MBA Category Archives

Business Analytics vs. Data Science

November 4, 2019

Tablet screen with analytics displayedIf you open any business journal or newspaper, you are likely to see headlines that include the terms "business analytics" or "data science." Many articles seem to use these terms interchangeably, but are they really referring to the same thing? What do these terms mean, and what is the difference between the two? This post will help answer those questions.

Data Science

Data science is focused on developing problem-solving methods and tools to bring meaning out of data. At the core of data science is a statistical and programmatic approach to create and use algorithms to extract meaning out of data. The focus of each algorithm has a specific type of problem in mind that can be applied across multiple fields. For example, a common algorithm like multiple regression can be used to understand the relationship between one variable and a set of other variables. It doesn't matter to the data scientist if those variables are related to the hard sciences or to application areas like business.

Business Analytics

Business analytics is the application of data science methods and tools in an attempt to answer a business-related question. At the core of business analytics is a statistical approach to solving problems. One way to use statistics is to describe the current state of the business (i.e., descriptive analytics). For example, we may want to know the average revenue generated per salesperson over the past fiscal year. The average is a "statistic." Another way to use statistics is to predict what the future might hold for a business scenario (i.e., predictive analytics). For example, a business might want to predict the profitability of its product line next year, based on a few assumptions they have about their potential market. One other way to use statistics is to recommend a specific choice when confronted with a business-related scenario (i.e., prescriptive analytics). For example, a business may want to streamline their production flow in a manufacturing facility.

The Difference

Based on the definitions offered above, we can say that business analytics is really just the use of the tools created by data science in the business world. Where it can get confusing is that those doing business analytics can sometimes dive down into the weeds of data science to tweak the algorithms for more efficiency, and those who do data science can sometimes apply their algorithms to business-related scenarios. In the end, the two fields are heavily related but generally differ based on the level of focus.

 

Cedarville University offers an online master’s in business analytics that is preparing professionals in this exciting field. Our distinctly Christian M.B.A. in business analytics will prepare you to effectively and ethically use statistical tools to interpret data and forecast financial outcomes.

Posted in MBA

Innovation Labs Offer Creative Business Solutions

September 18, 2019

Woman standing in front of whiteboardWe’ve been hearing for years of the impending “death of retail.” Now, retailers are having to find creative, innovative solutions to gain customer’s attention. One way that is happening is through retail innovation labs.

Retailers use labs to discover new ideas, partnerships, and collaborations to meet consumer demands and industry challenges. Well-known brands such as Coca-Cola, Ikea, and Home Depot are using labs to come up with innovative solutions that will make them stand out within their industries.

These labs allow retailers to test out forward-thinking concepts before introducing them in stores, potentially saving wasted money on a bad idea. One form of a retail lab is an experimental store that companies create to exclusively test out new concepts. These stores make it easier to focus on a new idea than in an existing environment.

Cedarville University offers an online M.B.A. with a concentration in Innovation and Entrepreneurship that is preparing professionals to meet these demands of a changing retail landscape. With an M.B.A. in Innovation and Entrepreneurship, you’ll explore the intersection of design, innovation, creativity, entrepreneurship, and sustainable business modeling to develop a leadership mindset to solve the complex opportunities in today’s demanding marketplace.

Posted in MBA

5 Ways a Master of Business Administration Can Help Your Career

January 2, 2019

Man standing in front of business meetingPursuing a Master of Business Administration (M.B.A.) is a significant investment of time and money. Is it worth it? The answer is most definitely, yes. Among others, earning an M.B.A. offers you the following five professional and personal benefits.

New career paths. By choosing a specialization or concentration, you may open yourself to a whole new career field. For example, Cedarville University’s online Master of Business Administration offers five in-demand concentrations. While you’ll develop a sound business foundation, you’ll also be able to specialize with a master's in cybersecurity management or healthcare administration, opening up opportunities in new and exciting fields.

Increased earning potential. Salaries for professionals with an M.B.A. are significantly higher than those with just a bachelor’s degree, and even much higher than those with a different master’s degree. Your higher salary will cover your initial investment in your M.B.A. in two-three years’ time.

Improved professional skills. An M.B.A. will give you invaluable skills that are transferable to almost any industry. Skills such accounting, marketing, financial management, and organizational design will give you an advantage anywhere you go. As an added bonus, Cedarville University’s Christian M.B.A. offers all of this with a biblical worldview. You’ll study business through a biblical lens that emphasizes Christian ethics and servant leadership.

Greater job security. There is a high demand for professionals with an M.B.A. An M.B.A. can increase your job security with your current employer or within your industry. Most organizations see real value in hiring and retaining employees with an M.B.A.

Expanded professional network. You will have great networking opportunities as an M.B.A. student. Your cohort and professors instantly create a network of professionals with whom you can connect throughout your career.

Visit our website for more information about the Cedarville University online Christian M.B.A. program.

Posted in MBA