As businesses look for ways to compete and stand out from others in their industry, business analytics has become a cornerstone of organizational management and planning. Companies can collect enormous amounts of data about their customers, markets, and competition. All this information gives these companies insight into what customers want to see moving forward and what businesses can do to distinguish themselves and their products.
The importance of business analytics in modern development means earning an MBA in business analytics can provide professionals with many professional career paths. Those interested in pursuing this degree should consider all the different directions they can take in their career. Here is what you should know about the value of a degree in business analytics.
What Is Business Analytics?
Business analytics is the use of data to make competitive business decisions. It allows companies to set goals and pursue growth based on objective factors instead of hunches and emotions. Rather than assuming the types of products customers want to see in the upcoming season or the type of promotion that appeals to them, organizations can look at the data related to past decisions and how customers respond to offers from competitors to make data-driven decisions. This type of decision-making is more cost-effective, as it reduces the need for trial-and-error and helps the company better align with current customer interests, creating more growth opportunities.
Companies today face stiff competition. Globalization means that customers are no longer limited by stores they can physically reach. They can order products and services from nearly anywhere in the world, meaning companies must also consider this scope of competition as they look for ways to increase their market share and drive their business growth.
Business analytics can help companies better understand their past, present, and future. Data can provide insight into patterns the company experienced in the past and the causes of different situations. It can offer ideas about the company’s current position, including what factors will impact the market moving forward and where customer sentiment lies. Analytics can also help businesses project how their organization will perform in the future and what the company can do to maximize their opportunities to interest customers.
All these different data-use cases mean businesses have become very interested in using analytics to improve their decision making. Professionals with a background in data analytics will find a number of different positions they can pursue.
Those working in business analytics will generally use technology such as computer programs and databases to track, analyze, and interpret their data to provide advice and insight to the rest of the team.
Is an MBA in Business Analytics Worth it?
For those interested in data analytics, an MBA in business analytics can be a very desirable field. There are several different career paths that people can pursue. Businesses have begun to increasingly seek professionals who can help them with analytics, making this a popular specialization. One study found that globally, 65% of businesses plan to increase their spending related to data and analytics. Companies know this insight can give them a competitive edge as they prepare for the future. With analytics, you can measure and know exactly what customers want to see and what can encourage them to purchase from your company.
However, it is important to note that those interested in pursuing a career in this field must work hard to complete this degree. Since this MBA focuses on analytics, professionals must have the mathematical and statistical understanding necessary to complete the coursework. Interested candidates should also feel comfortable using computer programs that help people run the analyses required to understand and interpret the data coming in.
Those who complete the degree might consider the following career paths depending on their interests. Big data and data science can be used in various ways for business success.
MBA Business Analytics Jobs
Here are some of the most popular fields those with a background in business analytics might choose to work in.
Chief Data Officer
The chief data officer, or CDO, is a senior executive who oversees the use of data for the organization. This professional uses their understanding of data and analytics to provide an overarching strategy for the business.
Business Analytics Specialist
The business analytics specialist provides support to many different aspects of the business. These professionals can help organizations create cost-effective solutions to different situations and problems. They can also use data to provide insight and support related to proposals, helping the business implement their ideas for the greatest success.
Business Intelligence Analyst
A business intelligence analyst will use intelligence insights from financial and market perspectives to better understand the position of the business and where the company can find opportunities for growth. They can help build plans to achieve the business’s goals.
Marketing Manager or Analyst
A marketing manager or analyst uses their understanding of data and analytics to better promote different products or services for the company. They understand the market demand for the product and gain insight into what type of promotional material potential customers will respond well to. This helps the company better promote its products.
An operations research analyst focuses on helping businesses solve various types of problems. For example, they might use data to provide insight into logistics or resource allocation. They help companies to run more effectively and make better-informed decisions about how to operate their organization.
Financial analysts use their data insights to understand financial markets and how they relate to businesses. They will look at the performance of different financial products, including stocks and bonds, and how these products impact business operations. These professionals are often employed by businesses that work directly with financial markets, such as insurance companies.
Supply Chain Analyst
Businesses depend on their supply chain to get essential products and materials and ensure products are delivered to their customers on time. The supply chain analyst will use data to analyze this distribution system to see if it can be optimized and how to make the process as smooth as possible. This can reduce costs for the company and wait times for customers.
A research analyst will research and investigate data related to the business markets and operations. They will need to use skills related to research and interpretation to help businesses optimize their business decision-making.
Personal Financial Advisor
A financial advisor works with people who want to make the best possible investment decisions. They provide insight into financial markets and products for their customers.
A management consultant will work for different client companies and help each see how they can improve their internal operations. These consultants specifically use data related to in-house operations to see how the business can work more effectively.
Earn Your MBA in Business Analytics
The world of business analytics is vast, with a number of possibilities available for those who want to work with data and analysis. Businesses have begun to realize data’s importance in nearly all their functions. They are turning to this information to guide them across almost every area of business process, from marketing to improving internal operations.
Those who pursue their MBA in business analytics should carefully consider the benefits of working in these different types of specialties to determine what field might suit them best.
The University of Tennessee at Chattanooga (UTC) provides students with a rigorous education with flexible degrees and online options. Students can pursue their studies and work toward their dream career while accommodating their current responsibilities, such as a job.
These degrees will allow you to work closely with inspiring teachers and mentors to help you find the right career path for you.Learn more about what makes the MBA program at UTC different. Picture yourself at UTC and start working towards your career goals today. Click here to get started.