We are on the cusp of a tremendous wave of innovation, productivity and growth, as well as new modes of competition and value capture - all driven by big data as consumers, companies, and economic sectors exploit its potential.
Big data: The next frontier for innovation, competition and productivity. McKinsey Global Institute
Business analytics is an integrated discipline that brings together the skills, knowledge and technological tools of information management, statistics, data mining and management science. Business analytics sits in the intersection between information technology and business, focusing on unlocking insights contained in data to improve operational efficiency, financial performance and strategic management. The analytical capabilities of software tools now available to businesses and innovation in underlying technologies over recent years have changed analytics from being a highly specialised and technical discipline, formally the exclusive domain of data scientists, to being accessible to a broad range of business professionals
The demand for business decision makers who understand the value-add of analytics and are able to use analytics tools to shape their decisions, continues to grow across the globe. Recent global industry reports allude to a growing skills shortage in business analytics, particularly managers who can use data to inform business decisions, and this message has been echoed by the analytics industry in Australia.
Careers in Business Analytics range from roles in Information Management (e.g. ETL, Data Integration, Data Warehousing), Analysis (Information Analysis, Business Analysis, Market Analysis, Data Science), Insights (Insight Analysis, Forecasting, Predictive modelling), Project management as well as senior executive roles such as Head of Business Intelligence, Chief Analytics Officer, Chief Data Scientist.
The Deakin Master of Business Analytics
Deakin's Master of Business Analytics is a collaborative academic program with industry. The course has strong practice focus and aims to develop business analytics professionals with a broad skill set that enables them to build a career in a sector of their choosing. The innovative delivery modes make the course very attractive for cloud (online), previously known as off-campus students.
Careers in Business Analytics
Analytics has always been in fashion for the best performing organisations that recognise the influence data can have in improving decision making. Transitioning from hindsight to foresight assists future operations planning, removes cost and improves customer service and supply chains’, says Doug Campbell, Chairman of the Institute of Analytics Professionals of Australia (IAPA), the professional body for the discipline, and a Director of Deloitte Insight Solutions.
IAPA was established in 2006 as a not-for-profit organisation to support and encourage analytics professionals. The increasing demand for analytics professionals is reflected in IAPA’s membership doubling over the last 18 months with vibrant branches in Melbourne, Perth, Adelaide, Brisbane, Sydney and Canberra. The top 20 organisations by volume of IAPA membership are some of Australia’s best known organisations who rely on this skillset for taking significant decisions behind their business processes.
An analytics career can provide a wide variety of industry application with IAPA members involved in diverse areas including sports performance enhancement, digital channel behaviours, cross channel cost management, pricing, lead identification, sales force effectiveness, credit risk, forecasting, process optimisation, equitable distribution of resources for government, workforce planning, quality assurance, safety and customer insight. Individuals who become experienced and trained in this field either from a practitioner or business engagement perspective will be in high demand from the top commercial, public sector, service providers and software houses locally and globally.