It is no secret that the world’s data is growing at an unfathomable rate. According to Bloomberg, the “size of the digital universe will double every two years at least.” All this data presents businesses with enormous opportunities but also comes with the significant challenge of knowing what to do with it.
The need to transform data into actionable insight drives a high demand for information science professionals with business analytics skills. If you are a tech enthusiast with a talent for problem-solving, a Master of Science (M.S.) in Information Science can help you on this career path.
What Is Business Analytics?
Today’s most successful businesses leverage business analytics to manage risk, improve efficiency and productivity, optimize decision-making and boost financial performance.
TechTarget defines business analytics as “a set of disciplines and technologies for solving business problems using data analysis, statistical models and other quantitative methods. It involves an iterative, methodical exploration of an organization’s data, with an emphasis on statistical analysis, to drive decision-making.”
If you pursue a career in information science and business analytics, you will become familiar with four types of business analytics:
- Descriptive analytics: This process involves interpreting historical data to help companies identify and understand patterns and trends.
- Diagnostic analytics: Professionals use techniques such as data mining to find out why something happened, such as a drop in revenue.
- Predictive analytics: Statistical algorithms and machine-learning techniques use historical data to predict the future more accurately, such as with buying behavior and staffing needs.
- Prescriptive analytics: This process uses machine learning to help companies understand what is likely to happen to make the best decisions going forward.
How Are Companies Using Business Analytics?
For many businesses, big data is both an opportunity and a mystery. Business analytics gives organizations the tools they need to make the most of this resource.
As Oracle explains, “no matter what question you are asking — whether it’s about employees or finances, or what customers like and dislike and how that influences their behavior — analytics gives you answers and helps you make informed decisions.”
Business analysts help companies in every industry act on data-driven insights to improve productivity and profitability across business operations. As just one example, business analytics can help companies make the right decisions to streamline processes, such as inventory and order management, or improve decisions related to products and services, including personalizing shopping experiences and optimizing customer service.
Why Consider an M.S. in Information Science?
A career in information science typically requires a master’s degree in a related field. Earning a master’s degree is an investment, so it only makes sense to consider the potential benefits. In the case of an M.S. in Information Science, both salaries and job growth are much stronger than for many occupations.
According to the U.S. Bureau of Labor Statistics, information science professionals earn a median annual salary of $131,490, with the top 10% earning more than $208,000. Employment of information science specialists is projected to grow 21% from 2021 to 2031 — much faster than the average of 5% for all occupations.
Texas A&M International University’s M.S. in Information Science, a STEM-certified degree, prepares graduates to meet the soaring demand for information science professionals. For instance, the Data Analytics for Management course explores various data analytic tools and techniques, such as data mining. Students also examine analytics from a leadership perspective, including improving competitiveness, profitability, growth and operational efficiency.
Data Mining and Business Analytics develops a deeper understanding of the tools and techniques for transforming raw data into useful insights. Core topics include data warehousing, data mining, data analytics and statistical modeling.
In addition, coursework equips graduates with the tools, techniques and communication skills for leadership roles, including planning, staffing and managing an organization’s information systems.
Demand for information science and business analytics professionals far exceeds supply, making this an ideal time to invest in a relevant master’s degree. Texas A&M International University’s online M.S. in Information Science program prepares students for a career that provides abundant employment opportunities, high earning potential and solid job security.
Learn more about Texas A&M International University’s M.S. in Information Science online program.
