5 Reasons Why Everybody Should Learn Data Analytics

5 Reasons Why Everybody Should Learn Data Analytics

1. Find Connections that Matter

Quantitative methods answer pressing questions for stakeholders, but first you have to understand how to make the best use of data. When it comes to making the connections between analytics and decision-making, graduate programs are not all the same. For example, the data science or analytics degrees in computer science departments may not focus on the problems that are the highest priorities in today’s enterprises. By contrast, a multidisciplinary analytics degree from a business department equips professionals to confront urgent and intriguing issues at leading companies around the world.

In a business school environment, professionals find the resources to synthesize knowledge of data mining, programming and machine learning with strategic planning and communication, making a real impact on the organization. Insights into all these areas come from business analytics faculty who engage in cutting-edge research with real-world applications. Renowned experts who study the uses of data for management, finance, marketing and operations present students with unique perspectives on the challenges that will affect their careers and the future of business.

2. Communicate Persuasively

Organizations only reap the full benefits of an analytics strategy when everyone involved in planning and executing their strategies—including managers and employees on both technical and non-technical teams—understand the implications of their data. Analytics professionals with a business background can create compelling visualizations and reports but also have the overall communication skills to spur teams into action.

Carnegie Bosch Professor of Operations Research Willem van Hoeve described the ways a business analytics education can be especially valuable for engaging teams that cross multiple departments and functions.

“When managing an interdisciplinary team, being able to speak the language of the machine learning experts as well as the business users gives you not only credibility but also the opportunity to build bridges in an organization and truly leverage the power of analytics,” he said.

3. Predict What’s Next

Data professionals aren’t fortune-tellers, and analytics tools aren’t crystal balls. Nonetheless, predictive analytics enables an organization’s stakeholders to think ahead with algorithms that extrapolate from past data to determine what changes are likely over the months and years to come. These findings may reveal what products existing customers will probably buy next, warn cybersecurity teams about potential incidents of fraud or project the performance of financial assets.

Routledge researches quantitative methods to understand and predict market behavior. He has pursued his interests through projects such as modeling the dynamics of oil prices and probing for patterns in insider trading. He discussed how developing algorithms that help analysts foresee likely outcomes for stocks involves both exceptional challenges and great rewards.

“The thing that is different about a finance setting is the variability,” Routledge explained. “Stock returns are just hugely volatile; the data is so noisy. But the returns to getting just a tiny grain of signal out of this data are really big.”

4. Elevate Your Career

All kinds of companies are looking to hire data experts, but quantitative methods alone can only take you so far. Zachary Lipton, an assistant professor of business technologies at CMU, suggested that professionals who expand their horizons are best positioned to reach their career goals.

“If you’re really great at mathematics or software development, but you don’t know how to apply those techniques to a business problem, or you can’t communicate to other stakeholders in your organization, you’re not going to be very good at an applied machine learning or applied data science job,” Lipton said. “The highest demand is for professionals who have all three skillsets.”

How Tepper Gives You the Edge in Business Analytics

Organizations that keep data management and organizational decision-making siloed miss out on opportunities for growth. That’s why companies need individuals who connect robust quantitative methods with sophisticated business strategy. A graduate education in business analytics provides the specialized knowledge and hands-on skills that allow analytics professionals to advance their careers, excel in leadership roles and make a difference in their organizations. masters in business analytics online Organizations that keep data management and organizational decision-making siloed miss out on opportunities for growth. That’s why companies need individuals who connect robust quantitative methods with sophisticated business strategy. A graduate education in business analytics provides the specialized knowledge and hands-on skills that allow analytics professionals to advance their careers, excel in leadership roles and make a difference in their organizations.

The online Master of Science in Business Analytics (MSBA) from the Tepper School of Business at Carnegie Mellon University helps students to develop proficiency in the full range of state-of-the-art business analytics techniques. A comprehensive curriculum that encompasses data visualization, machine learning and optimization, and large-scale data management readies professionals to take on complex challenges in tomorrow’s analytics-driven organizations.

Online MSBA students benefit from a world-class education through the internationally renowned business school that pioneered the discipline of management science. Courses are taught by CMU’s faculty of top researchers and creators who make multidisciplinary leaps in areas like machine learning, accounting, communication, finance, organizational behavior, marketing and operations management. The online MSBA equips graduates with an unparalleled education and connects them with an international network of professionals.

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Erika Alexander