment process that involves interviewing, hiring, and training new employees. They are also in charge of supervising the workflow of the HR department. They are responsible for conducting performance management and providing constructive evaluations.The average salary of a Human Resource Manager is about INR 7 lakhs per year.Technical RecruiterA technical recruiter has some understanding of technological knowledge, which makes them suitable to handle the recruitment process for technical job positions. They are in charge of partnering with hiring managers to understand the requirements of vacant positions. They help in drafting and posting job descriptions and lead the recruitment process via initial interviews.The average salary of a Technical Recruiter is about INR 3 lakhs per year.Employee Relations ManagerAn employee relations manager is in charge of maintaining positive employee relations in an organisation. They help in contract negotiations, inter-company meetings, and negotiations with labour unions and employees. They are in charge of training senior managers and supervisors to practice positive employee relations practices. The average salary of an Employee Relations Manager is about INR 3.1 lakhs per year.Human Resource Consultant A human resource consultant is responsible for offering guidance on human capital and advice to a range of companies. They employ human resource models, procedures and policies to resolve all sorts of conflicts between the employees and the companies. They also help in assisting the human resource managers with the recruitment process and training new employees.The average salary of a Human Resource Consultant is about INR 3.6 lakhs per year.Human Resource Specialist A human resource specialist is in charge of supervising all the functions of the human resources department. They are mainly in charge of setting up the compensation and benefits package for new employees, updating employee records and ensuring a healthy workplace.The average salary of a Human Resource Specialist is about INR 5.6 lakhs per year.Human Resource Executive A human resource executive is in charge of managing a company’s recruiting process, training and development, and performance management process of employees. They also help in setting up a compensation and benefits package for newly hired employees.The average salary of a Human Resource Executive is about INR 3 lakhs per year.Compensation and Benefits Manager A compensation and benefits manager is in charge of designing a compensation and benefits package that is equitable. The package includes salaries, allowances, stock options, pensions, and other employee benefits. They can also be involved in other human resources functions if needed. The average salary of a Compensation and Benefits Manager is about INR 17 lakhs per year. Further Studies There are lots of opportunities to pursue further studies for MBA Human Resources graduates. You can pursue a doctorate or PhD degree in Business Administration or other HR-related domains. You can also pursue another Master’s degree in a field linked with the HR domain, such as Data Analytics or Finance, to learn more about the usage of these subjects in the human resource department. You can also opt for specialised certification courses such as Talent Management Certification, SAP HR certification, etc. How can one advance their career by doing MBA in HR from Online Manipal? Manipal University Jaipur is a NAAC A+ accredited institution that offers applicants UGC recognised MBA in HR courses. Online Manipal is the online platform offered by Manipal University Jaipur that allows students to take up and complete courses online. It takes about 24 months to finish the MBA in HR degree offered by Online Manipal, and you will need 15-20 hours of study time per week to complete the MBA in HR course. The annual fee for the online MBA offered by Manipal University Jaipur is INR 1,50,000, and the candidates can pay the fees in semester-wise instalments of INR 37,500. Some of the advantages of pursuing an MBA in HR programme from Online Manipal are as follows: Students can complete the course from the comfort of their homes according to their free time and availability. Online Manipal offers an online MBA in HR specialisation with placement assistance and free access to Coursera. They provide a broad range of placement assistance activities, such as resume writing workshops, to help you land your dream job. They also offer lots of interview tips to secure a lucrative career. The MBA in HR degree from Online Manipal is accepted by national and international companies such as Amazon, KPMG, Deloitte, Capgemini, etc. You can also apply for further studies after completing an MBA in HR from Online Manipal. Conclusion An MBA in HR is a postgraduate level degree that trains the candidates to take up job positions in the human resource management department. This programme offers an understanding of a wide variety of subjects such as Human Resources Economics, Business Environment Employee relations, HR planning and management, etc. Many essential topics are taught to students during an MBA in HR course. After completing an MBA in HR degree, you can apply for good-paying job positions such as human resources manager, compensation and benefits manager, technical recruiter, etc. and build your career.
