Why Are Business Skills Valuable for Those Who Work in Data Analytics?
Business analytics provide a bridge between an organization’s desire to become more efficient and effective and the data-driven methods for attaining those goals. Those who aspire to leadership in the modern business world do well to combine mastery of business skills with expertise in applying data analytics to solve challenges.
Earning an MBA with a concentration in business analytics prepares graduates with skills in both business and analytics. Hence, it’s a combination that more business leaders require. As pointed out in Forbes, business leaders with analytics skills are necessary “to create a data-driven culture and new careers in the future workplace.”
What You’ll Learn in MBA-Business Analytics
You can use business analytics in a variety of ways. The underlying goal in each is to find efficiencies in operations, identify new markets and improve products and services.
Analytics typically are used to look at past data and determine what has worked and what hasn’t. Predictive analytics go further. They provide a forecast of what will happen based on different options. Data contextualization involves providing context for the data points being generated. Then, allowing organizations to gain actionable knowledge from information.
MBA students who focus on business analytic gain expertise in the uses of data. As a result, they combine skills in finance, economics, investment, strategic management and organizational behavior with expertise in the best strategies for leveraging business analytics.
How Businesses Use Analytics
Organizations adopt business analytics to ensure that decisions are based on facts, not past experiences, emotions or intuition. Popular examples include the following.
Data analytics have fueled the success of Major League Baseball teams such as the Boston Red Sox, Chicago Cubs and Houston Astros. Commitment to data-driven decisions has kept low-budget teams such as the Oakland Athletics and Tampa Bay Rays competitive despite having much lower team payrolls.
Data is changing how healthcare operations become more efficient; consequently, delivering better patient outcomes. Real-time data helps clinicians make better diagnosis and treatment decisions. Data is leveraged to identify and treat common health issues among certain population demographics.
Digital marketing is the future for business (in many cases, it’s already here). An MBA graduate with business analytics skills will understand how data provides vital information on consumer behavior, as well as finding what marketing approaches have worked best based on facts, not guesses.
The variety of careers for those with an MBA with a concentration in business analytics are numerous, because this combination of skill sets is needed in almost every industry. Potential jobs could include:
- Marketing Director
- Chief Technology Officer
- Business Data Analyst
- Management Analyst
- Project Manager
That’s just a sample. Those who commit to getting an education where they combine business and analytics skills are preparing themselves for some of the most challenging and rewarding jobs in business. And with continued innovation in technology, this is not a trend that looks to end anytime soon.
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