Graduates of an online MSBA program are prepared to make sound decisions on revenue, cost, and innovation by leveraging their expertise in business analytics.
The Data Explosion
An estimated 210 billion was spent on big data and business analytics in 2020 compared to $151 billion in 2017. In order for businesses to make proper decisions they need appropriate tools to manage and make the most of large swaths of data.
Over 90% of the world’s data was generated in the last 2 years. A staggering amount of data is created each day, collectively, by the world. This is a relatively new phenomenon and businesses need employees with expertise in the field of business analytics more than ever.
The Growth of Predictive Analytics
AI has transformed businesses in meaningful ways. Businesses leverage predictive analytics to harness the power of AI in order to measure marketing activities to help identify trends and opportunities.
Companies need people with experience in business analytics to help them leverage the power of machine learning and artificial intelligence.
What Business Analytics Means for Marketing
Marketing is a very important part of any business. Some of the biggest challenges for marketers are centered around a lack of data or lack of business analytics expertise.
For example, 21.5% of marketers say a challenge for them is telling the right story with data to create individualized experiences while 11.6% say simplifying complex data is a challenge. 13.7% of marketers say that managing data across different platforms for a single view presents difficulties for them.
Companies that use data-driven marketing are 6x more profitable than companies who don’t. It is clear that business analytics skills are very important to companies and are in-demand.
Customer Experience Optimization
Creating a memorable customer experience is key to differentiating a company from its competitors.
Businesses use predictive analytics to develop further knowledge on their customers to help identify different customer segments, create tailored journeys, and present specialized content.
Helping a business leverage analytics to drive better customer experience optimization often results in improvement in engagement, satisfaction, and more customer referrals.
You Are the Future of Business Analytics
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<p style="clear:both;margin-bottom:20px;"><a href="https://onlinebusiness.umd.edu/blog/the-future-of-business-analytics/" rel="noreferrer" target="_blank"><img src="https://s3.amazonaws.com/utep-uploads/wp-content/uploads/UMD/2021/05/04102824/umd-msba-future-of-business-analytics.jpg" alt="An infographic about why business analytics serve an important role in business operations and marketing by UMD Smith School of Business." style="max-width:100%;" /></a></p><p style="clear:both;margin-bottom:20px;"><a href="https://onlinebusiness.umd.edu" rel="noreferrer" target="_blank">Online UMD </a></p>