The revolution in the availability of data has given birth to entirely new fields in academics. In particular, new paradigms are being developed to manage, capture, describe, and analyze the flow of data, and to extract useful and targeted information which can then be used as the basis for making better informed decisions. One of the most important areas in which these paradigms are having an important impact is in business data analytics, or business analytics for short. Specifically, business analytics is the application of statistical, computational, quantitative, econometric, and management tools to the informational flows for the purpose of addressing business needs.
“Today’s most innovative companies deal with a phenomenal amount of digital information that informs every aspect of an organization’s operations, from marketing and sales to customer base and market opportunities,”
— Judy D. Olian, dean of UCLA Anderson School of Management
In the employment market, there is a demand for people who are facile in building models and manipulating data and who have a strong fundamental understanding of economics of the firm and appreciation for the firm’s objectives. In addition, there is a need for people who can communicate effectively with others who are not well trained or well-versed in analytical methods and models. Current demand for data scientists and analytics is being satisfied primarily with individuals with a computer science background who do not necessarily have the background to understand how firms develop products and compete.