Businesses today face stiff competition. In the age of globalization and the internet, they do not just have to compete with companies in their own neighborhood; they need to compete with organizations anywhere in the country or even the world. Therefore, businesses must consider many factors that might impact their business decisions. To carve out a space for their business, attract customers, and create an effective business model, they need the business intelligence that comes through analytics.
Business analytics provides companies with incredible insights regarding their performance and that of their competitors. If you want to pursue a degree that will allow you to learn valuable skills for the modern business world, an MBA with a focus on business analytics can help get you there. We will explore what you need to know about this field and the type of classes you can expect to take over the course of your degree. See how this degree can get you started on a new career path and help you achieve your goals.
Why Do Companies Need Business Analytics?
Business analytics can help companies make better decisions to achieve their financial and growth goals more effectively. Using analytics to improve decision-making has become so crucial that 65% of global businesses plan to increase their spending in this area.
Quality analytics help businesses look at different factors objectively. Rather than bringing together several business leaders with different ideas about what matters most to customers or what direction they should take to find new growth opportunities, businesses can use data science to look at the numbers themselves and make decisions based on facts instead of guesses.
Business analytics not only helps to guide decision-making, but it can also help businesses increase their earnings. Companies that invest in the big data necessary to use analytics see a 6 percent increase in their profits. Businesses using this data can target key areas for growth, allowing them to spend their resources wisely, avoiding waste through trial and error.
With the data to guide decision-making, businesses can work together more effectively, make decisions more efficiently, and improve the organization’s operations.
Business Analytics Components
For businesses interested in bringing analytics into their business model, there are a few core types of analytics to consider. Each of these types of analysis plays a slightly different role in helping the organization maximize its capabilities. Let’s explore three main categories and the role of each in nurturing business growth.
Descriptive analytics looks at a business’s historical trends. It can be used alongside diagnostic analytics, which uses historical trends to better understand why something has happened. Using descriptive analytics can help organizations find patterns in revenue growth, the types of products or services that appeal more to customers, or why customers have chosen their business over the competition in the past. This information can help business administration professionals decide how to proceed.
Predictive analytics uses data to gain insight into what will likely happen in the future. For example, if it sees a relationship between types of investment and business growth, it might predict the levels of investment needed to reach a particular profit level. It might also help the business explore market conditions and what customers will likely respond to in the future.
Prescriptive analytics looks at various situations, actions, and conditions and works to anticipate which one will produce the most favorable outcome for the business. For example, this type of analytics in marketing might help companies to see how the different types of campaigns will bring in leads and which ones will help them maximize visibility heading into the holiday season for a particular new product or service.
All these analytics types play a valuable role in guiding business success. Many analysts will use them in conjunction with one another to create a more complete picture of the business’s performance and what can be done to take it to the next level. A professional specializing in analytics will likely have a solid understanding of these types of analytics and how they can be used together.
Analytical Skills Employers Look For
As businesses increase their use of analytics to project outcomes and determine the best course of action, they want to find employees with the skills they need to excel. There are some essential skills that professionals can focus on cultivating to stand out from others as they search for a job.
Critical thinking skills
Using analytics requires interpreting enormous amounts of data and then using that information to make decisions. This requires critical thinking skills that will help you determine the type of data that will be the most useful and how you put the information to use for the business.
The massive amount of data involved also requires professionals to understand the math and statistics required to accurately interpret the information.
With the large amounts of data that comes along with big data collection, professionals will turn to various computer programs to help them run their analysis for different situations and scenarios. Knowing how to use computers well and interpret the information you can gather from different types of programs will be helpful.
Employees working in analytics must also have solid research skills. The data you need to build an effective business model will come from various places. You need to have the skills to research market and financial situations and what might impact business conditions from several perspectives.
Although analytics calls for many technical, or ‘hard,’ skills, professionals also need soft skills to help put this information to work. A professional in this field must work with other team members to interpret data and determine the best way to implement the information from the analysis. This requires working together, communicating findings, and planning as a group.
What Does an MBA in Business Analytics Teach You?
An MBA with a specialty in business analytics will provide you with courses and learning opportunities to help you feel confident with data from a variety of sources. You will learn more about analysis and how you can use the information you collect to make quality business decisions. The courses will teach you about the different types of modeling and research methods you will use and how different scenarios can impact your business decisions. Each course will help you better prepare to work in business analytics. Here are some of the classes you may take throughout your degree program.
The business statistics coursework will be completed first since the knowledge gained throughout these courses is foundational to the rest of the program. The coursework will provide students with a firm understanding of how statistics can be used in a business setting.
Economics for Managers
Learn more about how economics impacts the decisions you will make as a business leader, including game theory and how to use pricing.
Organizational Behavior and Leadership
You will learn more about how to be an effective manager and the impact of organizational behavior.
Informational Technology for Business
You will get an introduction to information technology in business and how it can be used to further your business goals.
Learn more about financial analysis and concepts such as valuation.
Quantitative Decision Analysis for Business
This course will help students understand topics such as regression modeling and forecasting.
Accounting for Managers
Students learn to look at financial analysis and accounting concepts from a business manager’s point of view. For example, students will explore how financial news might impact business decisions.
This course explores topics such as making marketing decisions and developing strategies.
Corporate Entrepreneurship and Innovation
Students explore topics related to globalization and business models to learn more about innovation in their business strategy.
In strategic management, students will bring together information to create an effective business strategy and learn how to take control of a business’s financial future.
Databases and Data Warehouses
This course will help you understand concepts like an entity relationship diagram and physical schema. You will learn how to use database management systems and SQL.
Data Mining and Analytics
In this course, you will cover how to pull together data from various sources and how analytics can help businesses make decisions with that data.
Advanced Data Analytics
In advanced data analytics, you will learn more about data mining and machine learning to help you use data analytics to solve business problems.
These courses aim to provide a well-rounded education regarding business data and making business decisions in the data-driven era.
Flexible and Online Business Analytics MBA and UTC
If you are ready to earn your MBA, you want to find a degree program to help you meet your career goals and gain the education you need to excel in your job. With a flexible, online MBA with business analytics concentration from UTC, you can take the next steps toward your business goals with an education that will prepare you for the future.
With the flexible degree programs, you will find it easier to study on your terms. The program makes it easier for you to keep up with your other responsibilities, such as a current job or childcare. Meanwhile, the education you receive will prepare you for the future.
Take the next steps toward your future career now. Come and explore the Masters in Business Administration degree program at UTC today.