Why is Data Analytics Important for Business?
Today, there is no shortage of raw data collected to help businesses improve efficiency and profitability or signal trouble and changes. That data is useless without expert interpretation. Business analytics allows professionals to make sense of the information data provides.
Business analytics is the process of storing, organizing and analyzing information. These functions help organizations explore and use data to enable profitable and efficient decision-making. In our digitally driven, global market, organizations across all industries need trained data analytics leaders to collect and interpret business information. The quantitative and technical expertise business analytics professionals possess helps businesses solve problems, make strategic investments and drive growth. Business analytics has become increasingly important for educated decision-making in an uncertain global economy.
Paul Herrera, COO and co-founder of Maven Road and Forbes council member, stated, "Data analysis is a tool that allows decision makers to learn about behavioral and attitude changes of the public so that businesses can effectively adapt and respond to them. In order to prepare for challenging scenarios due to the uncertain economic outlook . . . it is essential that businesses use data analysis to obtain insights from their audiences and then use these insights to strengthen their marketing strategies and decision making."
This need for analysis has led to expanded opportunities for business analytics professionals. Those who understand analytics are ever more valuable across industries. That's why LinkedIn's Emerging Jobs Report in 2020 ranked data scientist and data engineer among the top 15 emerging jobs in America.
Because data is used to make pivotal organizational decisions, analysts and those with business analytics skills are often core parts of leadership teams. Many high-level leaders, such as CEOs and CIOs, have backgrounds in data analytics.
How Do Businesses Use Data Analytics?
Data analysts are often responsible for crucial business functions, including data warehousing, data visualization, predictive analytics and more.
In almost all fields, data analysts help business leaders set the course for organizations and make calls about major operational decisions that drive effectiveness and profitability. Depending on your role, you may contribute to planning to increase profit, improve customer satisfaction, make operations in an organization more efficient or help determine effective marketing options.
To succeed in making decisions, business analysts must recognize problems or opportunities, properly and safely collect data and explore that data to draw conclusions and enact solutions.
A program like Ohio University's online Master of Business Analytics prepares you to handle all these things and more. You'll graduate able to:
- Recognize the nuances of business analytics in decision-making.
- Select among analytical methods to identify tools appropriate to the data, context and/or conditions.
- Apply analytical methods to find solutions to business problems.
- Translate the results of business analytics into effective courses of action.
- Communicate data and results effectively to non-technical stakeholders.
You'll also build technical competency in Excel, Tableau, SQL, Python and more. Finally, you'll develop the interdisciplinary skills necessary to succeed in the business world, such as critical thinking, communication and problem-solving.
Leverage Data to Drive Business Strategy
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What are the Top Careers in Data Analytics?
The importance of data analytics in driving the success of organizations in all industries cannot be overstated. An analytics skill set can be used across all major business units, including:
- Information technology
- Marketing
- Accounting
- Business development
- Sales
- Human resources
The role analytics professionals play in these business units is not small. For example, according to Business Wire, "The global market for marketing analytics should grow from $3.2 billion in 2021 to $6.4 billion by 2026."
Two job titles that require strong backgrounds in business analytics, financial analysts and market research analysts, are seeing considerable growth. According to the Bureau of Labor Statistics, the demand for financial analysts is expected to grow 9% between 2021 and 2031, and the demand for market research analysts is expected to grow an incredible 19% in the same timeframe, leading to more than 150,000 new jobs with that title alone. For those who take their career toward the technical side, about 682,800 new computer and information technology jobs are projected to be added to the market by 2031.
A background in business and analytics positions you as a versatile employee and opens the door for many careers in data analytics. Those who pursue a degree can hold a variety of job titles, including:
- Chief Information Officer: $170,225 per year
- Financial Analyst: $95,570 per year
- Data Scientist: $97,665 per year
- Database Administrator: $101,000 per year
- Computer and Information Research Scientist: $131,490 per year
This is just a sampling of well-paying, in-demand careers for those with an education in business analytics.
How Can I Launch a Career in Data Analytics?
Most careers in business analytics require a degree in the field. Many successful professionals hold master's degrees that focus on the application of analytics in business. Finding a degree that ensures you have both the technical and business acumen you need to make a difference in any organization is critical.
The online Master of Business Analytics from OHIO will give you the technical training you need to pursue well-paid, growing career paths in data science and beyond. Whether you are seeking entry-level careers in business analytics or are ready to make a more significant impact in your current role, our online master's in business data analytics gives you the comprehensive education you need, including courses in:
- Descriptive analytics
- Predictive analytics
- Prescriptive analytics
- Programming for analytics
- Business intelligence
- Strategic use of analytics
Classes in the online Master of Business Analytics degree combine practical application, technology and leadership to prepare you for today's data-driven business world. You'll get hands-on training with industry skills and software in our nationally ranked, accredited program. Certificates in Business Analytics, Advanced Business Analytics, and Business Analytics Leadership are also offered at OHIO and can be easily transferred into the MBAN degree.
Throughout your time with OHIO, you'll have access to career services including relevant virtual workshops. Working hand-in-hand with the Graduate Career Acceleration Team (GradCAT), you'll get free support from a dedicated team of three experts, including a personal career coach, a branding expert and a career concierge beginning in the last two semesters of your program.
Show organizations you have the skills to drive business success with an online master's in business analytics degree from OHIO.
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