The word ‘data’ is broadly defined as a series of observations, measurements or facts. It
means different things to different people, businesses, charities and government organizations, but its importance in providing insight into a variety of performance measurements is key for each of them.
Data is information about everything, from specific numbers and performance analytics to the latest trends reported in newspapers and magazines. But most often, data refers to information collected and analyzed via computer.
Executives are beginning to rely more and more on data itself within their organizations to drive them forward. For example, companies of all sizes can harness data to enable them to make decisions about how to improve customer service, predict sales trends and work with them, and how to better manage their marketing. By tracking data, it is possible to monitor performance, find weaknesses and establish steps to improve on what’s being implemented.
The value of monitoring information
When a company decides to invest resources, whether it be hiring more staff or upgrading office equipment, it is vital to track how these investments impact the business’ overall performance in order to help make the correct decisions moving forward. Advertising is one example of this: analyzing data will highlight which marketing campaigns are working best, so you’ll know where to channel more focus and where to make adjustments. All this leads to better informed campaigns and budgeting in the future.
According to a recent survey from Deloitte that interviewed senior executives from companies around the world, 49% of respondents said that analytics helped them make better decisions, 16% said that the greatest benefit of analytics was how it better enabled key strategic initiatives and 10% said that it helped them improve relationships with business partners and customers.
Job prospects in the data industry
By pursuing an online master’s in data science with Worcester Polytechnic Institute, you will be able to further your career in a growing industry. You’ll learn how to derive new and vital insights from data, then articulate them in order to develop innovative solutions for how we work, live and interact with the wider world. Students will master database management and analysis techniques such as machine learning and data-mining algorithms as well as gaining a strong knowledge of statistics and the use of data-analysis software.
The importance and power of data for organizations can be illustrated by the roles available within the industry. For example, you could find a job as a data analyst, a data engineer, data scientist, business analyst, machine learning engineer, and many more. Due to the growing presence and importance of data, the US Bureau of Labor Statistics has predicted that the data science field will grow a further 28% up until the end of 2026 at least, thus highlighting the great need that businesses have for collecting and mining data of all kinds.