As I have talked before about the various elective courses that one can choose in PGDM, PGDM in Research and Business analytics is a topic which has started going on a hype recently.
These days almost all the organisations in the various fields are hiring the professionals to research.
Research is all about findings. As the present era is more of a customer satisfaction than just production, so research plays a major role. Research helps the organisation find the perfect and accurate knowledge about what a consumer is expecting from a product and why. Let’s take an example, Zomato, before zomato everybody either used to go for a dine in, or ask google to search for the following restaurant’s no. Who later on used to turn you down by saying that they deliver only 5kms far from the location they are in, or something like that. Not just that, have you ever thought how much convenient it has been for people from the time online shopping sites have become available! All of this has come from research, a general idea pops up, a research is done on the same for whether the following can be valid or not and then the same is operated to bring the final result or conclusion.
Business analytics on the other hand covers all those areas that are necessary for the fulfilment of the desired project or plan.
This course also teaches you the various languages or the technical software’s’ or things that can be helpful during the analysis like Python, SPSS, etc.
So moving on with the same, PGDM in Research and Business analytics revolve around the following topics, these topics are of such type that they make you understand the depth of Research and Business analysis.
Here communication does not mean chit chat or gossiping buddies, here communication means that research can only take place on a particular thing if it is communicated welly to the researcher and that the researcher could figure out for whether the product or service will be suitable or not, which can be done through surveys, questionnaires, personal interviews, basically to know the customer satisfaction.
Customer satisfaction plays a major role in the part of a research, because the end result will be bought by the customer itself and if it isn’t asper their likings then creating the same is of no use. So communications, findings are important. So in PGDM their would be many crucial subjects regarding the same (like stats, spreadsheet modelling) in a wide depth so that students would be clear enough about the tactics and methods in means of customer satisfaction.
Analysis can be done through many ways.
• Marketing. Marketing of an existing product can surely tell about the outcomes of it and of something similar to it. A researcher can study and produce his or her findings through the marketing already present in the era.
• Listening. Hearing the ideas of others, sometimes comes up as the best out of waste. While decision making, one should always hear the ideas of not just his or her colleagues but of his or her superiors and subordinates as well.
• Sales. Sales surely tell what is going around in the market. Business analysis can be done through sales of an existing product though each and every product is different but one similar to it can surely make things work.
• Finance. Through the help of financial documents, invoice, bills, assets, one can tell where the organisation stands and what measures can be made for the up gradation or the development of the same.
Human Resource Management needs to be done when it comes to an organisation. In the present era, the Business World has became more of a Human Resource thing so managing people and their performances so that the organisation runs smoothly for a better future.
Through what ways the research takes place. Research can be done through many ways like I have said above through questionnaires, surveys, secondary data etc. The method of research is quiet important as the whole research till the end conclusion is dependant on the same.
We need to understand that research can be done for anything. It isn’t done for a particular product or service or for inventing something new, it can also be done for the reasons behind the product failure or on the up gradation of an organisation or something like that. Research is a vast field. It can be required in any place.
There are some ethics, rules, guidance to everything. And that everything gets fulfilled only because of these. Business ethics are considered as the business laws, rules and regulations or you can say terms and conditions with which one has to work things up.
Information Technology also plays a role in research and Business analytics. It helps in regard with the various software’s and languages that one has to or should know for doing analysis. The programming, languages, etc. All are covered under this.
Just like research is about findings, operation is about processing the idea into a final product so that the end user can use it. For those who have a keen interest in Operations Management can also pursue for PGDM in Production and Operation Management. There is a separate course for the same. One can also find it as an elective course in the third sem. Of PGDM.
Operation Management covers a huge responsibility as it is the process of implementing the idea in the practical World and giving it a life so that the results could be obtained and the created product or good could be sustained as per the expectations of the consumers.
So overall PGDM in Research and Business analytics covers a wide field of subjects from different branches that are quiet important for the study of a researcher, because research is present everywhere and analysis is done in utmost everything.