What Data Analytics Can Do for Your Business
While many business executives and entrepreneurs have an idea of what data analytics is, we have an idea of what the term means and it’s definitely not crunching numbers for the sake of crunching numbers. To us, data analytics is the creative use of data and statistical modeling to tell a compelling story that not only drives strategic action, but also results in business value.
Recognizing the value of adding a data professional to your business now could save you time and money in the long run. Let’s look at some state employment data to dig deeper.
Looking at Tennessee, the Bureau of Labor Statistics estimates the Volunteer state has roughly 2,100 data professionals working in the state, but expects the profession to grow by 35% over the next decade. Expected growth, plus the growing tech industry in Tennessee, means demand for data professionals will only continue to rise.
Now that we see there’s real demand for professionals working in the field, what exactly does data analytics mean?
Types of data analytics
In the business and academic world, we speak about four types of data analytics.
- Descriptive analytics – examining data to determine trends and see what happened or is currently happening (think “BI,” or what’s traditionally referred to as business intelligence).
- Diagnostic analytics – comparing trends and determining causal relationships to answer the question, “Why did this happen?” (think “statistical analysis”).
- Predictive analytics – analyzing historical data and current trends to make informed predictions about what might happen in the future (think “AI” and its subset, machine learning).
- Prescriptive analytics – considers possible factors and scenarios to help make data-driven decisions about what to do next (think “action”).
Regardless of if you run a small startup or multinational company, data analytics can help your business:
- Inform and enhance decision making
- Streamline and improve operational efficiencies
- Manage risks
- Provide greater insights into target markets
- Identify new product/service opportunities
Key players on your team
To incorporate this function into your business operations – and hopefully see the direct benefits – the first step is to hire qualified data analytics professionals. Our colleagues in this field like to say that data analytics is a team sport. Don’t just hire someone and leave them on a proverbial island only to be consulted when someone has a question. Make them part of the team!
The best way to work with data analytics professionals is to embed them into your project teams. Let them collaborate with your employees with different areas of expertise. We also recommend hiring a variety of skillsets. Some professionals specialize in technical skills like programming languages, while others excel at statistical analysis or data wrangling and cleanup.
Your company should provide opportunities to enhance empathy and storytelling among your team members, so they can better see, hear and feel the human impact of the data they are studying. Finally, use their findings and recommendations to drive actions for your business.
To help train more experts in this fast-growing field, accredited online Western Governors University has introduced a new Bachelor of Science degree in data analytics. This degree program combines a surgically balanced, three-level approach including programming, math and business influence, with practical hands-on projects. WGU focuses on helping students learn to take data and turn it into meaningful stories that help leaders make decisions. The curriculum includes dedicated courses in storytelling, design thinking and change management, in addition to industry certifications like CompTIA’s Data+ & Project+, AWS’s Cloud Practitioner, and a custom Udacity Nano Degree. This intentional design ensures that students graduate knowing how to effect change in the workplace.
If data analytics is the combustion engine that can drive your business forward, consider incorporating or enhancing this function in your business operations and upskilling your staff. Your employees and your bottom line could realize the benefits sooner than you think.
