4 Reasons Why Business Analytics Is Such A Big Deal

Sponsored by Sunway University

New technologies - whether it be artificial intelligence (AI), big data, the Internet of Things (IoT), blockchain technology, quantum computing, or augmented reality – all require a sophisticated wealth of understanding as they begin to take over the traditional realms of business.

With the Fourth Industrial Revolution (also known as Industry 4.0) on the horizon, businesses all over the world are in great need of those who possess specialist data skillsets that allow them to keep up with the rapid pace of data creation.

We spoke to Professor Hwang Ha Jin, Head of Department of Business Analytics at Sunway University Business School in Malaysia to find out why business analytics is more than just a buzzword in advent of the Fourth Industrial Revolution.

Big data is one of the biggest technological breakthroughs of the 21^st century

Data collection in business isn’t new by any means – but when it comes to big data technology, being able to capture and analyze raw, sensitive information about a business’s consumer preferences and interests is a game changer.

“Business analytics is new, modern, creative, innovative, flexible, and agile. Business analytics solves business problems utilizing insights from big data and helps companies become more innovative and competitive,” said Professor Hwang.

As the world moves into the Fourth Industrial Revolution we’re able to witness just how much availability and accessibility we have to technologies such as big data which bring with them opportunities to take on various challenges in business.

“Companies are focused on exploiting big data for their own competitive advantages as the Fourth Industrial Revolution drives us to a new world which requires new thinking, new strategies, and new approaches,” explained Professor Hwang.

It offers a competitive advantage over competitors

It doesn’t matter whether you’re a small startup or global corporation, information technology has become an integral part of business and it’s vital that they leverage the correct tools and systems to ensure they stay afloat and competitive in the current market.

“The availability of vast amounts of digital information makes it more efficient than ever for organizations to analyze trends, solve problems and gain insights into business decisions,” said Professor Hwang.

“Recent workplace trends, including a BYOD (bring your own device) culture, and a rapid growth in digital information provide new opportunities for exponential growth to organizations.”

Business analytics craves creativity and innovation

With the likelihood of machines and technology such as drones, AI assistants and chatbots eliminating jobs that were once only able to be done by humans, it’s believed that “creativity and innovation will make the difference” when it comes to being more competent and surviving the Fourth Industrial Revolution, according to Professor Hwang.

“Critical and creative thinking capability, analytical skills and IT skills gained through the Bachelor of Business Analytics will definitely help students maintain professional competency in the Fourth Industrial Revolution and become leaders to open the way to the Fifth Industrial Revolution,” he explained.

IT and analytical tools such as Python, Tableau, Power BI, SAP, Rapid Miner, among others are essential when it comes to understanding the ins and outs of business analytics – something which students will get a real sense of in the Bachelor of Business Analytics at Sunway University Business School.

Students will experience a comprehensive, well-balanced curriculum which covers the major components of the Fourth Industrial Revolution, such as Internet of Things (IoT), Cloud Computing, Big Data, and Machine Learning, as well as the business foundation subjects, such as business data mining, enterprise resources planning, web and social media analytics, business information systems development, along with marketing analytics and quantitative methods for business.

“This program equips students with the ability to transform data into powerful and predictive insights to respond to the global big data revolution,” explained Professor Hwang.

A worldwide skills shortage

Given the dramatic advantages big data and analytics can offer, there’s a surprising big data analytics skills shortage worldwide.

In 2019, a KPMG CIO Survey revealed that nearly half (46 percent) of CIOs in the US had reported to have suffered from a big data analytics skills shortage within their company, while a report published by the Royal Society in May 2019 found that the demand for data scientists and data engineers in the UK had more than tripled over five years.

What’s more, the Emerging Jobs in Malaysia Report by LinkedIn in 2019 revealed the top five emerging jobs in Malaysia are all technology-related.

“As more and more digital information is available, the need to improve the way organizations manage the digital transformation of workplace requires new talents,” explained Professor Hwang.

“Bachelor of Business Analytics graduates will be in a strong position to ensure the success of their organization by helping to align processes with business needs and transform organizations to be agile and innovate, eliminating ineffectiveness and improving ability to plan for future, and more importantly, build the culture to make organizations to be proactive rather than reactive.”