Data analytics is a booming business, thanks to an explosion of big data in recent years. Big data projects and analytics are quickly creating new business opportunities in every field, which can lead to game-changing knowledge, insight, growth and value for any organization. With the expansion of data collection tools and technologies, banks, manufacturers, hospitals, grocery stores, insurance firms and government agencies are now storing and analyzing ever-greater amounts of data.
Developing software to gather and manage vast amounts of data and storing the information – as well as designing and analyzing big data projects – is challenging and complex for any enterprise. In a study jointly produced by CapGemini and EMC, 70 percent of IT decision-makers consider their organization’s ability to exploit value from big data as critical to their future success. According to the report, Big & Fast Data: The Rise of Insight-Driven Business, 53 percent of enterprises expect to see increased competition from data-enabled startups, while 65 percent of senior executives say they risk becoming irrelevant and/or uncompetitive if they do not embrace big data. To outpace their competitors and to thrive and succeed in an ever-evolving marketplace, companies are investing more money on big data projects, analytics tools and qualified individuals who can identify, gather, extract and analyze this raw data.
Companies planned to spend an average of $7.4 million on data-related initiatives over the next 12 months, according to the recent IDG Enterprise study, 2015 Big Data and Analytics, Insights into Initiatives and Strategies Driving Data Investments. Eighty percent of enterprises and 63 percent of small and medium businesses already have implemented or were planning to launch big data projects in the coming year. The report also shows that 83 percent of organizations were prioritizing structured data initiatives as critical or high priority in 2015 and 36 percent were planning to increase their budgets for data-driven initiatives in 2015.
Demand for data analysts on the rise
The skyrocketing growth of data analytics has given rise to countless job opportunities for graduates with an MBA in business analytics. The United States Bureau of Labor Statistics (BLS) predicts employment of management analysts – including business analysts – will soar in coming years. Business analyst jobs are projected to increase by 19 percent by 2020. Business and data analysts, along with data visualizers and database programmers, are among the top positions organizations are looking to hire in 2015, according to the IDG Enterprise study. Business analysts and management analysts with specialized experience gained from an MBA in business analytics are likely to enjoy the best career advantages and higher earnings potential.
To keep up with the demand and fill the need for well-qualified individuals with a higher understanding of analytics, college and universities are developing master’s degrees with business analytics concentrations. A few of these MBA programs offer online classes in data mining and analytics, databases and data warehouses, and advanced queries and business reports. An MBA in business analytics can prepare students to take on careers in this evolving field and make an immediate and valuable contribution to a variety of industries.
Learn more about UTC’s online MBA in business analytics.
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