The explosion of big data is forcing executives across sectors to rethink how they derive insights and develop strategy.We've spoken to 10 experts in the field of data science, who have shared their views on business analytics.
1.
Mark Kennedy, director of the KPMG Centre for Business Analytics at Imperial College Business School, says that forward-looking employers are getting an edge by making use of “cognitive” systems, which are better at matching people with jobs.
“Big data is definitely the future of candidate selection, but not of recruitment per se, as that will always come down to employers’ ability to get an emotional response from prospective hires — excitement, belonging, hope — through personal interactions,” he says.
“People analytics offers benefits not only to managing turnover and attrition, but also to candidate selection, project team assignments, succession planning, executive development, and organizational change programs,” he adds.
2.
Theos Evgeniou, professor of decision sciences and technology management at INSEAD, believes that big data is reshaping management.
“Think of the impact excel had on managers’ daily jobs. The impact from big data may be a similar, or bigger, leap forward in terms of how it will change people’s jobs,” he says.
“Much like the introduction of excel required managers to develop basic technical and quant skills, going to the next stage will require even more quant and technical skills.
“Managers will need to learn new tools to analyze and visualize information, and also develop their ability to better communicate with data scientists.”
3.
Yehuda Bassok, chair of the Department of Data Sciences at USC Marshall School of Business, says companies increasingly want to hire managers trained in the art of analytics.
“We’re seeing very strong demand from consulting companies, which are getting access to our students very early to identify the best and to hire them,” he says.
“I do see a lot of interest from consulting companies like KPMG and Deloitte, so probably their clients are interested in data analytics too,” he says, adding: “Some companies in the healthcare sector are also trying to use data and analytics in a more sophisticated way.”
4.
Juan José Casado Quintero, academic director of the Master in Business Analytics & Big Data at IE Business School, says that the big data “revolution” is a key factor in how enterprises face their digital transformations.
“Companies are generating new products and services based on new analytical capabilities that help them gain competitive advantage, engage with customers, and differentiate from their competitors,” he says.
“Those companies with business models that successfully leverage the available information of their clients — for example Google, Amazon, Facebook, Twitter, or LinkedIn — become the leaders of their sector.”
5.
Roy Lee, NYU Stern assistant dean of global programs, which include the MS in Business Analytics, says companies face challenges in developing a culture in which they can truly utilize their data.
“Unlocking the potential of analytics takes more than just hiring data scientists or building assets,” he says. “Organizations have to challenge long-standing processes and oftentimes strong-willed personalities to initiate a shift toward building a data-driven culture.”
He adds: “In a truly data-centric organization, data is the backbone for all business decisions.”
6.
David Kiron, executive editor of MIT Sloan Management Review and former senior researcher at Harvard Business School, says that data is critical in getting to grips with consumer demand.
“If you aren’t using data to anticipate customer interests, your company is going to be at a disadvantage, especially when competing against the most advanced digital companies,” he says.
Competition from digital-savvy rivals is intense, he adds. “Many companies are going to find their business models disrupted if their leaders do not find a way to quickly shift to a digital mind-set.”
7.
Arne Strauss, associate professor on the MSc Business Analytics at Warwick Business School, believes that businesses must form increasingly interdisciplinary teams to harness the power of big data.
“Successful projects in business analytics are often run by interdisciplinary teams, with experts on analytics, information technology, methodology, and on the business implication of the problem,” he says.
He adds: “Apart from the general shortage of people with skills in analytics, there is specifically a shortage of team leaders with sufficient skills in all these areas such that they can successfully manage the project.”
8.
Peter Fader, who leads the Customer Analytics Initiative at Wharton School, is adamant that business schools must further champion the use of data in business management. “We’re placing a big bet on it here — not that just that analytics will be a big part of Wharton, but all business schools are saying the same thing,” he says.
