Predicting the Future with Analytics
Analytics in the Present Time
Analytics is one of the most critical tools in today’s marketplace. With the sophistication and use of technology reaching new heights and a large percentage of the world’s population connected to the Internet, there is no denying the incredible potential analytics now offers – in business, industry and education.
Business analytics is the process of making sense of gathered data, measuring business performance, and producing valuable conclusions to help companies make informed decisions. Simply put, business analytics enables companies to know the wants and needs of their customers – one reason why it is such a crucial field.
The digital transformation of several industries combined with the growing investment in analytics during the current COVID-19 pandemic are set to lead the surge in the uptake for analytics across organisations of all sizes.
With the pandemic impacting countries negatively, data analytics is playing a significant role in contact tracing, vaccine distribution and in the development of healthcare solutions. Looking ahead, analytics will continue to help us understand the scale of the pandemic by providing key insights based on massive amounts of data to forecast ongoing or expected COVID-19 disruptions.
According to the Statista Research Department, a leading provider of market and consumer data, the global big data and business analytics market was valued at US$168.8 billion in 2018 and is forecast to grow to US$274.3 billion by 2022, at a five-year Compound Annual Growth Rate (CAGR) of 13.2 per cent. Across several industries, organisations are generating vast amounts of data, which in turn, has increased the demand for a new breed of professionals capable of interpreting and analysing that data.
On a global scale, Business Analytics graduates have promising career opportunities in multiple sectors – as a job that cannot be automated, companies need experts in this field to implement innovative new processes and drive forward their business strategies.
Business Analytics Career Paths
Quantitative Analysts or ‘quants’ as they are sometimes called, are among the most sought-after professionals in the financial industry today. Quants use data modelling to help manage risks and to support investment decisions, facilitating more reliable and consistent results.
People who choose this career path often have backgrounds in mathematics, science, computer science, or engineering. Employers today are looking less for people with traditional business analytics skills and more for those with an aptitude for scientific thinking as the ability to work with mathematical models to achieve concrete results outweighs other considerations.
Yet another in-demand professional today is a Data Analyst who analyses company and industry data to find value and opportunities. Organisations now require data analysts more than ever, given their growing need to make data-driven decisions. They are integral to businesses as they organise and sort large amounts of data to answer specific questions, solve problems, and make forecasts.
Market Research is a critical component for a business to understand market trends, as well as its customer needs, and its competitors. Market Research Analysts make sense of data and provide a business with all the necessary insights to make better informed business decisions. They play a vital role in helping businesses remain competitive in the market through these well-researched decisions. A Market Research Analyst collects and assimilates data from diverse sources, analyses and interprets the data, and may provide recommendations based on the findings.
As we continue to navigate the new normal, it is clear that data and analytics will have an impact on our everyday lives for the foreseeable future. Whether this data will be used to evaluate campaigns, grow sales or improve financial efficiency, analytics is set to continue helping us to uncover important insights that support us in marching forward.
UOWD offers the Master of Business Analytics (MBAS), a specialised program designed in consultation with SAS, a global leader in analytics, operating across the world for over 40 years. UOWD’s collaboration with SAS would provide students with a unique opportunity to access a wide range of resources and tools that are widely used in the industry. The certification is further expected to enhance the employment opportunities for graduates of the program. This degree will help students develop their technical, analytical, critical thinking and decision-making skills, and how to apply these to an international, modern business environment.
More information about this course and the admission requirements can be found here.
About the University of Wollongong in Dubai
Established in 1993, University of Wollongong in Dubai (UOWD) is the first international and Australian university in the UAE, and is now part of a global brand that has campuses in Australia, Hong Kong and Malaysia.
With a 27-year track record, the University offers internationally-recognised degrees that are accredited by the Tertiary Education Quality and Standards Agency (TEQSA), Australia’s independent national quality assurance and regulatory agency for higher education, the Commission for Academic Accreditation (CAA) of the UAE Ministry of Education – Higher Education Affairs, and the Knowledge and Human Development Authority (KHDA).
UOWD offers over 40 bachelor’s and master’s degrees spanning across 10 industry sectors, such as engineering, business, ICT, healthcare, communications and media. These degrees are formally recognised by leading professional organisations such as AACSB, CIPD, ACCA, CPA, AHRI, CIM, CIMA, CIPS, EFQM and ACS.
As part of its continued pursuit of excellence in teaching, research, industry engagement and student experience, UOWD inaugurated its new purpose-built 200,000-square-foot campus at Dubai Knowledge Park in 2020. Featuring cutting-edge technologies, modern architecture, and a mix of traditional and innovative learning spaces, the campus provides an enriched experience to meet the demands of today’s student population, while supporting the teaching staff and community research projects.
In 2021 UOWD introduced “The Edge”, a first-of-its-kind 12-month career readiness journey that combines cutting edge tools from the worlds of business, coaching, psychometrics and behavioural science, delivered by a team of world-class experts that provide hands-on mentoring to prepare students for their future career path.
UOWD is the highest ranked Australian university in the UAE, and currently has over 3,500 students from 108 nationalities and a global community of 152,000 alumni.
Find out more about the university here.