Analytics is now the primary fuel for strategy at forward-thinking businesses. To gain the greatest value from the wealth of information an organization collects, leadership must be prepared to turn those findings into actionable plans for growth. That’s why it’s vital to enlist management analysts who have an extensive grounding in the latest big-data tools and techniques.
Management analysts play a crucial role in putting data to work for a business, setting the agenda to bring about greater efficiency and sustainable profitability. These professionals offer insights into current operations and advise leaders on setting a path to achieve their larger goals for the company. Earning an online Master of Science in Analytics can be a major step toward building a successful career in this field.
Guiding companies into the future
Reacting to changes in the marketplace is not sufficient for a company looking to fulfill its potential. To compete at the highest levels of their industries, organizations must take a proactive stance based on extensive business intelligence. A robust store of quantitative information about relevant issues like manufacturing, logistics, customer behavior and the needs of workers can make the difference in progressing toward the company’s mission.
The role of the management analyst revolves around taking that information and finding practical ways to apply it to the specific questions confronting the organization. Analysts research business problems by examining data and interviewing stakeholders. Through these methods, they discover the means to streamline the company’s functions and boost the bottom line.
Management analysts are adept at both working out solutions to complex questions and communicating their ideas to business leaders. They develop clear policy recommendations, submitting formal reports and giving presentations to lay out the next steps. In the process, they take into account factors like the organization’s culture and position in the market. Analysts are at the forefront of data-driven change, revealing the possibilities for accomplishing the company’s goals faster and more effectively.
A fast-growing field
With the increasing importance of big data for day-to-day operations in a huge variety of industries and organizations, opportunities for management analysts are only expanding. The Bureau of Labor Statistics projected a 14 percent rate of growth in available positions through 2024, double the average rate of 7 percent. The tremendous possibilities for qualified individuals in this line of work led U.S. News & World Report to rank management analyst as one of the 10 best jobs in business.
When companies are looking for ways to lower costs while delivering better results, they see the importance of having experts on hand to provide an informed perspective on the prospects ahead. At some organizations, management analysts work in-house, gathering intelligence and providing strategic guidance over the long term. In other cases, management analyst consultants are brought in to provide an outside perspective at an important juncture for the business, traveling frequently to meet with clients and staying in touch through teleconferencing.
Focused on solving problems, management analysts are always tackling new questions. This is an occupation that involves constantly looking forward to the next chance to make organizations run more smoothly and achieve their objectives. That makes it a job well-suited to people who are always interested in learning more and taking on fresh challenges.
The skills analysts need
To deliver exceptional results in a fast-paced world of global commerce, management analysts must possess thorough knowledge of business processes and a variety of skills in gathering, interpreting and applying data. Their expertise allows them to define the nature and extent of a business problem so it can be addressed with a plan of action. They need a strong awareness of the decision-making processes used by organizations, as well as an understanding of how the changes they suggest will yield benefits throughout the company.
Big data is increasingly essential to capturing that big-picture view and conveying it to decision-makers. Consistently laying out solutions to pressing business problems and delivering valuable ideas for the future requires training in advanced software and technique. By using cutting-edge tools for data collection and analysis, management analysts gain a more precise understanding of how a company can make improvements by restructuring and seizing opportunities to enhance efficiency.
A master’s in data analytics from Villanova University provides the education today’s management analysts need to offer forward-thinking strategic recommendations. While exploring techniques for gathering business intelligence and mining data, students work with the latest in statistical analysis software and learn to use the power of big data to prepare companies for ongoing growth. Learn more and find out how to apply by visiting the program page.
- The importance of seeing the big picture in business
- The evolving analytics sector, and why the Villanova MSA may be right for you