Here are three reasons why it’s important for business students to develop strong data analysis skills.
While you’re working -- or playing -- online, every transaction, mobile download or click you make becomes a data point. It’s no surprise, then, that businesses are keeping track of that data so that they can understand their customers better.
But many businesses lack the time and the resources necessary to understand the vast amounts of data that they collect. That’s a real problem, since those numbers could provide valuable insight into how well an organization is meeting its business goals.
Here are three reasons why it’s important for business students to develop strong data analysis skills:
All businesses collect data. Whether you own your own business or work for a large corporation, you’ll need to understand the fundamentals of data collection and analysis. Data serves an important function in many parts of a business, including marketing, accounting, sales and customer service. It’s important for you to understand not only how data is compiled, but also its value in helping your company meet its goals.
Businesses use data to make better decisions. Data-driven insights can inform important business decisions, such as when to launch a new product or how to improve the bottom line. Tracking sales trends helps businesses understand their customers’ buying behavior and is usually used to inform marketing strategy. Cost and revenue analysis can help you determine where your organization can improve productivity and become more profitable. No matter what type of organization you work for, developing and implementing a data strategy is often essential for business success.
Proficiency as an analyst can advance your career. Successful data analysis requires attention to detail and critical thinking—two skills that are highly valued by employers. In fact, data analysis is quickly becoming another core competency required for many entry-level jobs. Exceptional data analysis skills are extremely important for digital marketers and business analysts and can help you advance to leadership and management roles within your organization.
From finance to marketing, data analysis is an essential practice for any type of business. By having good data analysis skills, you’ll differentiate yourself from other job candidates, better your potential to increase your pay for data analytics jobs, bring valuable insights to your organization.
* Bureau of Labor Statistics (BLS), U.S. Department of Labor, Occupational Outlook Handbook 2020. BLS estimates do not represent entry-level wages and/or salaries. Multiple factors, including prior experience, age, geography market in which you want to work and degree field, will affect career outcomes and earnings. Herzing neither represents that its graduates will earn the average salaries calculated by BLS for a particular job nor guarantees that graduation from its program will result in a job, promotion, salary increase or other career growth.