Business is driven by the numbers, and that’s more true in the era of big data than ever before. Statisticians are in demand at a wide range of organizations today. These experts have the knowledge and skills to gather and analyze complex data sets, allowing leaders to plan more effectively and companies to run more efficiently.
An advanced education in statistics or business analytics opens up a wide range of paths for professionals, especially when paired with a deep understanding of the real-world applications for quantitative information. Students who earn a master’s in business analytics are on track to take full advantage of the many emerging opportunities. With training in the latest tools and techniques to draw vital insights from data, students are empowered to prepare organizations for long-term success while building exceptional careers for themselves.
Why businesses need statistics expertise
Statisticians often find positions in the public sector or sciences. According to the Bureau of Labor Statistics, a third of these professionals are employed either by the federal government or scientific research and development companies. However, job openings are appearing at a rapid clip, with the bureau projecting 34 percent growth through 2024, vastly outpacing the average rate of 7 percent.
The reason for this expansion is that businesses, health care systems and other organizations have adopted solutions for storing vast amounts of data and discovered extensive uses for this information. Data science has become an essential part of how companies strategize for long-term growth, predict approaching challenges, streamline logistics and gain competitive advantages. Statistics experts have a vital part to play in planning and executing these crucial initiatives by collecting and interpreting the relevant quantitative information.
Statistical findings have numerous applications for boosting operations. Evaluating the overall well-being of an organization and making improvements requires tracking key performance indicators, such as profits, delivery times and project completion rates. By analyzing data on consumer preferences and behaviors, organizations are able to tailor products and services to meet their customer’s needs and achieve higher sales.
Building a career as a statistician
Even though an increasing number of students have pursued degrees in statistics since the 1990s, the American Statistics Association reported there are still not enough qualified individuals to fill the jobs opening up in the field. This presents tremendous opportunities for people who are skilled in managing data and knowledgeable about business. These experts can bring together their quantitative reasoning abilities with industry-specific experience to establish thriving careers and earn leadership positions.
Common positions for statistics experts include statistical analyst, applied statistician, senior statistician and statistical manager. While these jobs involve examining data, various organizations and positions may want a greater focus on programming software tools, using analytics techniques to assemble business intelligence, developing predictive models, or presenting findings in understandable language to decision-makers. For management roles, it’s essential to have the soft skills to promote quality collaboration among team members as well as the ability to perform the technical aspects of the work.
In some cases, companies seek outside help to develop an analytical approach for addressing their goals and problems. Statistical consultants are brought in to conduct the data analysis that directs particularly complex projects or to provide a fresh perspective on the company’s big picture. A consulting position allows an expert the flexibility to work with different kinds of organizations and explore a wide variety of intriguing questions.
Learning quantitative approaches to business problems
Statistics professionals equip organizations with data-driven strategic awareness by employing robust analytics tools and up-to-date methods. That means they need an education where they learn about the latest methods to apply quantitative reasoning to pressing concerns in business. A business analytics master’s program offers the cutting-edge training that statistics experts need to make a powerful contribution in any industry.
The Villanova School of Business designed its online master’s in analytics program to meet the demands of today’s most prestigious companies. Students learn fundamental skills like data mining, programming, data modeling and multivariate data analysis from world-class faculty. Students also have the chance to explore the real-world applications of analytics by using top-of-the-line software to dig into the questions that lead to growth and efficient operations.
Statistics is a field that is constantly growing in employment opportunities and helping companies achieve consistent, meaningful progress. Visit the program page to find out more about how a master’s in data analytics from Villanova allows statisticians to make an impact in an organization, and find out how to apply.
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