It’s 2019. Computers, numbers, and data practically run everything in every major business sector around the world. From how to build a baseball roster and the price of grain, to medical purchase orders and insurance risk assessments, data is what drives business and keeps the world calmly spinning on at this point in the 21st century. Simply put, data has become a commodity in a way it has never been before. But, this data needs smart and well-trained people to wield it in order to extract the full benefit of its existence. See, without smart and well-trained data analysts, this information, these numbers, they become meaningless. So, with that in mind, the true rise of Big Data has begun, and is now in full swing in sectors across the world.
…And There’s A Lot of It
A survey of IT professionals done in January found that the percentage of respondents using descriptive and predictive analytics grew to a high-60’s percent from a mid-40’s percent just in 2018 alone. Meanwhile, content analytics usage increased to 54 percent from 43 percent. This is a huge change just in the past 12 months, and it is believed that this massive growth in big data usage is actually going to build on itself as the volumes of data get larger and the need for people to fill positions in this field grows larger too. To put it in somewhat of perspective, it is believed that more than 150 zettabytes, as in 150 trillion gigabytes (150,000,000,000,000 GB) of data, will need annual analysis by 2025. And not only is there going to be this immense volume of data, which, again, is enormous, but it will also be enormously valuable, as the Data Analytics market is estimated to cross $200 billion in revenue by 2020 (which is only next year!).
So, with all of this in mind—the changes to the way data is used, the exponential explosion of the volume of data, and the boom in the data analysis industry—it’s clear that there is need for people trained in studying and using this data effectively as part of a long-term solution to 21st century business.
…And A Lot of It Is About You
One of the largest booming specialties in the world of data analytics is the field of Health Care Analytics, which is exactly what it sounds like—the study of the massive amounts of data our nations’ hospitals and doctors and labs collect in order to treat their patients. And this is not just anecdotal. 96% of healthcare CFOs think that their organizations need to do more to leverage financial and operational data analytics, according to a report from Kaufman Hall. According to the IMF (International Monetary Fund), as the populations of the developed and developing nations continue to bloom, the need for data-driven medical organizations with go right with it, as there is need for data analysis in clinical operations, R&D, public health studies, genome studies, evidence-based medical practice, and much more that is working to make today’s medicine the best that it can be.
…And A Lot of It Is Different
Perhaps the greatest challenge that faces the world of data analysis, other than the apparent shortage of qualified analysts, is the huge variety of data and information that comes with the above-mentioned huge volume of it. To be sure, the Big Data and analytics needs of companies are not uniform. In fact, companies dealing with structured data, such as lab reports, price indexes, and consumer purchasing information need different things compared to companies managing unstructured data, such as predictive trends and speculation. The same above-mentioned survey found that more than 95% of businesses need unstructured data management, with over 40% of businesses saying it is an everyday event, whereas the structured data number is closer to 50% overall.
This is a big difference and represents two different approaches to how the Big Data is currently being handled and needs to be handled in the future. Ultimately, it is the companies that can address both needs are the ones that are currently thriving in the modern market.
…And You Can Make it Your Career
It’s clear that data analytics is going to be one of the great boom industries of the next few years, with more than 150,000 new jobs expected to be needed in this field by 2026—and this does not account for new specialized fields that may emerge, or ones that already exist, such as health care analytics, of which we can count on an addition 70,000 new jobs opening up in that same 7-year window.
This is where Alliant comes in.
We already offer an Accreditation Council for Business Schools and Programs-accredited Master of Science in Data Analytics, and are soon to launch our Master of Science in Health Care Analytics degree program, which is likely to receive the same accreditation as well through our California School of Management and Leadership (CSML).
CSML understands that the future of business doesn’t just involve using and understanding Big Data, but that it is Big Data, and we are working to train the future leaders and well-trained workers in the world of data analytics, both in general and in the health care sphere. If you’re interested in learning about these programs, click the links above, and, if you’re interested in attending CSML for either of these programs, learn more here.