Every second, people create, collect and archive data. In fact, at the U.S. Library of Congress alone, more than five terabytes of new, raw data join an already-congested system of numbers and transaction information each month . This is important information for business success, but how can companies even begin to interpret so much information? It helps to understand how to compile big data, which you can study in a Master of Business Administration program that specializes in business analytics.
The Role of Big Data
Retail websites often make suggestions to customers based on the data they collect about buying habits and preferences. When a company prompts Twitter users to use a particular hashtag, it can help the company collect information on a target audience. When more people visit a website on a Wednesday than a Thursday, there is data that can help analysts figure out why.
These are just a few examples of big data business and how the creation of new data has been changing the way companies market their products and services. After all, online shopping, social media and corporate websites may be common now, but in the long history of business, they are still very new. With each new program or popular app that consumers use, companies get access to more data.
Driven by Data
Companies are starting to understand the value of data collection. In fact, the majority of small and medium-sized businesses, as well as large enterprises, have plans to deploy big data projects within the calendar year. The three most common goals of big data interpretation are to improve forecasting and speed up quality decision-making.
These same companies are also expanding budgets and infrastructure to support increased data collection and analysis. But there are a few constraints and limitations to their efforts. One of the biggest constraints is a lack of skilled employees who know how to interpret massive amounts of data.
An MBA program is still one of the best ways to learn about an emerging sector of business. However, one no longer has to put a career on hold to earn a graduate degree. Students can complete an online MBA program in as few as 18 months.
Courses focus on organizational behaviors, managerial studies and database management. These are the skills that companies of all sizes value in their employees, especially with the exponentially increasing amount of data available every day.
Business has always relied on insights and facts about target markets and key demographics. But the amount of information companies collect, and how they collect it, is unprecedented. Now, companies are in the big data business, and they need a talented, highly educated workforce to help them collect, sort and interpret that data.
Learn more about the FIU online MBA program.
Have a question or concern about this article? Please contact us.