“We’re training business leaders who can think and appreciate analytics…We think data is for making better decisions,” he says, and adds: “The real win both for a school and the whole field of analytics is in having real executives, C-level people, who are fluent in analytics…. That’s the bet we’re making: that there is enough folks with C-level ambitions for big companies that believe the path to the C-suite will include having analytics.”
9.
Dustin Pusch, director of decision sciences and business analytics at George Washington University’s business school, highlights the security and privacy concerns around data, heightened by high-profile hacks on companies like TalkTalk and JPMorgan Chase.
“Providing access to relevant data in a timely manner across the various functions and levels of an organization while ensuring security has always been a challenge,” he says. “Although many organizations have fairly mature processes and frameworks in place to manage their data, several other organizations still struggle with it.”
10.
Michael Goul, professor of information systems at the W. P. Carey School of Business, says that business school students will need to warm to data science.
“Since virtually all MBAs need to make cogent arguments from an evidence-based perspective, those who want to make a strong case for their strategic decisions will need relevant data science skills,” he says.
“They will for sure work with data science teams, helping to guide them in what hypotheses to test, what assumptions need to be examined for validity, and how well experiments designed to test innovative ideas turned out.
“To provide that guidance and interpret experimental results, they need to have more than an occasional acquaintance with what data science is about and how these experts do their jobs.”
Student Reviews
My Review
Madrid Is incredible, I've had a fantastic time at IE University. I've had some excellent lecturers overall. They sincerely want the students to flourish and are concerned about developing a personal relationship with them. Having said that, students typically must fulfil their half of the contract by putting in the necessary work and demonstrating a desire to achieve success.
Coming Master
I spent 1 semester on my Erasmus during my BBA trip. This was the great experience and after that I decode to enroll for the master program there. I must say that the only disappointing fact is connected to distribution of the students. Master students are being connected to the old campus what is not fully fail.
Former BBA
As the former BBA student I can say that the level of the learning is quite high. In addition the place (IE Tower) is probably one of the most innovative and networking-support place in the Europe. I totally recoupment this Uni for business students.
International focus
IE university has a global perspective and attracts a highly diverse student body, with students from all over the world. This international environment fosters cross-cultural understanding and prepares students to work in a globalized world. This is same for the faculty members as well, the university's faculty members are from diverse parts of the world and are reputable. they are not only experts in their fields but are also often actively engaged in research and industry. Their practical experience and academic expertise create a stimulating learning environment.
Loved it
IE University, in my experience as a student, stands out as an outstanding institution for higher education. Its international perspective is a major strength, evident in the diverse student body that represents a multitude of countries and cultures. Interacting with such a global community has broadened my horizons and deepened my understanding of various subjects, providing a rich and comprehensive educational experience.
The quality of the faculty at IE University is exceptional. Many professors bring real-world experience to the classroom, making the learning process more practical and relevant. This approach not only enhances engagement with coursework but also ensures that students are well-prepared for their future careers. The accessibility of professors and their willingness to engage with students personally fosters a collaborative and supportive learning environment.
Practical learning is another significant advantage at IE University. The integration of real-world projects, internships, and case studies bridges the gap between theory and practice. This emphasis on hands-on experience equips students with practical skills and industry insights, making them more competitive in the job market.
IE University offers a wide range of programs across various fields of study, making it a versatile choice for both undergraduate and postgraduate students. This diversity ensures that individuals can find a program that aligns with their academic and career interests.
However, like any institution, IE University has its challenges. The cost of attending can be a major concern for some students, as tuition fees are relatively high. While scholarships and financial aid are available, not all students may qualify for them. This financial aspect is an important consideration, particularly for those with budget limitations.
The competitive nature of some courses and programs can create a high-pressure environment. While competition can be motivating for some, it may also lead to stress for others. Maintaining high academic standards can be demanding, and students should strive for a balance between excellence and well-being.
The workload can be quite challenging, especially for students undertaking double degrees or heavily involved in extracurricular activities. Effective time management is essential to manage academic demands while maintaining a healthy work-life balance.
