What is Data Analytics?

Here we’ll review what data analytics is and why it matters, what data analysts do, and finally, why you should consider getting an online Master of Science Degree in Data Analytics from CSU Global.

All organizations need leaders capable of reviewing performance metrics and using them to develop strategies for improving results—which is exactly what data analytics professionals do.

Data analytics are used to inform decision-making processes, allowing data analysts—and the organizational leaders who listen to them—to guide core business units, including mission-critical departments like marketing, IT, human resources, accounting, sales, and business development. 

Data Analytics vs. Business Analytics – What’s the Difference?

Some organizations refer to data analytics as “business analytics,” but these phrases and other similar terms like “big data analytics” and “data science and analytics” all typically refer to the same process: collecting, organizing, and interpreting data to improve business-related decisions.

According to Forbes, data analytics and data science emerged as a result of the coupling of traditional statistics and computer science, and modern data analytics strategies are essentially a turbocharged version of statistical modeling.

The rapid growth of available data and the increasing need to store, organize, and analyze it for business purposes has led to an explosion in demand for professional data analysts. According to a recent article from QuantHub, The Data Scientist Shortage in 2020, there continues to be a significant shortage of qualified data analysts.

QuantHub cites the following developments for generating additional demand for professional data scientists:

• Companies continue to ramp up big data efforts to help guide newly digitized business models.
• There’s been a large increase in demand for big data analysts as data scientists increased partnerships with data engineers to streamline data management and normalize their use of machine learning algorithms.
• Small businesses are beginning to turn their attention to the potential value that data analytics provides.
• The Internet of Things is still only generating a tiny portion of the data volumes it’s capable of eventually producing.
• The cybersecurity industry is booming.

Further evidence of the demand for data analysts is provided by the Bureau of Labor Statistics (BLS), which estimates that the employment of computer and information research scientists will rise by 15% between 2019 and 2029, which is much faster than the average rate of growth for all occupations. 

In the BLS’s words, “Job prospects are expected to be excellent.”

Regardless of the terminology used, the important point to remember is that the field of data analytics, data science, or business analytics has rapidly expanded in recent years, and that the demand for professional data analysts is likely to continue growing at a rapid pace over the next decade.

If you’re passionate about working with numbers, enjoy interpreting data, answering complex questions, and providing advice, then you should consider a career in the field of data analytics.

Do I Need a Related Degree to Become a Data Analyst?

It’s possible that you could get a job in data analytics without a degree in the field, but the odds of landing a good role, and especially a leadership position, are likely to be much better for those with academic credentials.

Getting your Bachelor’s Degree in Management Information Systems & Business Analytics or your Master’s Degree in Data Analytics is one of the best ways to develop the skills and abilities you need to serve as a data scientist, as these programs are designed specifically to provide you with career-relevant knowledge and experience.

Completing a bachelor’s or master’s program in the field isn’t just valuable for enhancing your abilities to interpret data though, as it’s also one of the best ways to improve your marketability to hiring managers.

Earning your degree will help prove that you know how to apply data analytics best practices to inform important business decisions, and that you will be capable of bringing value to an organization from day one.

What Can You Do With a Master’s in Data Analytics?

Earning your Master’s Degree in Data Analytics could open up all sorts of excellent career opportunities, including roles related to research and strategy in virtually any industry.

The coursework you complete during a master’s program can enhance your skills and abilities around performing typical data analyst responsibilities, including tasks like:

• Data warehousing.
• Data mining and visualization.
• Business analytics.
• Predictive analytics.
• Enterprise performance management.

Many people are able to find entry-level positions in the field after completing a bachelor’s degree in management information systems and business analytics, but if you’re looking to secure a management role, then earning your master’s degree is likely to be a better option.

What Jobs Can You Get With a Master’s Degree in Data Analytics?

By studying data analytics in an academic environment, you’ll build a solid educational background in the field, you’ll learn about all the related concepts and strategies, and you’ll enhance your ability to make good decisions based on research.

The skills and abilities you develop as a result of your master’s program will improve your chances of securing a position like:

• Computer and Information Research Scientist / 2019 Median Pay: $122,840
• Top Executive / 2019 Median Pay: $104,690
• Database Administrator / 2019 Median Pay: $93,750
• Statistician / 2019 Median Pay: $92,030

If you’re unsure about what industry you want to work in, then data analytics is an excellent field to study since data analysts are required in organizations in every sector of the economy.

Should I Get My Master’s in Data Analytics Online?

That depends, but if you already have family and work responsibilities, and you need to balance them with your educational pursuits, then getting your degree online may be the ideal option.

CSU Global offers an online Master’s Degree in Data Analytics—which is regionally accredited by the Higher Learning Commission—which was designed to provide flexibility, including:

• No set class times or physical locations.
• Monthly class starts.
• Accelerated eight-week courses.

What is the Best School for Studying Data Analytics?

If you do choose to study data analytics, then you should consider getting your degree from CSU Global, for each of the following reasons:

• Our program is ranked #3 for Best Online Master’s in Data Analytics from Best Masters Programs.
• Our program was designed to provide you with real-world experience and career-relevant skills, preparing you for roles like data scientist, operations analyst, database architect, enterprise performance analyst, fraud analyst and database analyst.
• We offer four optional industry-leading SAS academic badges to help prove your analytics expertise, allowing you to demonstrate to employers that your knowledge goes beyond theory and into application.

We also offer competitive tuition rates, a Tuition Guarantee to ensure your rate won’t increase, and Alternative Credit Options like Credit By Exam, Self Study Assessment (SSA) and Prior Learning Assessment (PLA) to help save you time and money.

To get additional details about our fully accredited, 100% online M.S. in Data Analytics, please give us a call at (800) 462-7845, or fill out our Information Request Form.

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