4 Reasons Why Business Analytics Is Such A Big Deal

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 skill sets that allow them to keep up with the rapid pace of data creation.

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


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

“Business analytics is new, modern, creative, innovative, flexible, and agile. “Business analytics solves business problems by 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 a 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 for organizations.”

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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 capabilities, 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 pave the way to the Fifth Industrial Revolution,” he explained.

IT and analytical tools such as Python, Tableau, Power BI, SAP, and Rapid Miner, among others, are essential when it comes to understanding the ins and outs of business analytics.


A worldwide skills shortage

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

According to a KPMG CIO Survey, nearly half (46 percent) of CIOs in the US reported a big data analytics skills shortage within their company, while a Royal Society report published in May 2019 found that 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 the workplace requires new talents,” explained Professor Hwang.

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