Computers enable all types of businesses to track nearly any data they want. This can include statistics about customers and visitors, information about production efficiency trends, as well as any anything else that is quantifiable.
Often, however, this kind of data can be difficult to sort through. The solution: special training in data analysis.
Your executive MBA training will help you develop skills in managing, sorting, and using large amounts of data. Through this, it's possible to get the most out of bulk data collection and use it to your company's advantage. Curious about how it's done? Here are a few things to do to leverage big data.
A common tactic for managing large sets of data is to create a simplified visual representation of the data in a graph or chart. A process called exploratory data analysis is generally used to perform this sort of task.
Professionals typically decide what particular variable of data they want to focus on. This can be anything that is shared by the individual data entries. Examples might include "time," "value," "amount," etc. Once the variable is chosen, the data can be charted or graphed, with entries arranged according to their value for that variable. This can illuminate hidden trends in the data—such as sales or production which tends to peak at a certain time of day—experts may want to explore this in greater depth at a later date.
In your executive MBA program, you will learn how to use exploratory data analysis under the instruction of seasoned experts from both the corporate and academic worlds. Used correctly, the techniques can help you gain a clearer view of your data, and provide a basis for future analysis.
According to McKinsey & Company, businesses that incorporate big data into their operations, predictions, and testing can experience greater success than those that do not. It refers to findings from the Harvard Business Review that say using big data can lead to "productivity and profit gains that are 5 to 6 percent higher than those of the competition." By learning to use big data at your place of work, you may be able to enjoy similar benefits.
In your global MBA program, you will learn about data analysis concepts like statistical process control, regression analysis, and decision models. These can help you use the data your business gathers more effectively for analysis and decision making. Best of all, the manageable course schedule will allow you to quickly apply these techniques and concepts to your own workplace. This can minimize the lag time between your skill acquisition and your ability to apply all you’ve learned to achieve financial and productivity gains for your company.
Big data can also offer companies great opportunities to improve the effectiveness of their marketing. According to analytics software maker SAS, companies can use collected data to get a better idea of who their customers are, how best to engage with them, how to encourage their repeat business, and more. If you are interested in improving the reach and effectiveness of your own company's marketing, big data may therefore be a good solution.
All of our MBA programs offer training in both data analysis and marketing management. That means that no matter which specialization you choose, you will learn tools that can help you manage data and improve the way your company identifies and communicates with customers. Options range from finance, to energy management, to entrepreneurship, and beyond. Whatever your line of work, you should be able to find a program that combines marketing and data training with useful concepts more specific to your particular industry.
It is relatively easy to collect data, but knowing how to interpret it, analyze it, and use it to improve your company is not as simple. Studying in a global MBA program will provide you with the tools you need to do a good job of this, and make data an important driving influence at your business.
Want to master data analysis through executive MBA courses?
Visit WU Executive Academy for information about our programs.