The business world is constantly changing. One of the biggest things to shake up the landscape over the past decade is the field of data analytics. Here’s a closer look at what big data analytics is, why it matters for the business world, and how a data analytics course or better yet, a Data analytics degree, can help you position yourself with sought-after expertise in this increasingly vital field.
What Is Data Analytics?
The amount of data generated globally is growing at an astonishing rate. Forget about kilobytes and gigabytes; we are now dealing with zettabytes and exabytes. By 2020, the digital universe had grown to 44 zettabytes, and by 2025, experts estimate that 463 exabytes of data will be created every single day.
With so much data being produced, the challenge lies in managing and using it effectively. This is where data analytics comes in. According to Investopedia, “Data analytics is the science of analyzing raw data to make meaningful conclusions.” Modern tools and algorithms help transform raw data into insights that businesses can use to make informed decisions.
Why Data Analytics Matters
Businesses have always relied on basic analytics to track trends and performance, but today’s big data analytics goes far beyond that. It enables organizations to process vast amounts of information quickly and efficiently, uncovering valuable insights. According to SAS Insights, big data analytics helps companies identify opportunities, make smarter decisions, operate more efficiently, and improve customer satisfaction.
The benefits of data analytics are virtually limitless. For example, Tom Davenport, a leading researcher in data trends, highlights three main advantages of big data:
- Lower Costs: Reducing the expense of storing and managing data.
- Faster and Smarter Decisions: Speeding up decision-making processes with accurate information.
- Better Products: Identifying customer needs to create more effective solutions.
Daniel Burrus, a global trends expert, emphasizes that using data analytics is essential for businesses to stay ahead of industry disruptions. “Data can position your company to compete more effectively by anticipating changes and leveraging opportunities,” Burrus explains.
However, using data effectively requires a clear strategy. Bernard Marr, a data expert, warns against collecting data without a purpose. “A good data strategy focuses on what your business wants to achieve and how data can help accomplish those goals,” he advises.
The Growing Demand for Data Analysts
As data becomes a critical resource, the demand for skilled data analysts is soaring. A survey by the Graduate Management Admission Council (GMAC) revealed that 80% of Fortune Global 500 companies plan to hire data analytics graduates. Many companies also report increasing salaries to attract top talent. Ruben Sigala, Chief Analytics Officer at Caesars Entertainment, notes, “Competition for analytical talent is intense. Retaining skilled analysts is vital for maintaining a competitive edge.”
The numbers back this up. IBM reports that there are currently 2.72 million data-related jobs in the U.S., with data scientists and advanced analysts being the fastest-growing roles. These jobs are expected to increase by 28%, and nearly 40% of them require advanced degrees.
Data scientists consistently rank among the best jobs in America. Glassdoor has named “Data Scientist” the top job for four years in a row, with companies in industries ranging from healthcare to retail seeking professionals with these skills. Andrew Chamberlain, Glassdoor’s Chief Economist, attributes this to the growing need for data-driven decision-making across all sectors.
Advancing Your Career with a Degree in Business Analytics
For those looking to enter this exciting field, earning a degree in business analytics can be a game-changer. The Master of Science in Business Analytics (MSBA) program at the UC San Diego Rady School of Management is designed to equip students with the skills and knowledge they need to thrive in a data-driven world.
This STEM-designated program provides hands-on experience in using data to solve real-world business problems. Rady professor Vincent Nijs explains, “Our graduates work extensively with data, use statistical tools and machine learning, write code, and develop strategies to support business decisions.” Graduates are well-prepared to lead analytics teams and drive impactful results.
The Rady MSBA program offers flexibility, with a full-time option and a 17-month FlexWeekend program tailored for working professionals. Rady School Dean Lisa Ordóñez highlights the program’s accessibility, saying, “The FlexWeekend format allows students to earn their degree while managing work and other responsibilities. The curriculum is identical to our full-time program and taught by the same experienced faculty.”
Alumni Success Stories
Rady MSBA alumni consistently praise the program for its impact on their careers. John Yamauchi shares, “I chose the Rady MSBA to enhance my ability to make data-driven business decisions. Analytics skills are becoming increasingly valuable across industries, and this program gave me a competitive edge.”
Swagata Chakraborty, another alum, adds, “I wanted a degree that combined my love for data and business strategy. The Rady MSBA helped me build confidence and clarity in my role as an analyst.”
Radha Srinivasan, a senior data scientist, calls the program a “springboard” that launched her career in analytics. “The education I received allowed me to contribute effectively from day one,” she says. “Working with data to make accurate predictions and drive decisions is both thrilling and rewarding.”
A Bright Future in Data Analytics
Data analytics is transforming the business world, offering unparalleled opportunities for those with the right skills. If you’re passionate about solving complex problems and driving meaningful change, a career in data analytics could be the perfect fit. Programs like the Rady MSBA provide the tools and training to succeed in this fast-growing field, paving the way for a fulfilling and impactful career.
