Why Are Data Scientists in Demand?

A recent study published by the CTIA, the leading nonprofit organization representing the wireless communications industry, revealed that Americans are using more than twice the amount of mobile data than they were a year ago. Consumers watched the equivalent of almost 60,000 videos every minute, totaling nearly 10 trillion megabytes of data usage. The exchange of more than two trillion text messages amounts to slightly more than four million messages every minute.

“Exabyte” and “zettabyte” are measures of data today , and recent summaries suggest that the world’s ability to receive information through one-way broadcasts is now more than one zettabyte — the equivalent of each person receiving more than 170 newspapers each day. It’s no wonder that data scientists are in high demand, as companies struggle with ways to process their — relatively — small portion of the exabytes of existing data.

And processing the data is only a part of the conundrum facing big business. What do you want to learn from this data? How will those details impact your day-to-day business? How will the information gleaned from this massive data cloud influence the future direction of your company? Graduates of an MBA program with a Business Analytics Concentration are uniquely qualified to help organizations find answers to these questions.

Gathering Information

“Big data” describes the enormous data sets emerging from the increased use of technology across nearly every industry. Figuring out how to use big data will be a key focus area for emerging companies that seek to be disruptive in their industry niches. By designing and deploying key statistical algorithms, data scientists can reduce redundancy and waste across the large data sets companies use. Imagine a ten percent savings in a $300 million USD company.

Organizing Your Data

It is not enough to simply gather data about your customers and your market. You have to learn how to extract useful information from this data to inform your future business decisions. A successful company is not a static one that keeps pumping out the same widget year after year. Widget demand will change as your consumers’ needs change, and employing a staff member with an MBA degree focused on business analytics, who can pull results sets from your collected data, will help you anticipate changes in your customer base. You can even predict how the needs of your customers will change and proactively reposition the company to suit.

Data scientists bring necessary skills into your organization. Each company’s collected data set and data needs are different. A skilled MBA graduate with a Business Analytics Concentration can help a company craft intelligent learning algorithms uniquely ordered for your data set. Business intelligence comes from well-defined business problems and artfully encapsulated data modeling.

Data scientists can help companies craft solutions for business problems faster by identifying inefficiencies in the business process. Data modeling can spot critical flaws in the business pipeline and make adjustments before the flaw derails the entire production pipeline. Data scientists can also recommend ways to streamline a business or reposition it within an emerging marketplace. A company’s competitive advantage comes from knowing more about its customers and its markets than its competitors, and that advantage is hiding in the company’s collected data for data scientists to tease out.

As digital data continues to grow (doubling every two years, at its current rate), the demand for data scientists will continue to increase. Less than one percent of the data generated is undergoing analysis, but there is no point in analyzing it if you are not asking good questions. An MBA graduate with a Business Analytics Concentration is a highly skilled asset for any organization that seeks to improve efficiency and compete in the modern marketplace.

Learn more about the UTC online MBA with Business Analytics Concentration program.


Sources:

http://www.ctia.org/resource-library/press-releases/archive/americans-data-usage-more-than-doubled-in-2015

https://onlinebusiness.american.edu/blog/comparing-analytics-data-science

http://www.kdnuggets.com/2016/06/big-data-ecosystem-too-damn-big.html

http://www.forbes.com/sites/piyankajain/2013/02/25/data-science-or-analytics


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