In conclusion, I would recommend IE University to prospective students with specific considerations. If you value an international perspective, practical learning, and a diverse educational environment, IE University is an excellent choice. However, it's crucial to carefully weigh the tuition costs against the benefits and to be prepared for the competitive nature of some courses. Students should also be ready to handle a demanding workload. IE University has provided me with a rich and globally-focused education, equipping me for a career in an interconnected world. Ultimately, it's important to make an informed decision based on your educational and financial goals, along with a willingness to confront the challenges that may arise.
Rather Exciting
As a student at IE University, enrolled in the Business Administration program, I can confidently say that my experience at this institution has been overwhelmingly positive. IE University's innovative approach to education stands out as one of its most remarkable features. The interactive classes and focus on critical thinking, particularly through the use of case studies, have significantly enhanced my ability to apply theoretical knowledge to real-world business scenarios. Additionally, the global perspective at IE University, fostered by the diverse student body and international faculty, has broadened my understanding of global business practices, which is crucial in the field of Business Administration.
The university's strong industry connections have proven to be invaluable. These connections provide students with numerous internship opportunities and networking prospects, allowing us to gain practical experience and build professional relationships while still studying. Moreover, the comprehensive career support services offered by IE University, such as resume building, interview preparation, and job placement assistance, have been instrumental in preparing us for the job market.
On the flip side, it's important to mention that tuition costs at IE University can be relatively high, which may pose a financial challenge for some students, even though there are scholarships and financial aid options available. Additionally, the programs at IE University can be intensive, demanding a significant time commitment, which might not align with everyone's preferences.
In conclusion, I wholeheartedly recommend IE University to individuals considering a degree in Business Administration. The innovative teaching methods, global perspective, strong industry connections, and comprehensive career support make it an excellent choice for those aspiring to enter the world of business. However, prospective students should be aware of the financial considerations and be prepared for the intensive nature of the programs. If you're willing to invest in your education and are dedicated to your studies, IE University offers an exceptional and enriching educational experience in the field of Business Administration.
A Decent Experience
I've had the privilege of being a student at IE University, where I've been pursuing a degree in arts. My experience at IE University has been highly rewarding and unique. One of the aspects I appreciate the most is the university's strong emphasis on interdisciplinary learning. The opportunity to collaborate with students from diverse fields, including business, technology, and social sciences, has enriched my artistic endeavors. This cross-pollination of ideas has added depth and diversity to my creative work.
IE University's international perspective is another significant advantage. The institution's diverse student body and faculty from various corners of the world have broadened my artistic horizons and encouraged me to think more globally. In the field of arts, where cultural influences play a pivotal role, this global outlook has been invaluable.
The university also invests in modern resources and technology, providing students with access to cutting-edge software, creative tools, and state-of-the-art facilities. These resources have allowed me to explore new mediums and techniques, pushing the boundaries of my creativity.
Furthermore, IE University places a strong emphasis on practical experiences. This practical orientation has given me insights into the professional art world and how to navigate it effectively. Opportunities for internships and collaborations with art institutions have been instrumental in bridging the gap between academic learning and real-world application.
On the downside, tuition costs at IE University can be relatively high, which may pose a financial challenge for some prospective students. Additionally, the university's programs are quite intensive, demanding a substantial time commitment and strong time management skills.
In conclusion, I would wholeheartedly recommend IE University to students seeking an arts education with an interdisciplinary and global perspective. The institution's innovative resources, practical experiences, and international approach have significantly enriched my artistic journey. Nevertheless, it's crucial to consider the financial aspect and be prepared for the demanding nature of the programs. If you're willing to invest in your arts education and are committed to hard work, IE University offers a truly unique and rewarding artistic experience.
