Data analytics drives effective decision-making and optimization across industries and often in every department of an organization. Therefore, data analytics experts are highly sought after and have a great deal of job versatility — especially those with other in-demand business skills.
Longwood University’s online Master of Business Administration (MBA) in Data Analytics degree program helps students develop both specialized and generalized business skills and knowledge. Students explore everything from advanced data analytics, data visualization and information technology to strategic management, leadership and financial management. By understanding these topics and gaining experience with leading-edge analytical tools like Tableau and R, students can turn data analysis into actionable insights and secure their standing as invaluable assets for their organizations.
What Is the Role of Data Analytics in Modern Business?
In the era of big data, successful business decision-making is informed by complex data analysis. This is the core function of information analytics: gathering, organizing and analyzing data in order to give business users the insight and information they need to make decisions and solve business problems.
Experts in data science use data and analytical tools to provide multiple forms of analysis. Advances in technology and data science have vastly improved the efficacy of predictive and prescriptive analysis. Predictive analytics can provide a sense of what is likely to happen, making it a way to chart trends and forecasts. Prescriptive analytics suggest effective courses of action based on likely outcomes.
Data analytics professionals use tools like data visualization to help business leaders understand these insights, projections and data-based recommendations. Business leaders can then make data-informed decisions, improve efficiency and optimize operations.
What Kinds of Jobs Can I Pursue With a Data Analytics MBA?
Jobs in data analytics and data science would be the most obvious applications of this type of MBA. Data analysts, senior data analysts and data scientists would all fall into this category. In 2012, Harvard Business Review called the data scientist role the “sexiest job of the 21st century.” The data science boom continues unabated, with the demand for qualified professionals outpacing supply.
A director of data analytics works at the managerial level, overseeing the data analytics team. Reflecting the ever-increasing importance of the field, some organizations have even created chief data officer positions responsible for overseeing all data management, analytics, security and privacy planning and policy.
Graduates of an MBA program in data analytics can also pursue many other types of jobs. Business intelligence (BI) and business analytics (BA) roles are particularly well served by an integrated understanding of data analytics and visualization, data-driven decision-making and strategic management. These areas of work involve translating analytics into usable insights. Professionals in the BI and BA spheres can often move from analyst to top-level management and director roles with ease.
Modern marketing and financial management strategies and planning are also largely dependent on data analytics. Thus, Longwood University’s broad base of foundational business subjects and management can prepare graduates for managerial positions in these areas.
MBA in data analytics graduates may also pursue more independent work in analytics consulting and advising. They may work for firms that provide data analytics or business analytics services to clients. Or they may work as independent, freelance analysts or even personal financial advisors.
Income varies greatly due to the type of job, industry, seniority and more. Here is a snapshot of annual earnings for a few of the above jobs:
- Data scientist: $119,413 (average, ZipRecruiter, August 2021)
- Business intelligence director: $135,714 (average, ZipRecruiter, August 2021)
- Analytics consultant: $106,835 (average, com, July 2021)
- Personal financial advisor: $89,330 (median, S. Bureau of Labor Statistics, May 2020)
- Chief data officer: $227,890 (average, com, July 2021)
What Types of Industries Could I Work In?
Analytics is essential for every business operation, from human resources and performance management to supply chain management. Industries like logistics, product research and development, marketing, healthcare and the emerging green economy all rely on data analytics for optimization.
Besides, the importance of data analytics goes beyond the traditionally data-centric technology industries. It follows that an MBA in data analytics can prepare graduates for work in most any industry, new or old. This versatility in job pursuits offers career resiliency given the constantly changing world of modern business.
Learn more about Longwood University’s online MBA in Data Analytics program.
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