In today’s data-driven business landscape, analytics skills are necessary for all managers across various business operations. Informed corporate decision-making relies on the collective ability of workforce leaders to gather, interpret and derive valuable insights from vast amounts of data. Having an array of analytics skills, tools and techniques empowers managers to tackle many challenges, including the following:
- Identify patterns and trends
- Develop meaningful insights
- Uncover opportunities
- Make informed, strategic decisions
- Predict future outcomes
- Improve processes
- Enhance efficiency
- Improve business outcomes
Graduates of an advanced degree, such as the Henderson State University Master of Business Administration (MBA) with a concentration in Management program, gain the necessary analytics skills that set managers up for success.
Management Analytics Is a High-Demand Field With Growth Prospects
Analytics skills empower managers to navigate complexities and lead their organizations towards sustainable growth. With analytics abilities, manager can optimize supply chain management, design employee acquisition and retention programs, understand customer behavior, improve the customer experience or refine marketing strategies.
Embracing analytics is not merely a competitive advantage but an indispensable skill for every aspiring and current manager to excel in their roles. Consider these statistics:
- Chief data officers say that improving the way they use data and analytics is their top priority (Deloitte)
- Ninety-two percent of organizations gained measurable value from data and analytics investments in 2023 (NewVantage Partners)
- Companies using data-driven B2B sales-growth engines report above-market growth and EBITDA increases in the range of 15-25% (McKinsey)
- Seventy-four percent of respondents in data-leading companies worldwide say their decision-making is always data-driven (Forbes)
Management analytics is rapidly emerging as a high-growth field, presenting an array of enticing job opportunities for MBA graduates. Today’s data-driven organizations rely on data analytics in all areas of business, including sales and marketing, operations, human resources, logistics and finance. They look to hire trained analysts with the capabilities necessary to gain insights into their operations, customer behavior and market trends.
MBA graduates with a strong foundation in data mining and visualization — as well as in predictive, prescriptive and descriptive analytics — have the necessary expertise to bridge the gap between business strategy and data-driven decision-making. With the ability to analyze complex data sets and drive actionable outcomes, these professionals are invaluable assets to companies seeking to harness the power of data to gain a competitive edge and meet fast-changing consumer needs.
As the demand for skilled professionals in this domain escalates, management analytics skills offer graduates the chance to spearhead transformational projects and shape the future of business decision-making.
The U.S. Bureau of Labor Statistics projects a job growth outlook between 2021 and 2031 of 11%, which is much faster than average. This means an expected 108,400 new jobs expected created during this time frame and a median pay of $93,000 per year.
Four Indispensable Analytics Concepts
In the Henderson State University MBA with a Concentration in Management online program, students master and practice core analytics concepts. Here are some particularly indispensable concepts graduates will apply throughout the program:
- Randomized controlled experiments: This management analytics method involves randomly assigning participants to different groups to analyze the impact of interventions or changes in controlled environments. Students in this program learn how this technique allows them to establish causal relationships, enabling them to make evidence-based decisions and confidently implement effective business strategies.
- A/B testing: This powerful tool in management analytics involves comparing two versions of a product, webpage or marketing campaign to determine which performs better. Students learn how A/B testing enables data-driven optimization as they learn to analyze user behavior and preferences, guiding them to make informed decisions that enhance customer experience and boost business outcomes.
- Regression analysis: This statistical technique explores the relationships between variables to make predictions and identify patterns in data. Students gain proficiency in this method as they use it to model business scenarios, forecast sales and evaluate the impact of different factors, allowing them to draw valuable insights for strategic planning and decision-making.
- Statistical significance: This concept indicates whether the results of an analysis are likely due to chance or represent meaningful findings. Students learn to interpret statistical significance to validate their data-driven conclusions and confidently present results to stakeholders, ensuring their recommendations are based on reliable evidence and insights.
A Program to Prepare You for Success in Business Analytics
Earning your MBA with a concentration in Management online will provide you with the in-demand analytics skills today’s organizations increasingly require. Henderson State University’s program emphasizes analytics in courses throughout the curriculum. The Evidence-Based Management & Analytics course is critical, as it introduces core principles of appraising evidence and processing information and data for managerial decision-making.
If you are interested in pursuing a career in management, this program will provide you with a strong foundation in business analytics that can open doors across industries, helping you to become indispensable to your employers in any function you choose.