Analytics is the ability to collect, interpret, communicate and use the patterns that appear in data to make informed, fact-based decisions.
The science depends on the concurrent utilization of operations research, statistics and computer programming in order to measure the execution in a business and improve performance.
Due to the increased use of technology in business as well as the sheer volume of data collected, collated and stored in businesses throughout the world on a daily basis, knowing how to use it to your advantage in your career could put you ahead of the competition when it comes to moving up the ladder.
The Positive Future of Analytics
The need for analytic professionals and Big Data management has been on the rise for the past several years. The Future of Big Data Analytics-Global Market and Technologies Forecast 2015-2020 reported that the job outlook in the field is expected to continue at a 14.4% job growth through the year 2020.
Those in the field can anticipate a median annual salary of $81,330. Experts predict that in the not to distant future, about 1/3 of the global IT market will be focused on the analytics market.
Analytic Experts are Needed Now
The lack of employees with masters degrees in business analytics is a major challenge throughout the world.
In fact, in the US alone by 2018 managers and analysts will fall 1.5 million employees short of what’s needed in the job market and the problem is only expected to grow bigger by the day.
It is anticipated that in the years to come, organizations employing individuals with fully developed analytic skills that can be applied to human capital and not just other elements of the business world will become the top performers.
Additionally, the greatest needs will be in the analytics of customer data, risk management, the competitive business environment and the complexity of the business environment.
Let Your Style Stand Out
The market success of companies is driven by statistics, analytics, data and probability that is designed to define and solve problems.
As a result, strong analytical acumen and the collaboration of senior leaders is required in order to build an organization’s ability to use data effectively. By putting your business analytics masters degree to work, you could help a company close the data skills shortage they face.
A recent survey was conducted by the American Management Association and i4cp. It was found that due to the lack of graduates in the field, 47% of the companies questioned anticipated they would be forced to conduct in-house training in order to fill the gap. Trainers will need to be experts in the field.
Focus on Organizational Needs
The top analytical skills needed today and in the future involve interpreting and using data.
Problem solving, critical and analytic thinking, drawing conclusions, presenting and communicating findings and decision making are the top needs. To a lesser degree are skills related to data prep, contextual thinking, visual analytics and visualization.
Big Data is seen by the majority of companies as a way of improving strategic workforce planning, creating more efficient and targeted marketing and increasing productivity, customer satisfaction and sales. Not only that, but it can also be used to tackle theft issues and act as part of a company’s crime prevention strategy.
For those with expertise in the field of analytics, the future looks extremely bright. Entry pay is one of the highest in the business industry and there are continuous opportunities for promotion once with a company.
Whether your focus is Predictive Analytics, Prescriptive Analytics or Descriptive Analytics you have selected a career path that can only lead to a prosperous future.