According to the United States Bureau of Labor Statistics, around 6% of the American population continues to be jobless, with many of these people actively looking for jobs but unable to find any due to several factors. Some of these factors are out of a person’s control, such as location, needs of an employer, and the state of the economy. Fortunately, other factors, such as level of education and skill set, can be easily improved by enrolling in the appropriate classes and pursuing higher education.
One of the best graduate degrees someone can pursue if they want a higher salary and better job prospects is a Master of Business Administration or MBA degree. An MBA degree, especially one with a concentration in data analytics, can help job seekers and students find employment in higher-paying companies. Adding a competitive edge can be as simple as finding the right MBA data analytics program.
What Is Data Analytics?
Data analytics involves taking raw data, researching trends using manual research methods or algorithms, and reaching conclusions using that data. There is a wide range of uses for data analytics, including in businesses such as:
- Food Supply
- Information technology
Because data analytics is used by a variety of businesses, having an MBA with a concentration in data analytics can help people get hired on as a consultant and valuable team members for any number of businesses.
How Can Being Trained in Data Analytics Help a Business?
Virtually every type of business can benefit from data analytics. Unfortunately, studies show that around 45% of businesses fail within the first five years, and another 65% fail within the first 10 years. One of the main reasons businesses fail is a lack of funding.
Businesses are always looking at ways to reduce spending, improve operations, and improve their overall earnings. A way to do this is through data analytics and data-driven decision-making. However, not all corporations have the talent or staff to help make these data-driven decisions, forcing them to execute business plans with limited data analytics. Having an MBA with a data analytics concentration can help you be more competitive and valuable for a business.
Being trained in data analytics can help you:
- Provide predictive decisions for a company. For instance, data analytics can help in decision-making such as predicting how customers will respond to a certain product or campaign and using this information to modify any upcoming business plans.
- Minimize risks. Because all businesses carry risks, it’s important to minimize risks such as overspending and launching a new product without analytics predicting its success. Using models is one of the best methods to minimize risks, and someone trained in data analytics knows exactly what models to use to predict the success of a new business venture.
- Improve customer experience. The customer is the backbone of any business. There’s no better way for a company to improve their customer experience than with the help of data analytics tools, which provide valuable feedback on how to improve their experience, what works, and what doesn’t work for a business.
Benefits of Earning An MBA in Data Analytics Online
If you’re interested in earning an MBA degree specializing in data analytics, you can do so easily by enrolling in an online MBA program. These types of programs have many benefits. For starters, the earnings of someone with an MBA are around $115,000 per year, which is 75% higher than people with only a bachelor’s degree.
Using an online program also allows you to remain flexible by allowing you to work part-time or full-time and attend courses at home. If you’re trying to be competitive and find employment as soon as possible, many online MBA programs also have waivers for the GMAT or Graduate Management Admission Test. This means you can enroll in a program faster, begin your MBA in data analytics, and be on your way to standing out among the competition.