Why business analytics?

Business analytics takes a data-driven approach to the world of business. It is the combination of academic rigor and practical relevance utilized for the management decision supporting based on machine and mind approach. It is about utilizing practical statistics and data mining and modeling to deliver a new insight for the business. It is about the influence through business intelligence for the most important processes in enterprise, such as strategical planning, running data processing and operational management. Business analytics combine information technology and business knowledge to make for you an ideal study option with guaranty of ambition career perspective and satisfaction during study.

Our students will not only be trained in the field of data analysis and business intelligence in terms of high professional skills but will also become part of the multicultural society of the university campus. The choice of elective modules allows you to customize the program to meet your personal career ambitions.

Why is business analytics becoming the core for businesses?

• Business analytics is the tool to measure and model the performance of business processes with unimaginable precision and consistency, but still the beauty of interpretation it the most important skill of highly educated analysists.
• Business analytics has grown significantly with the rise in computing power, which enables the emergence of new data-driven business models and the transformation into a platform business.
• The largest, world-wide businesses outsource most of their business analysts from highly specialized companies which offer their services on a consulting basis. The demand for new employment is unbelievable.
• Leadership in extraordinary times requires comprehensive education in modern data-driven decision making allowing to guide organizations through any and every challenge.

Careers

In our program students will be supported by Careers Development Service acting for our university students to gain employment. We are running the study in cooperation with companies specialized in data science and analytical services. In order to improve the practicality of study profile we organize student’s internships in the most successful companies in the region across a range of industries including trade, production, digital media, financial services, and healthcare.

In a dynamic business landscape, where change is the only constant, the role of a Business Analyst (BA) stands out as a linchpin for organizational success. Whether you’re a high university student contemplating your career path or a seasoned professional considering a job transition, the allure of the Business Analyst profession is undeniable. Let’s delve into the scientific exploration of what makes this profession attractive in both scenarios.

Campus

Campus and welcome center.

Leader who matters

A one-of-a-kind approach to leadership is growth highly impactful personal skills able to drive the influence for environment where you are living. UMCS’s Programs for Business Analytics and Data Science build the passion and perspective in you directed for continuous participation in the changes in the world at large. We will engage you to fresh ways of thinking and cooperate at a global scale which lasts a lifetime.

What challenges arise data?

• Data security – with so much data generated every day by humans and machines, it becomes harder to ensure your handling is safe. It is more than important to secure and properly maintenance data resources from internal and external threats.
• Data quality – with terabytes of data, it is easier to lose data quality and end up with large volumes of mass that you cannot make practical use.  Ensuring data is clean and fully functional is crucial.
• Useful of data resources – transferring data into information and training non-technical users to make the use of data is crucial to rely on data-based decisions. Business analysts can utilize techniques like data modeling for highly effective support addressed to decision makers that enables collaboration among teams.
• Regulatory compliance issues – laws such as the GDPR cannot be ignored. Business Intelligence involves navigating among data streams with the care required by compliance issues, but without prejudice to serving your business needs.
• Data at scale – business areas work synergistically to strengthen how your organization transfer data at scale to obtain information. There are business analysts with key competence that address conclusions delivered from data platform as the insights to the decisions of management teams.

Predictive Modeling

Predictive modeling involves the use of data mining and probability statistics to measure trends in marketing, customer relations, and productivity. As a Business Analytics professional you will use predictive modeling, such as the customer lifetime value and customer relationships modeling, such as which product or service a customer is likely to purchase to support business organization. You will also estimate which advertisements will resonate with the target market and which sales forecasting has what level of benefit. This allows a company to leverage precise control over operations and use the momentum for decision making.

Fact-based Decision-Making

Modern organizations value skillsets that differ from those in the past. Data manipulation based on spreadsheets is not enough. Critical thinking, problem-solving, and drawing conclusions based on analytics are now at the forefront of a business’s needs and one of the most significant benefits of business analytics.

Quantitative Analysis

Quantitative analysis is the process of employing numerical values to represent real business situations. This serves modeling for the future, by anticipating upcoming scenarios and emerging trends rather than reacting to an event that has already happened. Business analysts use mathematical calculations, statistical modeling, and in-depth research to benefit organizations in a wide range of areas. Quantitative analytics has proven to increase efficiency in marketing activities and advertisement, determining most efficient investment initiatives, tracking employment of own or external resources, optimizing prices for different group of customers, and predicting events that can significantly influence business performance and overall finance.

Business Analytics Market

The Business Analytics Market[1] was valued at USD 67.92 billion in 2020 and is expected to reach USD 103.65 billion by 2026 and work at a CAGR of 7.3%. However, strategic decisions in many organizations were traditionally powered by business analytics that relied on centralized-managed data services or data warehouses, things have been changing recently, and business analysts are pulling data from multiple sources. Organizations develop BI analytics for business solutions as well as data solutions that support management in operational duties. It makes processes smarter, faster, and more automated, but at the same time highly flexible in multiple aspects.

One of the key trends starting 2019 was the use of augmented analytics applied to interpret massive volumes of data. In traditional business analytics systems, over 80 % of this data remained unused therefore augmented data management refine data by using machine learning and artificial intelligence techniques to transfer them to information.

Visualization and explorative data analysis for business users have evolved into one of the most critical trends in the business analytics market.

Business analytics helps in supply chain management, inventory management, performance measurement and targeting, as well as risk mitigation in manufacturing and fraud detection and its defense in the financial industry.

Specialized startups have revamped data management processes to automate the process of data circulation and optimize the course of data analysis. For example, companies like Salesforce when acquiring Tableau, the latter in September 2019, they launched new Data Management capabilities with Tableau Catalog while introducing its Server Management Add -On which leverages whole package utility.

The digital revolution is the driving force behind the growing demand for Business Analysts. A new business model based on information camming from data and the things they can do for business takes on new prominence for many industries. They are making big investments in business analysis and building out their own analytics departments, as telecommunications companies, insurance, advertising, financial services, healthcare, and technology. That growth is expected to continue.

Data is a crucial tool in giving businesses a critical edge over their competition as well as helping an organization to identify challenges to organize and interpret for insights and solutions.

The relevance and speed of modern Business Intelligence can help organizations to optimize their operations and investments in areas of consumer behavior prediction, setting realistic targets, and making informed decisions. The different applications to business are numerous and almost endless, as for example in personalized and demographic marketing, logistics processes automation, tracking processes and machinery over time, measuring efficiencies in any operation. It can provide the effect of change and improve efficiency in multiple areas.

According to a report from McKinsey[2], the United States faces a shortage of 140,000 to 190,000 people with analytical skills, as well as 1.5 million Managers and Analysts who understand how to use data analysis to drive decision-making. In its 2017 report The Quant Crunch: How the Demand for Data Science Skills is Disrupting the Job Market, IBM predicted that the number of jobs for U.S. data professionals would grow from 364,000 to 2,720,000 by 2020; if anything, the events of 2020 have accelerated that demand even further. And IBM added that nearly every one of the 2.8 million “analytically savvy” workers who would fill that gap would be required to change jobs to meet that annual demand.

Source: https://brainstation.io/career-guides/are-business-analysts-in-high-demand

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[1] https://www.mordorintelligence.com/industry-reports/global-business-analytics-market-industry

[2] https://brainstation.io/career-guides/are-business-analysts-in-high-demand