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For many of us, basic career decisions start during college. We have to decide what general direction we want to go in, where we should specialize, and ultimately what skills are going to give us the largest advantage when it comes time to begin applying for jobs. All in all, it is a lot to take into account.
In today’s markets, many computer-savvy soon-to-be-job-hunters are building up skill sets in business analytics. And for good reason; nearly 54 percent of company owners believe their business needs to consider analytics and big data more in order to get ahead and are hiring with that in mind. Here’s how analytics can help save resources and money, prevent a number of safety hazards, and predict where untapped market shares are hiding:
Saving Resources and Money
One of the biggest advantages company managers see in hiring an individual with skills in analytics is their ability to save businesses large amounts of resources and money. For instance, analytics can determine where to best position salesmen to have the greatest sales impact on potential customers. Or can help place police officers in locations where they are likely to prevent the most crime based upon the time of day.
The organization of resources in this manner can save a lot of money for many businesses and governments alike. By saving some of these resources, employers can better distribute money elsewhere, such as in more targeted advertising or improvements on the product itself. With all of these potential benefits, it is no surprise businesses are looking for trained analytics experts.
In addition to the cost savings found in utilizing analytics experts, companies have also found that they are able to make product and equipment improvements more effectively while still lowering health risks to employees. For example, the American Society of Engineers states that analytics can be used to keep track of operational parameters and machine conditions. Essentially, that analytics experts are able to predict when a breakdown might happen and schedule maintenance before something major goes awry.
Preventing hazards that arise from machinery malfunction is one thing, but analytics experts can also program algorithms that predict additional safety issues. According to the American Society of Safety Engineers, the addition of predictive analytics into the workplace reduced the reported workplace injury rate by 67 percent in 18 months for some companies. This is an incredibly valuable reason for employers to add analytics experts to their staff.
Identifying Untapped Markets
Finally, professionals with skill sets in analytics can help grow a business in a meaningful way. In particular, they may be able to identify untapped markets that the company should look toward expanding into. This can mean identifying demographics that are likely to purchase certain products, determining the ideal location for the new physical store, or projecting which advertising markets are working and which aren’t.
This type of marketing strategy seeks to promote new ideas that can bring employees from differing backgrounds together for the betterment of the company. Ultimately, it could lead the company in a new and profitable direction that previously hadn’t even been envisioned!
As you begin to make long-term career decisions, it is clear there are many potential benefits to considering specialization in business analytics. The majority of large companies are incorporating these types of positions into their workforce because of their ability to reduce costs and resources, prevent injuries and breakdowns before they happen, and grow business. Analytics may be exactly what you need to get hired by your dream organization.
About the Author
Brittni Brown is a current graduate student at the University of Idaho. In her free time she enjoys a variety of outdoor activities such as hiking, biking, and camping.
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