Data analytics continues to be one of the most preferred solutions to discover new business strategies and improve organizational competitiveness, profitability, growth and efficiency. Big data projects and analytics are creating opportunities in every industry. Consumer product companies and retail organizations are using data-driven projects to monitor social media and analyze customer behavior, preferences and product perception. Hospitals are analyzing medical data and patient records to predict which patients are likely to need readmission after a few months of discharge. Sports teams are using data to track ticket sales.
Organizations are prioritizing and launching big data projects as never before to improve the quality of decision making, planning and forecasting, and to increase the speed of decision making, according to a 2015 report by IDG Enterprise. The number of enterprises that have deployed or implemented big data projects increased 125 percent in the previous year, the report says.
If data-driven initiatives are to succeed in delivering valuable business information analysis and effective results, good project management is a must. With so many emerging trends and technologies around big data and analytics today, organizations need to hire professionals with the knowledge and skills to effectively manage, oversee and evaluate data analytics. Armed with expertise in collecting and using data, the right analyst helps guide and improve the way a company’s management team fosters collaboration and communication within and among departments. Business analysts may oversee teams or work independently to solve problems and address challenges. They must have comprehensive business knowledge, and having an MBA in business analytics gives business professionals an advantage in landing the best-paying positions with high-profile companies.
Some Big Data Projects Fail Because of Poor Management
Big data projects come with high expectations and many risks. Failure of a data-driven activity can happen for many reasons, but two of the most common reasons are poor management and poor planning. Before an organization considers starting a data project, it should assess the data it has and the data it needs and ensure that it has a clear business objective, an adequate budget and the proper technologies necessary to carry out the project. Having a skilled data science staff is another key to a successful big data project.
The accelerating growth of data analytics and data projects has resulted in countless job opportunities for graduates with an MBA in business analytics. The United States Bureau of Labor Statistics predicts employment of management analysts and business analysts will increase by 14 percent by 2024. To keep pace with the demand, colleges and universities are developing master’s degrees in business analytics. An MBA in business analytics can prepare students to combine strong analytical skills and business acumen for a career in this growing field.
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