Data analysis is pervasive in business today. Analysts in every sector are using it to identify trends, answer questions and derive actionable insights to guide executive decision-making. Often called business analytics, this discipline improves organizational performance at every level and enables leaders to draw precise conclusions, make accurate forecasts and develop more effective strategies. Data then enables continuous, incremental improvement that is raising the bar for business performance far beyond what would be possible without it.
Data Analytics Trends
IDC reports that businesses spent an estimated $215 billion in 2021 on big data and analytics solutions, up 10% from 2020. Similarly, there is a stratospheric rise in projected demand for data professionals, and these skills will be essential in the coming years.
The Global State of Enterprise Analytics report by MicroStrategy reveals that big data utilization is resulting in improved efficiency and productivity; faster, more effective decision-making; better financial performance; identification of new streams of revenue; improved customer experiences and competitive advantages.
Here are a few expected micro trends in data analysis for 2022 and beyond:
Composable data analytics is utilized to combine analytics from disparate sources to further empower executive insights and decision making.
Data fabric is a new way to think about and leverage data, making it more accessible for a greater number of users in an organization.
DataOps helps to organize processes including collaboration, automation and curation of data.
Data democratization is making data discovery and analysis more pervasive within organizations, enabling more types of professionals to apply and benefit from the use of data with self-service tools.
How Are Algorithms, Artificial Intelligence and Machine Learning Advancing Analytics?
These are some of the most exciting developments in big data that have been gaining steam for the past several years. Algorithms and machine learning enable organizations to multiply the speed and volume at which data is accumulated, organized and analyzed. These technologies take advantage of the evolution of 5G and the Internet of Things (IoT) to move toward a more comprehensive approach to working with data. Artificial intelligence and machine learning have a wide variety of applications across business departments, helping to augment human capabilities and enhance business performance.
Advantages of Data-Driven Decision-Making
According to IDC, “The industries currently making the largest investments in big data and analytics solutions are banking, discrete manufacturing and professional services.” Big data is pervasive, advancing performance in all industries and every business function. Here are a few examples of how big data is transforming business:
- Project managers use historical data to guide decision-making in every stage of their processes, helping to reduce timeframes and improve executive and customer satisfaction with deliverables.
- Marketers utilize customer data and marketing campaign data to plan increasingly effective marketing strategies with incrementally improving ROI over time.
- Finance professionals use big data to accurately forecast their companies’ financial trajectories and to advise changing strategies when necessary.
- HR professionals discover the motivations and behaviors of employees and use this information along with industry data to drive their hiring and retention strategies.
The Carleton University Online MBA Curriculum
Carleton University’s online Master of Business Administration (MBA) with a Concentration in Business Analytics through the Sprott School of Business trains professionals to collect, analyze, interpret and present digital information. This program helps students apply the knowledge, skills and insights to strategic decision making. In fact, the program teaches students “how to apply big data strategically to achieve objectives and solve issues, while growing revenue, profits, and market share.”
Here are some of the courses offered in the concentration that can develop your expertise and bring your aspirations within reach:
Data Science Seminar: Cloud-based distributed systems, statistics, machine learning, use of complex ecosystems of tools and platforms and communication skills to explain advanced analytics
Business Analytics Methods: Tools for data analytics; analyzing data beyond statistics; data mining and predictive modelling; decision trees; logistic regression; neural networks; time series analysis and forecasting; and algorithms for business analytics
Business Analytics for Managers: Decision support systems in organizations and moving from business intelligence to business analytics
Data Visualization for Analytics: Principles, techniques, technology and applications of data visualization for decision-making
Social Analytics: The process, tools and techniques necessary to acquire, clean and analyze text that has been generated on social platforms.
Organizations are becoming increasingly empowered by big data and the well-trained professionals who are able to extract its value. Graduates of the specialized Carleton University online MBA in Business Analytics program can pursue their ambitions in this fast-growing, dynamic field.
Learn more about Carleton University’s online MBA concentration in Business Analytics program.