What is Business Analytics?
Business analytics plays a central role in how organizations use data to understand the current state of operations and develop strategies to attain future goals. Data-driven decision-making is valued in most organizations, including private companies, nonprofit organizations, and government agencies.
Because of advanced business analytics, organizational leaders can now eliminate guesswork and use big data to create strategic goals and develop the steps to achieve them. These are made by people with expertise in business analytics which are critical for a successful operation.
Touro University Worldwide offers a Master of Science in Business Analytics that prepares graduates for leadership positions in the business analytics field. And because it’s offered online, working professionals can earn their graduate degree while maintaining their current job. The program also allows students to concentrate their degree in either management or marketing.
Why Organizations Use Business Analytics
The term “business analytics” refers to collecting and analyzing big data to find insights that can predict trends and outcomes thus leading to better data-driven decisions. Tools used in business analytics include data mining, statistical analyses, and predictive analytics.
Experts consider business analytics as a way for leaders to make decisions based on objective reality and not their own instincts or emotions, according to U.S. News & World Report. The use of analytics is relevant in every industry, including healthcare, IT, retail, manufacturing, and real estate.
Careers in Business Analytics
Experts apply business analytics to any area where data is collected. This can range from tracking consumer online behavior to optimizing patient flow through a hospital’s admissions process.
The bottom line for every business analytics job is to use data to find insights that make operations more effective and efficient. Some of the most popular jobs in the field include the following listed below. Job growth and salary figures come from the U.S. Bureau of Labor Statistics (BLS) Occupational Outlook Handbook and reflect numbers nationwide.
Operations Research Analyst. Gathers information from different sources, including databases and customer feedback, to glean insights into improving operations. The BLS projects growth of 25% in the field by 2029. Average salaries for the job reached $90,600 in May 2019.
Management analyst. Works typically as a consultant, using operational data to advise leaders on increasing profits by cutting costs and improving efficiencies. The BLS projects 11% growth in the field by 2029. Average salaries for the job reached $95,560 in May 2019.
Market Research Analyst. Focuses on using data to better understand consumer behavior and needs and find promising new markets for businesses to target with their products and services. The BLS projects 18% growth in the field by 2029. Average salaries for the job reached $71,570 in May 2019.
Financial Analyst. Focuses on statistical analysis to find economic trends and make recommendations on financial strategy for businesses and individuals. The BLS projects a 5% growth in the field by 2029. Average salaries for the job reached $94,160 in May 2019.
The TUW Master in Business Analytics Program
Students in the TUW MS in Business Analytics program graduate with expertise in giving business data value and using the latest, most innovative technology in business analytics. They also develop skills in statistics, data management, predictions and forecasting, data modeling, and business intelligence.
TUW professors are practitioner-scholars who understand business analytics theories as well as practical applications in real-world settings. The program is 100% online, with no GMAT or GRE required for admission. Students can complete the program in one year. TUW offers six different start dates every year.
The MS in Business Analytics curriculum includes the following core courses.
- Introduction to Business Analytics
- Security and Ethics for Business Analytics
- Big Data Management and Databases
- Fundamentals of Statistics
- Predictive Analytics and Forecasting
- Consumer Analytics
- Data-Driven Decisions and Strategy
- Data Visualization and Communication in Business Analytics
Those students who choose a management concentration take courses in Business Analytics Operations, Business Intelligence Decision Making, and Project Management Analytics. Those students who choose a marketing concentration take courses in Marketing Metrics for Decision Makers, Digital Marketing Analytics, and Strategic Social Media Marketing Analytics.
Whichever concentration students choose, they leave the MS in Business Analytics program ready to play a key role in how businesses use data to make better decisions. It’s a degree that leads to high-demand careers in the modern, global marketplace.