The modern information technology environment generates massive amounts of data (often referred to as "Big Data") from transactions, business interactions, social exchanges and sensors. With continued innovation revolving around digital technologies, the Internet and mobile computing, the amount of data continues to grow exponentially. At this rate, there will soon be a shortage of talented analysts who can help organizations work with this much big data. McKinsey Global Institute’s Big data: The next frontier for innovation, competition, and productivity estimates that by 2018, “the United States alone could face a shortage of 140,000 to 190,000 people with deep analytical skills as well as 1.5 million managers and analysts with the know-how to use the analysis of big data to make effective decisions.” Learn more about demand.
Students who earn an MSIROM degree in Business Analytics develop the deep quantitative capabilities and technical expertise to create business and social value by extracting useful insights and applying them in a variety of career settings, as illustrated by The Age of Big Data, in The New York Times. Some application areas include market basket analysis, consumer behavior, social network and sentiment analysis, recommendation systems, fraud and crime detection, healthcare delivery, healthcare fraud, health sciences (e.g. genomics), supply chain, finance, cyber security, libraries and network security. Companies like Walmart, HP, Deloitte Consulting, and Chevron, all of whom are heavy users of data analytics, have expressed an interest in hiring to meet this need.
The Right Training
The Business Analytics concentration within the MSIROM degree program provides a strong foundation in data analytics by bringing together a diverse body of knowledge from applied statistics, applied mathematics, computer science, optimization, consumer behavior, risk management, operations research and decision theory. Students will use this training to solve real problems in finance, marketing, accounting, and scientific applications. Students will also complete a Business Intelligence Capstone class, which includes an industry-sponsored project that incorporates the benefits of an internship and case competition.
The IROM Department has several outstanding and nationally ranked programs, including the undergraduate management information systems and graduate information systems programs (both ranked #4 by U.S. News and World Report), the Undergraduate Supply Chain Management program (#6 by Gartner) and the Undergraduate Quantitative Analysis program (#11 by U.S. News). Our world-class business faculty was named “Best Professors” by Princeton Review in 2012. This faculty, with its strong research reputation and award-winning teaching, has the depth, breadth, and brand-recognition necessary to develop a first-class quantitative curriculum. Our faculty can be found here.
Want to Learn More?
See how important Business Analytics is becoming, and how you can be a part of it:
McKinsey Global Institute: Big data: The next frontier for innovation, competition, and productivity
The Atlantic: To Know, but Not Understand: David Weinberger on Science and Big Data
The Economic Times: Data scientists being hired in droves, command premium over software engineers
Economist: Crunching the numbers
INFORMS Analytics: The Analytics Section of INFORMS
McCombs Today: Big Data Past, Present, & Future
New York Times: The Age of Big Data
Wall Street Journal: So, What's Your Algorithm?
Washington Post: 'Big data' from social media, elsewhere online redefines trend-watching