Why study a master's degree in Analytics, Innovation and Technology
Companies have realized that they need to hire data scientists, analysts, and innovators. With new technologies and approaches appearing every week, it's virtually impossible to be an expert at everything. There is a limited amount of time in the week and many interesting topics to learn more about. So why take the time to study a MSc in Analytics, Innovation and Technology? What are the reasons why you should put Big Data, Data Science, Analytics and Innovation at the top of your priority list?
In this short post, we explain the top 5 reasons to study Big Data, Data Science, Analytics and Innovation and discuss the value to your organization and to you personally.
A master's degree in analytics, innovation and technology?
1. Data-driven decisions provide a competitive advantage
Many studies have shown that data-driven decisions are more effective and efficient than human-generated decisions. Big Data allows organizations to spot trends and spot patterns that can be used for future benefit. It can help detect which customers are likely to buy products or help optimize marketing campaigns by identifying which advertising strategies have the highest ROI. It's easy to see that organizations that "know" more than their competitors will outperform their peers in the long run.
One of the key business drivers behind Big Data and Analytics is the ability to initiate data-driven decision making. Data-driven decision making refers to the practice of basing decisions on data analysis rather than purely intuition. Instead of making a decision based on experience, the decision will be based on the best possible scenario. With data-driven decision making, it is possible to know "before" which products and services will be successful, giving you the opportunity to be first to market. Although many companies agree with this in theory, it is estimated that only 11% of organizations believe that they make significantly better use of their data than their peers. Most organizations still have a long way to go.
2. Data analysis provides a springboard for AI
Artificial intelligence (AI) is one of the most desired areas of expertise in business today. However, what most people don't realize is that data analytics provides a "base" for organizations that want to start AI projects. AI is primarily based on exactly the same techniques and processing capabilities that are required in Big Data organizations. Organizations aspiring to start using AI therefore greatly benefit from first building a robust and structured Big Data environment. Once this is set up, AI techniques such as cognitive analysis can be taken as next steps.
3. Analytics, Innovation and Technology skills are in high demand
In line with general trends, the demand for professionals trained in Analytics, Innovation and Technology is growing rapidly. Right now, there is more demand than supply, which translates to big increases in wages and pay for people who have the required skill set. Major job opportunities platforms, such as Indeed or LinkedIn, have been posting an increasing number of job postings looking for data analysts or data scientists. The demand for professionals with this particular skill set is on the rise, while the supply remains low. This creates great job opportunities for people within this field.
As the demand is constantly increasing and the supply remains low, professionals are getting paid more and more. In India, as it stands today, data analytics professionals are paid on average 50% more than their counterparts in other IT-based professions. This trend is evident around the world as more and more companies realize how important these professionals are to the organization.
4. Investments in Analytics and Innovation continue to grow
Many studies and surveys show that investments continue to grow, year after year. The International Data Corporation (IDC), which publishes the semi-annual Global Big Data Spending and Analytics Guide, indicates that Big Data hardware, software, and related services are expected to maintain a compound annual growth rate (CAGR) 11,9% until 2020, when revenue will increase. be more than $210 billion. The increased spending is a sign that Big Data is a trend that will continue for years to come, and that spending time studying is not just a short-term investment.
5. Studying Analytics, Innovation and Technology will broaden your horizon
Lastly, and perhaps most importantly, studying is a rewarding and (sometimes) fun investment of time. Mastering Big Data and data analysis in general is full of puzzles to solve and will greatly improve your reasoning and analytical skills. The main domains of Big Data involve statistics and problem solving skills. Even if you don't intend to pursue a career in analytics, these skills are useful and very practical on a day-to-day basis.
After you've spent time studying analytics and innovation, you'll notice that you'll start to apply 'Big Data' techniques in your presentations or reports, because they provide a very solid foundation for discussion and decision-making.
Because in the end, decisions based on data will always trump decisions based on intuition. So decide today for INCAE's master's degree in Analytics, Innovation and Technology. You can download the brochure with all the information at this link.