Change is both a certainty and a necessity in business. Adapting to change can make the difference between success and failure for just about any type of organization. Right now, a digital transformation is well underway in most business sectors, and business leaders that embrace this changing landscape are the most likely to survive and thrive. 

According to Forbes, a hallmark of the business world’s digital transformation is “using new technologies like artificial intelligence and cloud computing to drive growth, streamline operations and increase competitive edge.” This process relies heavily on the use of data and data analytics.  

Data analytics is a specialized field leveraging digital tools that collect and assess large amounts of raw data. This data is then used to gain insight and empower businesses to make informed decisions. 

If this description seems broad, understand that data analytics is applicable across many types of industries and organizations, from financial institutions to nonprofits. Here we’ll explore how data analytics is being harnessed in major business sectors and how developing your data analytics expertise can translate to a wide variety of career options. 

Industries Relying Heavily on Data Analytics 

The industries we’ll discuss are wide-ranging but share significantly improved outcomes—efficiency, future insight, and bottom line—through data analytics. 

Finance  

Data analytics is a standard tool in the financial sector today. If it hadn’t been previously, the economic unpredictability introduced by the COVID-19 pandemic firmly established the importance of strong data analysis in financial leadership. 

Data analytics gives finance executives and personnel greater visibility into their organization’s key performance indicators (KPIs), which may include: 

  • Sales 
  • Revenue 
  • Cash flow 
  • Payroll 
  • Return on investment (ROI) 
  • Net income/profit 

In addition, the metrics data analytics provides are invaluable in helping finance professionals detect fraud. 

Healthcare  

Arguably the single most consequential field for data analytics, healthcare is benefiting immensely from its introduction into the field. Using the information data analytics provides, healthcare professionals are now able to offer: 

  • More accurate diagnoses. 
  • Earlier identification and treatment of health issues. 
  • Targeted treatments. 
  • Insight into the spread of infectious diseases. 
  • Lower-cost services. 
  • More effective preventative care. 

Energy  

While data analytics is certainly beneficial in a financial office within the energy industry, it has applications far beyond that—to the management of energy resources themselves. Professionals working in this field may use data analytics to: 

  • Predict future systems maintenance issues and address them proactively. 
  • Monitor and assess customer energy usage, enabling the company to offer more applicable pricing plans. 
  • Help solar power companies do their part in meeting electricity demand. 
  • Oversee an electrical grid’s performance in real time. 

Retail  

The digital transformation has long been underway in the online retail space. Still, it continues to evolve. Retailers are using data analytics to help them: 

  • Create dynamic pricing based on changes in market trends, customer demand, and competitor pricing, allowing them to set prices that consumers are willing to pay.  
  • Manage inventory and predict demand. 
  • Increase customer satisfaction by offering personalized recommendations drawn from purchase and browsing data. 

Manufacturing  

Data analytics is keeping the wheels of the manufacturing industry turning by enabling personnel to: 

  • Stay on schedule by predicting maintenance issues and addressing them during production downtime. 
  • Draw information from their production line, supply chain, and other sources to identify and avert potential production-halting bottlenecks. 
  • Pinpoint sources of waste, saving time and money. 
  • Reduce the chances of human error in a complex technological environment. 

Transform Your Potential With a Graduate Business Credential 

With the digital transformation of the workplace, the demand for analytics expertise has skyrocketed, opening doors to countless corporate careers. The University of Texas Permian Basin’s AACSB-accredited online MBA with an analytics concentration prepares you to excel in today’s data-driven business landscape.  

If you’ve already earned a BBA, you can complete this MBA with as few as 33 credits. 

Discover how to enhance business performance through an exploration of core business disciplines and analytics tools and methods in specialized courses like Business Analytics. Our 100% online, asynchronous program offers the flexibility to balance your professional and personal obligations. 

See the Data on Your Career Potential 

Want to know: 

  • Where UTPB MBA program graduates are working? 
  • Your own potential career paths with an MBA? 
  • MBA-related salaries for Texas and the nation? 

Find all that information here. 

Equip yourself to work in—or lead—the business office of practically any field. Get started with your MBA! Apply today! 

Sources: 
https://www.forbes.com/sites/bernardmarr/2023/10/12/the-impact-of-digital-transformation-on-business-models-opportunities-and-challenges
https://www.forbes.com/councils/forbestechcouncil/2023/12/06/digital-transformation-and-its-effects-on-the-modern-workplace
https://www.comptia.org/content/articles/how-is-data-analytics-used-in-health-care