In 2015 the Graduate Management Admission Council (GMAC) asked employers what top three skills they looked for in business school graduates—analytics was the most frequently mentioned skill. GMAC also reported that 61 percent of employers strongly agreed that today’s business school graduates need to be able to use data in order to drive decisions.
The need for data-literate managers with solid analytical skills has never been greater. BusinessAnalytics@Syracuse is designed to help mid-level to experienced managers in diverse fields apply data analysis techniques to complex challenges and ultimately make intelligent business decisions.
The Skills Students Need
Data Analysis & Decision Making
Data is most useful when it can be analyzed and applied to a relevant business problem. Once an application can be identified, a solution or plan of action can be determined.
Specialized Analytical Tools
Through an MS in Business Analytics, managers will be able to interpret business intelligence from accounting, finance, marketing, and management by taking specialized courses in each field.
Interpretation & Communication
A business analyst will need to not only understand and interpret the information they gather from a broad set of data but also make that information useful to decision makers and executives. A master’s degree will prepare analysts to present information that can be understood by a diverse team of professionals.
Top Industries Seeking Business Analysis Professionals
According to a study by McKinsey & Co., the United States is on pace to see a shortage of nearly 200,000 professionals with deep analytical skills as well as a shortage of more than 1.5 million analysts and managers capable of utilizing data analysis by 20181. This growing shortage has led organizations in a variety of business fields to seek out skilled data-driven professionals. These industries include:
Marketing-related analytics hires increased by 67 percent in 2015 and by 136 percent since 20132.
According to a 2015 survey, 79 percent of more than 1,500 finance professionals believe their companies must “develop or acquire capabilities in advanced analytics,” and 84 percent believe the success of their company over the next five years depends on its ability to “translate the flow of data into swift and decisive action”3.
A 2015 survey of more than 300 executives found that the two most important factors driving successful outcomes were effective technology choices (63 percent) and organizational support (57 percent). Additionally, 84 percent of executives who have overseen predictive marketing efforts reported an increased ROI4.
While these industries are garnering widespread attention for their reliance on data analysts, the skills that business analytics professionals possess are becoming critical in all facets of business. From sales projections to operations strategy, human resource planning to distribution patterns, and campaign management to supply chain logistics, data-driven decision making is becoming increasingly critical for success.
To learn more about how BusinessAnalytics@Syracuse can help you develop these in-demand skills, contact an admissions counselor at 844-797-4622 or email us.