The theory of bounded rationality proposed by Nobel Laureate Herbert Simon is evermore significant today with increasing complexity of the business problems; limited ability of the human mind to analyze the alternative solutions and the limited time available for decision making. Introduction of enterprise resource planning (ERP) systems has ensured availability of data in many organizations; however, traditional ERP systems lacked data analysis capabilities that can assist the management in decision making. Business Analytics is a set of techniques and processes that can be used to analyse data to improve business performance through fact-based decision-making. Business Analytics and Business Intelligence create capabilities for companies to compete in the market effectively. Business Analytics and Big Data has become one of the main functional areas in leading companies. Analytics companies develop the ability to support their decisions through analytic reasoning using variety of statistical and mathematical techniques.
INDUSTRY SPEAKS ON ANALYTICS:
- A report released last spring by the McKinsey Global Institute predicts that by 2018, the United States could lack 140,000 to 190,000 workers with deep analytical skills and another 1.5 million managers and analysts who know how to use analysis of large data sets to make effective decisions
- Global executive search firm Heidrick & Struggles estimates that India has 50,000 highly qualified analytics professionals, but demand is running at five times this number, says C K Guruprasad, the consultant for the technology practice at the firm.
- Consulting firm McKinsey estimates that India would need 2 lakh data scientists in the next few years. The extent of hiring for analytics can be gauged from the fact that a single company Wipro, already has as many as 8,000 people in analytics functions, as per a Heidrick & Struggles report.
- Companies such as Amazon, Google, HP, Netflix, Proctor and Gamble and Capital One use analytics as competitive strategy
- Capital One has managed a profit of close to $1 billion in their credit card business in the recent past, where as many of their competitors have shown a loss of several millions in credit card business.
ABOUT THE FIIB AND IBM PARTNERSHIP
IBM and FIIB have partnered to be recognized by the industry and academic world as one of the preferred locations for acquiring relevant analytical skills with specific focus on managerial decision making and strategy using sophisticated software. The collaboration has resulted in providing FIIB with latest analytical software content, practical industry experience, hands on Business Intelligence & Business Analytics lab courses, best practices, and case studies.
The unique feature is the IBM Business Analytics Lab set up in the college premises, where relevant IBM Software is provided to facilitate:
- Multi-year curriculum adoption on Analytics
- Faculty Development Program at Campus
- Students training conducted both by University Faculty Members & IBM SMEs’ on regular basis
- IBM Courseware (offline and on-line)
- Co-Branded Certificate / Diploma / Degree Program