Data & Analytics Are Changing The World - And Could Change Your Career
Posted by Albers School of Business and Economics on Tuesday, July 6, 2021 at 9:16 PM PDT
Today’s technological evolution is moving at a breakneck pace. New digital trends have paved the way for a massive shift in society’s expectations, and the professional world is no exception. In this ever-changing landscape, businesses are challenged to continuously drive efficiency and productivity within their organization.
Therefore, many of today’s leading companies are embracing data-empowered approaches and leveraging unique and innovative methods to attain success. This means the employees at these companies are needing to adapt as well, requiring new skills to oversee and facilitate new business processes.
Demand for data and analytics professionals is incredibly high and is growing. According to the Bureau of Labor Statistics, management analyst positions are projected to grow by 11 percent by 2029, well above the average growth rate of 4 percent.
With the increasing reliance on business intelligence, as well as the market’s high demand for business data and intelligence analysts, let’s examine what this means for the business world and, more importantly, what it could mean for your career.
Breaking Down Business Analytics
In the digital era, more data is being created from more sources and devices than ever before. It’s estimated that a staggering 2.5 quintillion bytes of data is created every day, a volume of data that is predicted to double every two years. Businesses rely on this massive amount of data to make key business decisions for the company.
This is where business analytics comes in.
Once this data is collected and stored, it can then be analyzed from a business operations perspective to draw conclusions and provide comprehensive metrics to support better, more informed decision making to improve, refine, or protect the business.
One of the most essential factors of analytics, and a major focus of business leaders, is that it offers the opportunity for business growth. When properly utilized, analytics has the potential to encourage growth across the business. From risk analysis to market modeling to web performance, every function of the business can be positively impacted by business analytics.
Analytics can also allow businesses to monitor shifting trends and key performance indicators in real-time, meaning they are better poised to act quickly if need be.
How Exactly Is Business Analytics Changing The Professional World?
Data and analytics are changing the way businesses compete and operate. Those businesses that are encompassing data and analytics strategies and technologies into their systems are able to transform their business models to meet the needs of the marketplace and are better equipped to encounter new opportunities for customers, products, revenue streams, and services.
Businesses need to be able to operate with this new level of data-driven dexterity in order to not only thrive, but survive.
According to the 2020 Global State of Enterprise Analytics Report, 94 percent of the 500 surveyed analytics professionals around the world say that data and analytics is important to their organization’s digital transformation efforts (a figure up 4 percent from last year). However, only 26 percent feel that their analytics program is ahead in relation to their peers. As a result, 65 percent reported that their organization plans on increasing their investment in analytics in the next year.
This investment by businesses shows just how formative the advancement in data and analytics have been and how they have become an integral part of how businesses operate. Businesses can’t afford to be left behind in the analytics revolution. The competencies afforded through the adoption of analytics-based processes offer rich insights into critical business improvement, such as improved efficiency or product development innovation. The ability to access this vast (and ever-increasing) pool of information and conduct in-depth market research quickly creates a notable competitive advantage.
And these competitive advantages will only become stronger as the analytics revolution continues to evolve and the technology, tools, and talent become more advanced.
What Does This Mean For Your Career?
So as we can see, this obviously has a huge impact for business. But what does this mean for how you might fit into that world? What are your options within the world of business intelligence (BI) and analytics?
Given the competitive element when it comes to analytics in business, it is crucial for a business to harbor analytical and technical skills, meaning that, for companies focused on data, it’s the people who will make the difference.
The rapid advancement in data science and analytical technology, accompanied by the need and ease of using these BI tools and skills when carrying out business operations, has driven a surge in business analytics job openings, across all industries. Learning data science and analytics for a business are valuable expertise that includes both quantitative skills and business communication skills. Proficiency with BI and analytics tools is also essential for professionals applying analytics to business operations within their organization. There are plenty of powerful tools that can be used to aid in the proper utilization of analytics to grow and support a business, such as SAS software (Statistical Analysis System) and SAP software (System Application and Products).
Completing a master’s degree in business analytics or data analytics will ensure complete proficiency in systems like this and help build the crucial skills sought after by businesses. Graduates from analytics master’s degree programs have a myriad of opportunities within the data science space, with some going on to become Intelligence Analyst professionals or Senior Operations Analysts. With the strong ties of analytics to business health and success, some graduates of these programs even become CEOs, looking to stay at the forefront of the changing business landscape.
From data engineers to business practitioners, the application of data science for business necessitates a cross-functional, collaborative approach in order to truly realize the success possibilities ahead. This creates an exciting opportunity for data and analytics professionals to pave truly unique career paths that are at the cutting-edge of business practices.
Albers' Master’s In Business Analytics Program
Dedicated to tackling the complex business challenges of today’s analytics-focused and data-driven corporate environments, Alber's Master's in Business Analytics (MSBA) program provides a rigorous curriculum focusing on Communicating and Visualizing Data, Mathematical Models for Decision-Making, Data Mining for Business Intelligence, and Programming for Business Analytics.
In addition to being assessed on the technical skills to solve these problems, students will also be taught how to write about the analytical methods used and how to communicate findings and solutions to add value to a business. With this variety of different professional outcomes, Alber’s MSBA program results in deliverables that warrant highly sought after skill sets to assist candidates in driving business forward.
The culmination of our MSBA coursework is a capstone project that will give students hands-on experience planning and executing the topics learned about throughout the program to solve an actual business problem for a local industry partner. Albers partners with innovative and leading-edge corporations and data-focused technology companies, including Microsoft, PACCAR, F5 Networks, Amazon, Boeing, and Tableau.
With the business intelligence world moving at top speed, it’s time to start thinking about how you can position yourself at the forefront of this exciting space. And, at Albers School of Business and Economics, we are here to help you every step of the way.