“Data is the new oil,” has become a common refrain over the past two decades. As former Gartner Research EVP Peter Sondergaard put it, “Information is the oil of the 21st century, and analytics is the combustion engine.”
Businesses are no longer asking the simple question “do we need analytics?” Rather, new tools and capabilities have allowed them to focus instead on how they can convert analytics into immediate and longer-term success. In only a few short years, business analytics has emerged as one of the single greatest drivers of corporate and organizational success, as leaders seek to combine cutting-edge data science with proven executive decision-making, the nexus of objective analysis and managerial intuition.
Whether an organization is using data for offensive capabilities (competitive advantage, revenue enhancement, profitability) or defensive capabilities (risk mitigation, cost reduction, expense reduction), predictive and prescriptive analytics are changing the game; and artificial intelligence (AI) and machine learning (ML) are revolutionizing the way we interact with analytics and data management. Gartner predicts that by the end of 2024, 75% of enterprises will shift from piloting to operationalizing AI, driving a 5X increase in streaming data and analytics infrastructures. The pandemic has further acted as a catalyst in many respects for the role of analytics in organizations. In fact, as a result of COVID-19, 55% of businesses have started using data analytics to improve efficiency.
The use of analytics is not restricted just to business but also extends to nonprofits and government organizations. Perhaps the most compelling example of this is the worldwide response to the pandemic where medical and public health officials used data analytics to predict the spread of disease, find new treatments, and plan for better pandemic management. The role of analytics is only going to expand in the face of unprecedented market shifts in the post-pandemic world.
This huge demand for analytics is mirrored in job market data. According to Emsi data, there has been a 98% growth in job postings specifically asking for “Business Analytics” as a skill in the 4-year period from Jan 2017 to Dec 2020 (in the US). It is a required skill for jobs such as financial analysts, analytics managers, business analysts, and data scientists, and the top industries hiring for these skills range from professional, scientific, and technical services to manufacturing, information, finance and insurance. It is clear that data analytics skills are no longer restricted to the technology function but are critical skill sets across the organization, and at all levels.
Advanced business analytics isn’t just for analysts. The rise of insightful data visualization tools and interactive dashboards are democratizing access to data. As a future business leader, you need to have a working knowledge of these tools. You need to be able to optimize insights gleaned from them into actionable business strategies to gain a competitive advantage. But are you ready for this shift? 67% of senior executives say that they are not comfortable accessing or using data insights from their tools and resources.
At Wharton Executive Education, we asked, “what is missing in business analytics education? What are the gaps in the executive suite that business analytics can fill?"
The Advanced Business Analytics Program is specifically designed to address these gaps. This transformative learning journey of up to 12 months will prepare you for the role of a data-driven leader. You will gain hands-on experience in using data analytics to analyze past business outcomes, predict future trends, and drive strategy and innovation at your organization. The program will delve into the legal and ethical aspects of Big Data and AI/ML, a crucial consideration as you pursue a data-led strategy. You will also work on a capstone project to prepare a roadmap for digital transformation leveraging data analytics and AI.
Wharton Executive Education wishes to support your participation in this transformative program. We offer payment options that will make this immersive learning experience possible for you:
- Employer Sponsorship: To help outline the program benefits for you and the return on investment for your organization, you can use this email template, which you can send to your employer.
- Individual Referrals: You will receive five percent off the program fee when you refer a friend or colleague. Each of you will be eligible for tuition assistance of US$2,000. Find out more from your learning advisor.
- Group Enrollment: Enrolling with your team members fosters collective understanding and the ability to apply lessons learned as a group more impactfully. When you enroll as a group, you will receive a discount, which varies depending on the size of your group. Ask your learning advisor for more details.
Explore how the Advanced Business Analytics Program can propel your career forward.