Organizations increasingly rely on data to drive their decisions, making data analytics one of today’s most sought-after skills. Professionals who understand data within a business context are well-positioned to translate it into meaningful and actionable insights to improve organizational performance and inform strategic planning.
The rapidly growing field of Business Analytics is being fueled by unprecedented advances in technology. Massive amounts of business data from operations, social media, and other sources are being collected, and analytics techniques can be utilized to identify trends that could easily be lost in the presentation of raw data.
Business Analytics by Definition
Business Analytics involves extracting meaningful insights from the analysis and visualization of data to facilitate decision-making. This allows for difficult business decisions to be supported with data rather than intuition or gut feelings. Unwieldy amounts of data are turned into simple and effective visualizations. Models are created that allow for identifying trends and patterns that will affect future outcomes. Ultimately, businesses can recognize cost savings, improve customer service, and identify growth opportunities which increases their competitiveness.
MSBA at Concordia
The Master of Science in Business Analytics program carries the STEM designation and provides a foundation in both data analytics and business management. It will prepare you to effectively analyze business data and successfully present information to inform strategic decision-making. Our MSBA degree is designed to help you build a strong foundation for a successful career in business analytics, even without a background in data science or analytics. You will focus on applied business analytics with an emphasis on front-end users of data while also learning about the workings of the back office.
A benefit of a Business Analytics degree is the versatility it provides. Graduates can pursue various career paths, from data analysis and business intelligence to marketing research and financial analysis.
Our five specialized concentrations allow you to apply analytical concepts to your chosen area of expertise. These include:
- Finance & Accounting
- Information Systems
- Management
- Human Resources
- Marketing
Business Analytics on the Job
Organizations are generating vast amounts of data which has increased the need for data-literate professionals who also know how to interpret and analyze the information. Our MSBA graduates bridge the gap between the tech and business suites by analyzing data to arrive at solutions that can change an organization’s strategy. A business analytics professional has the ability to be influential in business meetings where others may struggle, as data is utilized to support arguments and recommendations.
Career Outlook
The high demand for employees with analytics skills along with a short supply of talent in this area is driving growth in this field. The COVID-19 pandemic saw many companies accelerate their use of technology as they were forced to work and attempt to thrive in a dispersed and remote setting.
Every business today must be a technology business, and understanding patterns in the expansive amounts of available data is necessary to remain competitive. Companies are looking for employees who are able to understand the technical side of the job and who are also skilled in speaking with stakeholders in a way that is understandable to them. The most promising candidates and employees are those who combine their technical and analytical skills with good business judgment.
This demand and the value placed on Business Analytics professionals are supported by data. According to the Bureau of Labor Statistics, Management Analysts, just one of the many possible positions this degree prepares you for, are growing faster than the average, at a projected rate of 10% from 2022 to 2032. The median pay in this role is over $77,000 annually according to Indeed.
Want in?
Whether you are just starting your career, looking to upskill, or trying to get a better handle on your company’s data to drive strategy decisions, the Master of Science in Business Analytics will equip you with the necessary knowledge and skills. We are ready to help you explore your options..
—This is written by Dr. Kim Schave, PhD, CPA.