Business analytics give business leaders visibility into every facet of their organization. Once only available to enterprise-level organizations, modern analytics tools are scalable, user-friendly, and accessible to all who have the knowledge to leverage them. And this access is empowering businesses of all sizes to be more proactive than reactive in their planning and decision making processes.
As you work through your online MBA program, stay up-to-date with the business technologies changing the way every industry operates. Here are some examples of how advances in technology and the increased access to data are changing the business administration.
Cloud data analytics
Hosted offerings are both scalable and easy to use and can be more economical options for businesses than buying physical machines to manage themselves. As more businesses offer their services in the cloud themselves, it’s inevitable that they will move their data there as well, according to ComputerWorld.
Examples of technologies that are available for processing data in the cloud include Amazon’s Redshift hosted BI data warehouse and Kinesis data processing service, Google’s BigQuery data analytics service, and IBM’s Bluemix cloud platform.
With big data, analysts not only have larger pools of data to work with, but also the processing power to manage larger numbers of records. ComputerWorld highlights that where machine learning previously used statistical analysis based on a sample of a total data set, the ability to process larger numbers of records and larger numbers of attributes per record brings increases in predictability. This allows analysts to extract and explore behavioral data throughout the day.
Social media is the world’s largest pool for market research. Much of its value comes from what people are sharing and how they express their preferences, but what used to be quantified by counting likes, shares, retweets, and follows has evolved into brands being able to identify what people are thinking and feeling, what’s working and what’s not when it comes to campaigns, and how best to engage with their audience. This real-time user generated data can prove invaluable for market research, gauging brand health, campaign optimization, and measuring client satisfaction.
The process of extracting online behavior data and analyzing it to optimize the user experience on your website and increase engagement, conversion, and sales. As App Data Room mentions, there are a number of tools, such as Google Analytics, that can dive deeply into your website and measure and report on user behavior and engagement and create customer segments.
With these and other exciting emerging trends in big data and analytics, businesses need not only the conditions that will allow their analysts to experiment but the talent to apply the results to real-world problems.
Maryville University has designed its online MBA program to help develop these business analytics leaders, including a specialization in information technology. The program arms students with the technical skills needed to collect and analyze data, as well as the business skills needed to translate it into the intelligence that could potentially give you and your organization a competitive advantage.