What Does Big Data Mean for the Future of MBAs?
Big Data is affecting the world in a number of ways as it is collected from our ever-expanding web of interconnected devices and every site we visit. This data can then be used for monetization, management, surveying, or control. It holds both the promise of mass personalization and the threat of massive violations of privacy. We’re already seeing its impact in predictive behavior analytics and marketing, though we’re still learning how Big Data can be utilized in business. What does Big Data mean for the future of MBAs?
The Impact on the Job Market
One of the interesting side effects of the massive amount of data collection going on is that demand for those who can analyze it and draw meaningful information from that fire hose of data is growing as fast as the volume of data itself. This explains why there is a predicted shortage of one and a half million Big Data managers in the U.S. alone. According to one industry study, there is also a shortage of 140,000 to 200,000 people specializing in deep data analysis.
Where These Data Analysts Work
Fortune 500 companies tout their use of big data to gain a competitive edge over their rivals. However, small companies are hiring experts in Big Data as well as MBAs and IT professionals who are familiar with it. They know that this information is essential to tracking customer interactions, improving customer service, and marketing more effectively. Big Data allows you to identify previously untapped markets, determine their demographics and needs, and create targeted ad campaigns or content for them.
All of this means that earning an MBA with an emphasis on data analysis or even a focus on Big Data improves your employability. You’ll have a strong future with employers, because traditional data processing and management techniques aren’t sufficient to deal with the sheer mass of data to be waded through.
How Big Data Affects MBA Programs
A growing share of companies are trying to incorporate Big Data in their overall business strategy. This is leading many MBA programs to add data science to the list of things they teach.
A broad understanding of Big Data is becoming essential to businesses, because it affects everything from digital marketing to predictive maintenance on the shop floor. Big Data provides the information that can aid the decision-making process if you are not paralyzed by the sheer amount of analysis that’s required. This is why learning how to use various tools to mine the data to find the answers and trends you need to know is essential for managers. Big Data is now part and parcel of the financial industry. Those working in financial services need to be able to analyze data more quickly to lock in profits or minimize losses.
Mining data from social media is becoming a standard method of monitoring a firm’s reputation and learning the customers’ real sentiments about a product. This allows businesses to identify problems sooner and create a more realistic sales forecast. Job titles in this area range from analytics associate to business intelligence professional, but all rely on being able to quickly and correctly pull answers from Big Data.
You can learn this through programs like Suffolk University’s Online MBA. They teach you how to effectively analyze information, draw conclusions, recognize patterns, make the right decision and then implement. It. Their program also gives you a strong foundation in operations management, statistics and information technology. You can learn more about their program there.
Data analysis is increasingly important for those who work in IT as well. This is why data analysis professionals earn 50 percent more than any other IT professional. They may work in online marketing, improving the website design, or analyzing visitor behavior to predict hack attacks. Conversely, you could work in medicine or retail, analyzing information to find correlations of value to customers and those who serve them.
When you have an understanding of Big Data, it allows you to plan and lead the transformations of finance and marketing. If you have Big Data expertise, you can work almost anywhere. Presentation skills and domain knowledge gained from an MBA program increase the odds you’ll get whichever job you choose.
Given the ongoing growth of data collection, there is going to be more data to mine and analyze across the board. This is only going to drive future demand for experts in every area that can make use of it.