Despite 92% of analytics leaders saying data is critical to competitive advantage, 90% are not fully unlocking its value. Against that backdrop, the online Master of Science (M.S.) in Business Analytics program from Southern Illinois University Carbondale (SIUC) is an ideal investment to future-proof your career. Less than 1-in-4 organizations say they are using their data as an effective business driver.
The AACSB-accredited M.S. in Business Analytics offered online by Southern Illinois University Carbondale positions graduates for leadership roles. Students develop essential skills thanks to a curriculum emphasizing:
- Building an understanding of the value analytics have in identifying patterns, trends and anomalies in structured and unstructured data such as text and media.
- Gaining expertise in planning, designing and structuring data for database management using hierarchy diagrams, network graphs and relational tables.
- Integrating statistics and AI to generate business solutions, forecasts and operating insights.
The International Association of Business Analysis says demand for business analysts is at an all-time high. “In the rapidly evolving landscape of business technology and strategy, business analysts stand at the critical intersection of innovation, technology and organizational transformation,” it notes, continuing: “The convergence of technological advancements, shifting workforce dynamics and global economic challenges demands a new breed of business professional ….”
What Are the Fundamental Applications of Business Analytics?
The online SIUC M.S. in Business Analytics program explores how businesses realize the value in data by analyzing — among other things — customer behavior, market conditions and operational efficiency. Trends in customer data, for instance, enable leaders to make decisions on personalizing the customer experience, build brand loyalty and reduce churn. Market analytics can reveal competitor strategies and opportunities for differentiation, and real-time operational data identifies opportunities to streamline processes, optimize resource usage and predict future challenges.
Ultimately, these applications drive informed decision-making, boost profitability, strengthen customer relationships and secure competitive advantages in dynamic markets. “Understanding when and how to use business analytics, along with implementing best practices, empowers organizations to unlock the full potential of their data and drive meaningful business outcomes,” according to Improvado.
How Are Data Analytics and Strategic Decision-Making Related?
Business analytics empowers strategic decision-making by transforming raw data into actionable insights, enabling organizations to anticipate trends, optimize operations and align decisions with long-term goals. This synergy fosters competitive advantages, enhances customer satisfaction and drives sustainable growth in dynamic markets.
Driven by its essential role in business success, the market value for business analytics was $78.5 billion in 2022; Skill Logic cites research that predicts it will exceed $130 billion by 2029. “BAs serve as the bridge between raw data and strategic decision-making, utilizing their analytical skills to extract valuable insights and drive informed choices,” it says.
What Are Some Case Studies for Understanding the Business Context for Data Analytics?
Data Science Central provides real-world examples of how global brands used analytics to drive their market dominance. Among them:
- Amazon leverages big data to gain visibility into its far-flung supply chain to optimize shipping operations, adjust pricing and evaluate purchasing behaviors to encourage more buying.
- Marriott International uses analytics to forecast demand and optimize pricing. One of its businesses uses artificial intelligence to personalize customer messaging and drive sales.
- UPS streamlines delivery services by analyzing package data to strengthen its competitive advantage and maintain its position as the worldwide leader in delivery and logistics.
“As technology evolves and data accessibility grows exponentially, it becomes even more critical that businesses adopt appropriate analytics tools for effective data mining,” it advises. Graduates of an M.S. in Business Analytics program will be equipped with the tools to utilize these studies for the benefit of their organizations.
Why Study Business Analytics at Southern Illinois University – Carbondale?
The Business Analytics program at SIUC offers several advantages. The curriculum emphasizes ways businesses can apply analytics to make better decisions. The program does not require expertise in coding or statistics, focusing instead on how enterprises leverage data to draw insights.
Very few business analytics programs incorporate AI. However, SIUC explores potential applications for this increasingly crucial technology. Finally, the online program is designed to fit your schedule. Students access material and work on assignments according to their own timelines.
Your Future in Business Analytics
In May of 2024, the median annual salary for data scientists was $112,590. The U.S. Bureau of Labor Statistics (BLS) predicts demand for data professionals will grow by 36% through 2033, much higher than the 4% rate for all other careers. Explaining this fast growth is not difficult.
New technologies, including AI, enable businesses to leverage data in ways that were unimaginable just 25 years ago. Businesses and their leaders who can derive insights from this data and translate them into operational strategies will succeed. The online Business Analytics M.S. at SIUC provides an invaluable opportunity to gain these skills and knowledge. Not only does the program never lose focus on the business applications of analytics, but it also incorporates AI into the curriculum. Let our program open new doors for you.
Learn more about Southern Illinois University Carbondale’s online M.S. in Business Analytics program.