The Critical Importance of Leadership In Data Analytics
Data now drives business decision-making. Rather than a trend that will peak and recede, data analytics is an area that only looks to grow in the coming decades.
The collection of data is now something most companies have mastered. The challenge now is knowing how to use that data to make the best business decisions possible.
That’s where leaders in data analytics come in. A recent survey from McKinsey & Company shows that business executives cite a lack of qualified leadership as the biggest challenge in their analytical efforts.
That’s why those who earn a Master of Science in Data Analytics and Business Statistics are positioned perfectly to take on these vital roles and make a positive impact on an organization’s effectiveness and efficiency.
Data Analytics Challenges
In the survey of executives from organizations around the world, McKinsey & Company found that almost all are moving deeply into data analytics. Typically, the main reasons are improving customer experience and gaining an edge on the competition in their industry.
McKinsey & Company offered three main challenges faced in data analytics:
- A lack of leadership support and communication
- Ill-fitting organizational structures
- Difficulty in finding and retaining leaders in data analytics
Challenges in these areas resulted in 86 percent of executives reporting that their organization has been only somewhat effective at best. More than 25 percent said they had been ineffective.
The presence of those with expertise in data analytics helps in two major ways. The first is to have the knowledge and skills needed to develop and implement analytical strategies that result in actionable recommendations for improved business strategies.
The second is that they help bridge the gap between an analytics team and senior executives. The McKinsey report showed that high-performing companies that reported successful results with analytics also had significantly more buy-in and support from top executives.
What A Data Analytics Master’s Degree Offers
Those same high-performing companies also cite leadership in analytics as key. Conversely, those companies with ineffective or somewhat effective analytics programs reported that finding and retaining leadership for data analytics has proven difficult.
They reported that finding business people with data analytics skills is even more difficult than finding data scientists or engineers.
Clearly, that makes it a buyer’s market for those with a graduate-level education in data analytics and business statistics. But what does such a degree teach graduates? At New England College, students in the Data Analytics and Business Statistics MS program graduate knowing how to:
- Effectively leverage data for strategic decision making
- Evaluate data from acquisition, cleansing, warehousing, and final analyses
- Leverage internet presence to harvest big data
- Use methodologies and tools for collecting data and designing databases
- Be proficient in interpreting collected data using a variety of statistical tools
- Execute real-time analytical methods on datasets to quickly respond to customer needs and wants
Those types of skills offer graduates a big advantage in the job market. As the McKinsey report shows, demand remains high for those who can bring informed leadership to an organization’s analytics program.
For those considering earning a graduate degree in this critical business area, the time has never been better.