As informatics and analytics become further integrated into businesses of all sizes, the role of those adept at translating vast troves of data into actionable decisions grows more vital. These professionals can anticipate upcoming disasters or inspire new products based on current trends.
The online Master of Science (M.S.) in Business Analytics program at Southern Illinois University (SIU) Carbondale equips graduates with expertise across a critical intersection of disciplines, including business analytics, data mining and database design. The curriculum covers theory while cultivating management skills, ensuring that graduates are well-rounded professionals capable of leading in a data-driven environment.
This program is more than timely — it is essential. According to Edge Delta, “Each year, about 120 zettabytes of data are created worldwide,” almost eight times more than the 15.5 zettabytes generated in 2015. The program addresses these market needs by preparing graduates for high-demand leadership roles in the ongoing data revolution.
What Are Business Intelligence and Business Analytics?
Business intelligence (BI) and business analytics (BA) are complementary components of data management. BI involves the infrastructure for collecting, storing and analyzing operational data. It enables organizations to establish benchmarks, identify trends and enhance overall operations. BA focuses on converting raw data into actionable insights through methods like data mining and predictive modeling, according to Oracle. While BI provides a historical and current view of business operations, BA leverages this foundation to predict future events.
According to Tableau, the key difference between BI and BA lies in their analytical focus: BI centers on descriptive analytics to inform on past and present situations, helping replicate successes and amend failures. BA, however, prioritizes predictive analytics, using data to forecast future trends and make informed decisions. This predictive approach allows businesses to strategize proactively. In essence, BI helps leadership understand where a company stands, whereas BA aims to predict where it’s going. Despite the use of “Analytics” in its name, the SIU Carbondale online M.S. in Business Analytics program incorporates both BI and BA into its curriculum, acknowledging the importance of each for business strategy.
What Can You Do With a Business Analytics Degree?
Mastering BI and BA concepts unlocks leadership opportunities in diverse sectors by enabling graduates to convert data into actionable insights. This expertise is vital for steering innovation and strategic decision-making, leading to a range of promising career paths. The following are just some examples of potential career outcomes, with salary information current as of April 2024:
Business Intelligence Analyst
This role bridges the gap between IT and management, ensuring data-driven insights are effectively communicated and utilized to steer corporate strategies. By managing data retrieval and analysis, these professionals help organizations understand their needs and identify opportunities for improvement.
Their expertise in data visualization and analysis tools enables them to provide valuable insights into customer satisfaction, employee performance and overall operational efficiency. These skills make them essential to corporations across industries looking to leverage data for strategic advantage. Business intelligence analysts earn an average annual salary of $90,454.
Key responsibilities include:
- Developing and managing BI solutions to enhance organizational efficiency
- Generating reports to support decision-making and improve business operations
- Collaborating with various teams to collect data that aligns with the company’s strategic goals
- Analyzing business requirements and recommending solutions for implementation
Data Analyst
This position harnesses data processing software and business strategy knowledge to guide company executives toward informed decisions, per Indeed. Data analysts play a crucial role in monitoring key performance indicators (KPIs) to evaluate the success of business initiatives.
Their work involves collaborating with other data professionals and business leaders and creating reports from sales numbers, market research and other sources to identify improvement opportunities and operational inefficiencies. By visualizing data through graphs and infographics, they make complex information accessible, supporting strategic decision-making across various industries. Data analysts earn an average annual salary of $77,374.
Key responsibilities include:
- Identifying opportunities for business improvement with executives
- Establishing KPIs to assess the impact of business decisions
- Structuring large data sets to uncover actionable information
- Collaborating with executives to pinpoint improvement opportunities based on data analysis
Chief Data Officer
This role is pivotal in shaping a company’s data and information strategy, governance and exploitation to drive business outcomes. Initially focused on compliance and data governance, the role has evolved significantly. Today’s chief data officers are instrumental in leveraging data for digital transformation, cost reduction, revenue generation and supporting analytics across various business facets.
Their responsibilities are broad, encompassing governance, operations, innovation and analytics to enhance data usability and efficiency. Chief data officers earn an average annual salary of $171,864.
Key responsibilities include:
- Advising on and governing enterprise data, ensuring its usability, availability and efficiency
- Driving digital transformation efforts, reducing costs and generating new revenue
- Overseeing analytics to inform decisions on products, customers, operations and markets
- Developing and implementing data strategies to support new business initiatives
Prepare for a Promising Business Analytics Career With an Online Education From SIU Carbondale
BI and BA are central to organizations’ strategic development and operational efficiency. SIU Carbondale’s online M.S. in Business Analytics program equips students with the advanced skills necessary to thrive in these leadership roles. By bridging the gap between data science and business strategy, the program prepares graduates to lead with insight, drive innovation and shape the future of business.
Learn more about Southern Illinois University Carbondale’s online Master of Science in Business Analytics program.