Success in business is sometimes equated with having “good business sense,” but the truth is that many factors beyond intuition determine the likelihood of success in business ventures. Today’s managers must go beyond intuition and people skills, embracing data analytics to be competitive.
Preparation for a data-driven approach varies from manager to manager, but MBA programs can be a great place to learn data analytics. For example, the online Master of Business Administration (MBA) with a Concentration in Analytics for Managers program from Southern Illinois University (SIU) Carbondale teaches students data analysis fundamentals and how to apply them to business management roles.
Data Analytics for Managers
Data and analytics, sometimes called D&A, is a proven method for helping managers make quality decisions within their teams. Within business, D&A can be applied to virtually every type of decision, from the micro to the macro, from cyclical to tactical to operational and beyond.
A data-led approach is also exciting for business leaders because it can unearth information that may not otherwise be obvious. Authors like James Clear (Atomic Habits) and Michael Lewis (Moneyball) are fond of highlighting incredible data discoveries that illustrate how hard facts are sometimes at odds with common administrative assumptions. In other words, looking at data can be the difference between a winning and losing strategy.
Various approaches to data analytics within business contexts exist. Descriptive, predictive, and prescriptive analytics can all be applied to different situations as needed. Descriptive analytics is considered essential to business intelligence. Predictive analytics helps determine future behavior. Prescriptive analytics takes available knowledge and puts it into action by optimizing workflows and strategies.
Benefits of Making Decisions Based on Data
Harvard Business Review recently reported on the idea of “informed intuition,” a blending of the soft skills common in leadership and hard science seen in management. HBR points to an exciting and expanding field called “computational leadership science” (CLS), which “is the next evolution, designed to fundamentally improve leadership by using simulations, network analysis, AI, and other computational approaches.”
HBR gave examples of how CLS can improve efficiency and morale, such as using language processing and surveys to boost employee confidence, approaching remote work with inspiring playfulness — rather than jumping to hasty productivity tracking decisions — and removing bias from hiring decisions to improve diversity, equity and inclusion (DEI).
Earn an MBA in Analytics for Managers Online From SIU Carbondale
MBAs prepare graduates for a variety of roles in business. An MBA in management focuses on the higher-level decision-making and leadership that managers must engage with regularly. However, SIU Carbondale’s online MBA – Analytics for Managers mixes the best of all worlds with its extensive training in data analysis and practical application, producing creative and effective problem-solvers who are ready to meet managerial challenges.
Courses like Management Analytics and Managerial and Organizational Behavior prepare graduates for management roles across business sectors, from healthcare to manufacturing to logistics. No matter the industry, this program shows future managers how applying a sharp eye to data analysis improves results. For example, understanding the needs of employees is a vital aspect of any managerial role. Using data analytics to get to the heart of these needs can help managers make the best choice for their teams and their businesses.
Learn more about Southern Illinois University Carbondale’s online MBA with a Concentration in Analytics for Managers program.