Data analytics is a process developed that analyzes raw data to identify trends or answer specific queries. Data analytics drives effective decision-making as it can provide insights that lead to optimizing resources across an organization.
As a result, those holding a Master’s in Business Administration (MBA) in data analytics will find their skills in high demand, often with tremendous job versatility. Students and working learners have the option to select from many quality MBA Data Analytics online or on-campus programs in today’s educational marketplace.
How Modern Businesses Use Data Analytics?
The modern business environment characterizes an era defined by big data. To stay on the cutting-edge, informed decision-making in every industry typically includes complex data analysis.
The fundamental basis of information analytics includes the –
- The Gathering of Data
- The Organizing of Data and,
- The Analyzing of Data to make educated decisions (to solve complicated business problems) based on data-derived information and insights.
Data analytics professionals employ data visualization techniques (like Google Charts or Tableau) with insights that assist business leaders in improving business efficiency and optimizing operations.
How Can Data-Informed Insight Aid Decision-Makers?
Data science professionals with an MBA utilize analytical tools and techniques by applying multiple forms of advanced data analysis. Data analytics offers four fundamental types of analysis –
- Descriptive Analytics – use current and historical data to determine trends and relationships. This is most helpful in demonstrating trends over time.
- Diagnostic Analytics – offers vital information as to why a trend is occurring, etc.
- Predictive Analytics – a type of advanced analytics that uses historical information and statistical models to forecast trends and potential scenarios & risks.
- Prescriptive Analytics – offers effective action plans based on defined likely outcomes of relevant data.
The information derived from analytical data work applies to diverse business environments and contexts. Data-driven decisions can be used in these business areas –
- Sales – data analytics is a valuable tool for forecasting quotas, managing pipeline inventory, and overall risk. Data-driven decisions offer actionable insights, especially in the area of sales.
- Finance – data analytics offer sophisticated pricing scenarios, forecasting, and auditing solutions.
- Supply Chain – data-driven insights are required for businesses to modify goals as market conditions change. This is critical in avoiding inefficiencies that can occur in a business’s supply chain management.
- Marketing – data analytics is incredibly valuable in the areas of marketing and digital media. Simple tools can demonstrate website performance and other valuable metrics.
Understanding how to use data at these various business levels is a great way to develop an effective plan for sustainable business growth.
Potential Careers for those Who Earn an MBA Data Analytics Online Degree?
Graduates of an MBA data analytics online program have the skills to pursue jobs in diverse industries. The areas of work that require the skill to translate analytics and visualization to usable insights and actional information include –
- Business Intelligence
- Business Analytics
- Strategic Management, among others
Data science and analytic professionals typically begin as analysts but are upwardly mobile given their graduate-level business degrees.
MBA graduates specializing in data analytics find independent work as consultants, personal financial advisors, or professional advisers. The income and compensation packages for MBA data analytics graduates vary based on the position, the industry, and level of seniority, among others. The following offers a broad selection of potential careers for MBA data analytic graduates.
- Data Scientist –- $100,910 (May 2021 Median Annual Wage (MAW))
- Computer & Information Research Scientist – $131,490 (2021 MAW)
- Personal Financial Advisor – $94,170 (2021 MAW)
- Management Analysts – $93,000 (2021 MAW)
- Chief Data Officer: $232,690 (2022 Average Annual salary)
Completing a Master’s of Business Administration (MBA) with an academic specialty in data analytics offers a comprehensive education in business and data analytics. Many of the available data analytic programs are available online with convenient scheduling for working learners and busy professionals.