The growing demand for business data roles and data-driven managers is pushing salaries to a point that one should consider a data science degree versus an MBA for management positions
There’s no doubt that data-driven decision-making has become increasingly popular and profitable. Big data helps organizations amass operational insights that assist them in making strategic decisions quickly and more effectively. However, the use of data science within the business management world is still an emerging concept, and there are significant opportunities for business students to become data science-savvy to advance their careers.
Across all industries, there is a shortage of data science talent. Specifically, companies lack the type of person who has the ability to help organizations integrate data and analytics into their existing operations. A recent McKinsey & Company survey found that approximately half of executives across geographies and industries reported greater difficulty recruiting analytical talent than filling any other kind of role. Furthermore, 40 percent of the surveyed executives stated retention is another big issue they face.
Data scientists are in high demand in the business environment, and it’s highly likely they will continue to be in the new digital age. Organizations are overflowing with data and demanding professionals who can gather and organize that data in a meaningful way as well as analyze it data to arrive at smart business solutions.
So should those headed to business schools consider a career in data science instead? While it is not a replacement for an MBA, having data science skills can help professionals complement their business degrees and MBAs with analytical skill sets. Let’s take a deeper look at how data science is becoming a new entry point to the business world and how a data science background can put business students far ahead of the rest.
The growing demand for data-driven managers
“You can’t manage what you don’t measure.” —Peter Drucker
There is growing demand for big data expertise and a recent KPMG survey uncovered that 36% of executives admitted that they lack big data specialists. McKinsey & Company also forecasted that 1.5 million more managers and analysts with analytical skills would be required by 2018
For business students without sufficient training in data science and analytics, the number of positions they are excluding themselves from is definitely on the rise. Many business schools are responding to these changes in the business landscape by adding big data courses to the curriculum to bring forth managers who can digest analytical data and make better business decisions.