We live in the age of big data. Every business, from social media giants to local retailers, has the ability to collect huge amounts of information. This information can provide key business insights—if the business knows how to apply data science.
What is data science? It is the process of extracting insights from data. Using computer algorithms along with their own analytical skills, data scientists look for previously unrecognized connections between data points and use those connections to help improve efficiencies, target consumers, develop new products, and/or augment business strategies. It’s a field made possible by a connected, computerized world. And it’s a field that’s growing quickly.
Recent workforce studies show that most U.S. cities have a shortage of data scientists, with some the biggest cities needing tens of thousands more data professionals.1 This demand is in line with an IBM study, which forecasts a 28% increase in data scientist jobs by 2020.2 Add in the fact that the average data scientist earns a salary of around $117,000 per year3 and it’s clear that landing a job in data science can be a great move for your business career. But what does a business-oriented data science job actually entail?
The answer depends on your field of work. For example:
In Finance: You can use spending and earnings data to seek out inefficiencies and find ways to better optimize financial resources.
In Marketing: You can use data on consumer buying patterns to analyze when and where people are buying which products and services. You can then use that analysis to refine messaging to target the right people at the right time.
In Sales: You can use data in areas such as sales volume, sales messaging, and in-person vs. phone sales to craft sales initiatives that use optimal methods and techniques.
In Human Resources: You can use data on employee effectiveness and efficiency to tailor training programs that address each employee’s core weakness/knowledge deficit.
In Product Development: You can use data in areas such as consumer buying habits, complaints, and lifestyle choices to better target new products and services to consumer needs/desires.
In Business Development: You can use industry data to identify unrealized opportunities for market growth.
In Production: You can use data in areas such as machine usage, employee downtime, and raw material delivery schedules to streamline production methods.
And that’s just a small sampling of the many roles data professionals play in modern business. But despite the variety of jobs, there’s one particular step you can take if you want to work with business data: You can earn a BS in Business Administration (BSBA) with a data science concentration.
In general, a bachelor of business administration can help you acquire the knowledge and leadership skills you’ll need for a successful business career. But when you add a data science concentration to your BSBA degree, you add an extra level of knowledge in subject areas such as data visualization and communication, data mining and analysis, and advanced data science tools and techniques. This additional knowledge can help transform your already valuable business degree into one that’s capable of landing you a job in data science.
And online learning opportunities can make earning a business administration degree less of an obstacle than you might think. An online university is the key to completing a quality bachelor of business administration program without having to move—all you need is internet access. Plus, online business degree programs make it possible for you to continue working full time, giving you the freedom to complete coursework at whatever time of day works best for you.
With a data science–focused business administration degree, you can put yourself in position for one of the most in-demand business careers. And thanks to online education, you can find the right program today.
Walden University is an accredited institution offering a BS in Business Administration degree program with a Data Science concentration online. Expand your career options and earn your degree using a convenient, flexible learning platform that fits your busy life.
1 Source: https://learning.linkedin.com/blog/tech-tips/why-it-s-really-good-to-be-a-data-scientist-right-now
2 Source: www.ibm.com/downloads/cas/3RL3VXGA
3 Source: www.glassdoor.com/Salaries/data-scientist-salary-SRCH_KO0,14.htm
Walden University is accredited by The Higher Learning Commission, www.hlcommission.org.