For those interested in pursuing a new career path, data science offers an exciting opportunity to earn a good living. The potential for data to improve business operations has led to a growing interest in hiring professionals with a background in data science. This means the field offers tremendous opportunities for professionals with a Master of Business Administration in Analytics. If working with data and technology to help businesses grow sounds appealing to you, we will break down exactly what you should know about this quickly growing field and the potential it offers.
What Is Data Science?
Data science is a field that brings together diverse areas of technology and mathematics to find answers to questions that businesses care about. Working as a data scientist will call for professionals to comfortably work in fields such as statistics, coding, and algorithms and use these disciplines to track and uncover information about businesses across all facets of their operations. The insight gained through data science is used to answer general questions related to business, such as the relationship between climate and customer engagement. The answer to these questions can help organizations find the best strategies for optimizing their business operations and increasing their sales.
However, you may have also heard of the field of business analytics and wondered how that field differs from data science. We will explore the relationship between these two fields to help you better understand the role and importance of data science in business success.
Business Analytics vs. Data Science
On the surface, business analytics and data science can seem remarkably similar. Both fields look closely at data and the insight it provides for a particular business. However, the differences lie in the type of data focused on and how the data is used by the business.
Business analytics focuses on data related to the day-to-day functions of the business. For example, it might analyze the cost of various departments within the business or the cost versus the ROI of campaigns run to build user engagement. This makes the data from business analytics immediately actionable.
Data science, however, is often a bit more general. This data provides answers and insights into more overarching questions about the relationship between the different areas of the business and how the business relates to the customers. Professionals in this field might collect information on how the location of the customer or the seasons they experience impacts sales. This information offers guidance for long-term planning and investing.
Data science is more interdisciplinary. The insight gathered looks at all the different areas of the business and how they fit together. It uses algorithms to understand how different areas relate to each other. Advancements in the industry have also begun to see how machine learning and artificial intelligence can provide tremendous insight moving forward.
Is Data Science a Good Career?
Data science offers an excellent career path for professionals who want to carve their way in the professional world. This field offers a variety of areas for growth, including many emerging areas of development. The incorporation of machine learning into data science offers tremendous potential for exciting growth moving forward. Emerging areas of development also mean that those entering the field will find increasing opportunities to explore new potential and experience the excitement of working in an ever-changing field.
Businesses also express growing optimism about the importance of data analytics in business operations. One survey found that over 90 percent of firms had measurable value from analytics related to their organizations. This means those entering this specialty will find an increasing interest in their capabilities in business across industries.
How to Get Into a Data Science Career
Entering the data science field requires building some critical skill areas to help you do this important work. Here are a few areas where you can focus your time to help you learn how to get into data science.
Seek an Education
Gaining the education you need is essential. Degrees will provide you with chances to learn the different components of analytics, ask important questions, and make connections in the field.
Build a Portfolio
Creating a portfolio will showcase what you have learned and what you can accomplish for businesses. This enhances your job search.
Learn Programming Languages
Building algorithms and incorporating technology into data science remains an important component. Learning programming languages prepares you for these steps.
Experience allows you to translate what you learn in the classroom into what you will do on the job and helps you see how all the different components come together. It also expands your network and helps you find more potential job opportunities.
Networking plays an important role in job searches. It helps you find mentors and learn more from experienced people in the industry. It can also help you find jobs and positions.
Keep Up to Date on Advancing Tools and Tech
The capabilities of data science, particularly with AI and machine learning, are tremendous and continue to grow with each passing year. Staying abreast of the latest developments will help you remain at the forefront of your field. You will be ready for any challenges that are thrown at you.
Five Benefits of MBA in Business Analytics for a Career in Data Science
Earning your MBA in Business Analytics to set yourself up for a career in data science can offer you many benefits and a number of potential career paths. Let’s break down a few of the central benefits you can experience from studying this field
1. Build a Foundation in Business to Understand How Data Can Drive Decisions
Businesses want solid data to guide their decisions. Leaders want insight into likely future conditions, how different decisions might impact their future performance and how they can improve business operations and build income. Data helps them make these decisions and gather this valuable insight to avoid wasting resources. Understanding how data can drive decision-making will help set you up for success within the business world.
2. Acquire In-Depth Skills
By studying for an MBA in Business Analytics, you will also gain valuable, in-depth skills to help you grow professionally in our increasingly technological world. Courses will cover topics such as the fundamentals of computer science, quantitative decision-making, machine learning for business, programming languages, data mining, predictive modeling, and more. These skills will help you incorporate data into your business operations and use the information you gather for business success.
3. Gain Management Skills
The program will also help professionals like you build their management skills, including opportunities such as projects, which help students take what they learn in the classroom and apply it to real business situations. Coursework will help you grow as a professional, learning how the information and data you collect apply to different business situations and can be used to improve efficiency and clarity in the workplace.
4. Increase Networking Opportunities
MBA programs also offer students excellent opportunities for networking. You will get to know your fellow students as well as your professors, gaining insight into the business world and how to set yourself up for professional success. Studying the tract specifically for business analytics can help you uncover opportunities to meet others involved in the growing field of business analytics. You can learn about how the field is changing and developing and the exciting new technology involved. Internships also further increase your opportunities to grow your network.
5. Higher Earning Potential
According to the Bureau of Labor Statistics, data scientists have tremendous earning potential. The average salary is over $100,000, which is more than double the average for all occupations. Pursuing this degree track will provide you with the credentials to seize these opportunities.
Three Exciting Data Science Career Paths
When determining the data science career path you want to take, you have a variety of directions you can take. Here are three exciting choices that we see graduates pursue.
Chief Data Officer
The chief data officer for an organization is the executive responsible for regulating and overseeing all aspects of data collection and analysis for an organization. The professional in this position might help write policies related to data usage and collection, develop strategies for using the data in business operations and coordinate with subordinates within the data and analytics specialties to make sure the appropriate data is collected and used to advance the organization.
Data Analytics Manager
A data analytics manager oversees data projects, including assigning work and overseeing the collection and analysis of the data. They help interpret the information collected and provide recommendations to management and administration to use it effectively.
Data-Driven Business Strategist
A data-driven business strategist devises strategies for businesses relying extensively on data to formulate a plan and then track progress throughout the implementation of the strategy. These professionals rely on the hard evidence of data to guide their strategic decisions, allowing them to avoid wasting resources and to know whether to continue or shift gears as necessary.
Data Science Career Outlook
Those entering the data science field will find that it is an area dominated by growth and development. The Bureau of Labor Statistics predicts that the data science field is expected to grow by 36 percent between 2021 and 2031, which is significantly faster than other occupations. This growth will be driven by a growing interest in the information and insights that can be gathered through data analysis.
Earn Your MBA in Business Analytics at UTC
If you want to dive into the data analysis field, then earning an MBA in Business Analytics at UTC is an excellent way to get started. With outstanding educational opportunities and the flexibility that comes with hybrid and online learning, our MBA programs will give you the chance to develop the skills you need to thrive in the world of data science. Get started by taking your first steps toward your future today.