This reliance on data in the modern world results in a huge 2.5 quintillion bytes of data being produced globally each day. This means that in today’s technology-focused society, industries can utilize data like never before to not only identify problems before they arise, but also grow their business.
A Master in Business Analytics could give you the cross-industry skills needed to navigate this minefield, opening doors to exciting career opportunities.
So, what are a few of the top industries for Master in Business Analytics grads?
Using data in the healthcare industry can result in the early detection of diseases, personalized patient care, and help measure the effectiveness of treatment.
In the Online Master of Science in Business Analytics program at the University of Oklahoma Price College of Business, students explore case studies of different industries and how companies implement data analytics.
Mary Sumner, professor of Management Information Technology at OU's Price College of Business, explains how companies such as Phillips Healthcare have innovated their healthcare devices by utilizing analytics to more closely monitor vital signs and health conditions in their patients.
“What Philips have done is very interesting—they have become extremely proactive in using data and analytics to better manage and improve the quality of healthcare,” she says.
The ‘Healthcare Analytics’ course in the Online Master in Business Analytics allows students to further hone their knowledge about how data can be utilized to evolve patient care.
Banking and financial services
Financial institutions and banks are increasingly using data analytics in new ways to manage different areas of risk and improve the customer experience.
For example, detecting and protecting customers who are at risk of fraud or operating AI-driven chatbots and virtual assistants.
The financial services sector has also seen the rise of cloud banking since the Covid pandemic as more firms look to operate virtually and digitalize the workforce.
Major financial institutions such as Deloitte and Ernst & Young (EY) are hiring cloud computing specialists to help drive this transition.
The ‘Cloud Computing’ course offered in the Online Master in Business Analytics course at OU's Price College teaches students how to implement cloud-based solutions in businesses. Courses like these help students feel prepared when entering data-focused roles in the banking sector and beyond.
Propelled by the pandemic, the e-commerce market is booming, and competition between online retailers has reached new highs.
Implementing big data and machine learning into business strategy has led to an increased understanding of consumers, augmented reality-driven shopping experiences, and personalized marketing.
Walmart, for example, has created Social Genome—a big data analytics solution that analyzes social media data to reach customers who mention their products and targets them with discounts.
“Walmart captures 40 petabytes a day of data. Analyzing this means they can forecast buying behavior and optimize their inventory,” says Mary.
With this amount of data within retail, there is demand for Master in Business Analytics grads who understand key programming systems such as Python and R and can leverage their understanding to stay competitive.
In addition to learning these systems, students the Master in Business Analytics program at OU Price College, learn about how different types of data can be used to drive innovation through courses such as ‘Social Analytics’ and ‘Digital Innovation’.
“Think about the amount of time people spend on their cellphones and the ton of data this creates that companies can utilize,” says Wilfred Wu, program director of the Online Master in Business Analytics.
Data analytics plays a crucial role in reducing energy consumption and improving energy efficiency. As businesses work to achieve sustainable targets, energy companies can provide key solutions to help firms meet these goals.
When teaching the Master in Business Analytics program at OU's Price College, Mary highlights the case study of Schneider Electric—a Global Fortune 500 energy management and digital solutions company.
“Their use of data analytics to track performance and energy utilization across all their devices has expanded their market by tenfold,” says Mary.
Demand for business analytics grads is only increasing as the global power industry saw a 21% rise in big data roles in the third quarter of 2022 alone. These companies included Siemens, NextEra Energy, and Schneider Electric.
As the pandemic has led to a surge in the pace of digital development across industries, the need for data-savvy grads has become essential to close the digital skills gap.
“Data is the future of every industry and vital if businesses want to give themselves a competitive advantage in the marketplace,” says Wilfred.
In a world of hybrid working and digital transformation, obtaining a Master in Business Analytics will give you an attractive skill set in data science, programming, and digital business analysis to prepare you for data-driven roles in any industry.