Technological advances continue to transform how business is conducted, which means new business leaders must stay ahead of the curve to implement them in the most effective way for business growth. Theoretical and practical knowledge in business administration can help give future leaders a strong foundation for making informed decisions fast.
For those new to the business world or looking to enhance their skill set and become more competitive to employers, a program like East Tennessee State University’s (ETSU) online Master of Business Administration (MBA) program might be the perfect solution. This AACSB-accredited, multidisciplinary MBA is fully online to allow for flexibility for a wide range of learners.
The program is designed to prepare graduates for senior business roles, offering customization based on the important learning outcomes for each individual, while covering essential base topics such as operations, finance, management and marketing, among others. Graduates should gain the insights relevant for increasing growth of the enterprises they eventually join, and can transfer those skills to a variety of careers in analytics, cybersecurity, healthcare, social media, finance and more.
Technology and Data Analytics
In a recent Forbes article on how real-time data analytics empowers decision-making, Sandro Shubladze explains that a profound shift is happening in how major businesses conduct data analytics. The shift is empowering real-time analytics, or using technology to analyze information as it becomes available.
As Shubladze points out, the freshest data is the most useful for operations, so this change opens up a world of possibilities for companies looking to make improvements in customer service and in revenue. Shubladze cites progress made by Delta Air Lines, which invested $100 million in baggage systems over a number of years and achieved a 71% reduction in baggage mishandling.
Another example is Netflix, which used subscriber data to increase its revenue tenfold in a dozen years. The question is, where do “instantaneous insights” come from and how can business leaders leverage them? One of the biggest answers is via web scraping, where technological tools are used to gather vital information from websites to conduct analysis.
Though companies must be aware of the ethical and legal boundaries of this method, it is a strategy that cannot be ignored in today’s data-driven world. Whether technologies are used to analyze internal or external data, the insights they provide can optimize business operations by identifying opportunities and solutions. As Shubladze concludes, “The blend of current and predictive data can enable decision-makers to see the immediate effects of their decisions and anticipate future outcomes.”
Capture Opportunities and Innovate Faster
Another industry expert, Clockwork.io, notes that companies utilizing real-time analytics experience significant advantages when it comes to increasing revenue. They also significantly outperform their peers in innovation, operational efficiency and risk management. Evidence of the efficacy of using these tools is inarguable.
For those looking to better understand the relationship between time and the efficacy of data for business analysis, Confluent offers further advice: “The real power of data-driven decisions is the ability to analyze and act on information in real time. Traditional batch processing can slow things down, creating a gap between collecting data and taking action.” Some examples of this in action include retailers adjusting prices based on demand and financial services being able to better identify and prevent fraud.
But there are some drawbacks to relying on AI for real-time data analytics. Although AI systems allow businesses to access information like never before, they also require an enormous amount of bandwidth and low latency, meaning a minimal delay in the transfer of data, to be effective. The requirement for powerful hardware and software must be weighed when considering whether these technologies are appropriate and achievable.
Leverage Key Business Intelligence Tools With an Online MBA Degree
So how can future business leaders learn to make the most of these exciting tech-driven opportunities that can make an impact in their workplaces? There is, of course, more to this than just understanding that the tech is available. Intellect2TM recommends establishing specific goals to harness this technology strategically and creating a benchmarking system for understanding where it works or fails.
Furthermore, many different stakeholders within a team may benefit from having access to this kind of knowledge. According to Intellect2TM, “Real-time analytics should not be limited to a single department or organizational level. … A sales manager, for example, can monitor real-time sales success and alter plans on the fly, while a CEO can obtain real-time insights into the company’s overall health.”
For those ready to learn advanced competencies in business such as data analytics, the MBA online program from ETSU is a great place to start. Not only will graduates come away with a strong foundation in strategic planning and decision-making, but they will also get a taste of the tools that are rapidly changing the business industry and making tremendous impacts on organizations today.
Learn more about East Tennessee State University’s online Master of Business Administration program.
