MBA and Big Data Analysis: Is There a Relationship Between the Two?
Big data is a popular term in business nowadays, and there’s ample reason why it is so popular. It essentially allows analysts to predict the future of the market. The more these large sets of data are decoded, the more patterns in customer behavior and sales patterns are revealed, allowing experts to not only predict what the market needs right now, but also, what the market will possibly need in the near and distant future.
Of course, big data is much more complicated and useful than the simplistic definition above conveys, but the real question in this topic is, where does the MBA degree come in and what role does it play?
There Are Online MBA Programs with Big Data & Analysis Available as Specialization Options
As the world continues to change, the nature of the business degree is also changing, along with its curriculum. In fact, someone who had completed his/her MBA a decade ago, will probably find the updated curriculums to almost foreign in nature.
Aside from the continuous updates to incorporate the latest changes in how business works in the modern, digital world, completely new branches have also been sprouting recently, with big data analysis and blockchain education being the latest and possibly the most important developments in business school.
Although blockchain technology is no less important, it has not yet been specialized into a separate branch of concentration, outside South Korea. On the other hand, online MBA programs in big data analysis are actually available now to be pursued by students.
How is Big Data Relevant to an MBA Student?
The importance of big data is immense, but one may ask the logical question of how it can be beneficial to a business management student? After all, they are not studying data science, so what would be the use of specializing in big data analysis?
Now, these are most certainly valid questions and fortunately, there are valid answers. MBAs are mostly trained to be leaders or in other words, take up leadership positions. If that leadership position is held by a person who has no idea what the business is doing exactly, they would find it extremely hard to lead well!
Therefore, an MBA degree with specialization in big data analysis is valid and quite important for a professional who wants to join any of the multiple industries associated directly or indirectly with big data.
Even outside the big data centered sectors, the knowledge will definitely come in handy, but depending on the particular sector, it may not be as useful though. An online MBA program in entrepreneurship or business strategy might be more suited in such cases.
If you want to keep your options open and would like to work even outside the field of big data analysis, consider the well-rounded online MBA course offered by the Kettering University for instance. Their MBA program focuses on four of the most important aspects of modern business management in one course; Financial Management, International Business, Strategic Management and Leadership. There are various other aspects of modern business which the program teaches, alongside touching on the foundations, so download the complete guide from the official site to know more about their curriculum.
Can a Business Student without an MBA in Big Data Make It in the Field?
They most certainly can, and more often than not, they do. While big data specialization is beneficial for someone working in the field or planning to work in it, it is perfectly plausible to get a more traditional online MBA degree with wider application like the one mentioned above, and then take a few of the many diploma courses available on the subject.
In fact, by going with online MBA programs from accredited universities, students can essentially skip the extra time necessary for getting a diploma in big data analysis, as they would be able to complete both courses simultaneously. One might even argue that it would look better on the resume of a candidate applying for the job of senior analyst, if they had both an MBA in business analytics or finance and a diploma in big data analysis, rather than just an MBA in big data analysis.
What Kind of a Curriculum Can You Expect from a Big Data MBA Specialization?
It could and most likely will vary according to the college and the specific program in question, but expect the following to be part of almost every curriculum:
- Data mining, organization, analysis and visualization
- Econometrics and the concept of decision models
- Stochastic Processes (random mathematical processes)
- Prediction of time series data
- Data analysis: Multivariate and Regression
- Customer identification research
What Would be Expected of You as a Big Data Analyst?
Data Collection – This is the big data that we are discussing and you will have to collect it continuously. Those data mining classes will come in mighty handy.
Forecasting – Once you gain access to the big data sets, you will be expected to forecast or predict customer behavior, sales patterns and future trends in the market as accurately as possible.
ROI calculation – The Return on Investment will need to be calculated by analyzing how effective or ineffective the company’s current efforts in marketing are for example. Comparative studies with previous marketing strategies and those adopted by the competition are all part of the job description.
Reporting – As an analyst with the right knowledge, experience and tools, you will be able to decipher patterns, estimations, predictions, etc. quite easily, but in order for your findings to be legible to the decision makers, you will also need to format everything into a more accessible report, complete with graphs and charts.
Let us assure you that even with an MBA in business analytics, you will be able to perform most of these tasks. Of course, a diploma course or even a crash course to acquaint yourself with the latest elements in big data will help make you more effective and productive as a professional.
Are you considering studying for your MBA? Let us know in the comments.