A Great Experience
As a student at IE University studying architecture, I have a unique perspective on the institution. Let me share my thoughts on this university:
Overall, my experience at IE University has been quite positive. The university's commitment to a holistic education, combined with its innovative approach to learning, has made my time here rewarding. Here are some key aspects I appreciate:
Interdisciplinary Approach: IE University places a strong emphasis on interdisciplinary learning. In the field of architecture, this means I've had the opportunity to collaborate with students from various backgrounds, such as engineering, business, and design. It's been enlightening to work on projects that integrate different disciplines, mirroring the real-world scenarios architects often find themselves in.
Faculty and Industry Connections: The professors at IE University are experienced professionals in their respective fields, and they bring a wealth of practical knowledge into the classroom. This has greatly enriched my architectural education. Additionally, the university's strong connections with industry professionals and firms provide students with valuable networking opportunities and potential internships.
Global Perspective: IE University's international approach to education is a significant advantage. I've had the chance to collaborate with students from all over the world, which has broadened my cultural awareness and global perspective. This is particularly important in architecture, as it's a field where global influences and trends play a significant role.
Innovation and Technology: The university's commitment to staying at the forefront of technological advancements is impressive. In architecture, this means access to cutting-edge software, tools, and resources, which have been instrumental in my academic and design work.
On the flip side, there are a few aspects that might not suit everyone:
Tuition Costs: IE University is a private institution, and as such, tuition can be on the higher side. This might be a challenge for some students, but there are scholarship opportunities and financial aid options available.
Intensive Programs: The university's programs are often quite intensive, requiring a significant time commitment. While this can be beneficial for learning, it can also be demanding, so time management skills are crucial.
In conclusion, I would certainly recommend IE University to those interested in studying architecture. Its unique approach to education, international perspective, and strong industry connections have enriched my architectural journey. Just keep in mind the financial considerations and be prepared to put in the effort, and you'll find a stimulating and rewarding academic experience at IE University.
A Global and Innovative Learning Experience
IE University is a dynamic and innovative institution that has gained recognition for its unique approach to education. There are several aspects that make it stand out, and while it may not be the perfect fit for everyone, it certainly has a lot to offer.
One of the notable strengths of IE University is its commitment to fostering a global perspective. The university attracts a diverse student body from all over the world, creating a rich multicultural environment. This diversity enriches the classroom experience and prepares students to thrive in an increasingly interconnected world. The emphasis on international exposure through study abroad programs, exchange partnerships, and a global network of alumni further enhances this global outlook.
IE University is also known for its focus on entrepreneurship and innovation. The institution places a strong emphasis on practical, real-world learning experiences that encourage students to develop an entrepreneurial mindset. This approach aligns well with the demands of the modern job market, where creativity and adaptability are highly valued.
Furthermore, IE University's faculty is often comprised of professionals with extensive industry experience, providing students with valuable insights and connections in their respective fields. The small class sizes enable more personalized attention, fostering a close-knit community and facilitating meaningful interactions between students and professors.
However, no university is without its drawbacks, and IE University is no exception. One potential downside is the cost of tuition, which can be relatively high compared to some public institutions. While scholarships and financial aid options are available, this cost may still be a barrier for some prospective students.
Another consideration is the intensity of the academic programs. IE University is known for its rigorous curriculum, and students often find themselves facing a demanding workload. While this can be an advantage for those who thrive in a challenging environment, it may not be suitable for individuals seeking a more relaxed college experience.
In conclusion, IE University is an excellent choice for students who are looking for a globally oriented, innovative, and academically rigorous education. Its emphasis on entrepreneurship, international exposure, and practical learning experiences can prepare students for success in a competitive job market. However, the high cost of tuition and the demanding nature of the programs should be carefully considered. Ultimately, whether IE University is the right fit depends on the individual's goals and preferences, but for those who are up to the challenge, it can be a rewarding and transformative educational experience.
The liquid learning method
I do like my program so much, since it gives me the possibility to develop my own personal skills while building a strong professional cv with plenty of extracurricular material. The amenities are extraordinary and the campus is super professional and convenient for networking!
