A shift in the world of marketing has led to a new appreciation for the analysis of data.
A report in The Wall Street Journal, “Business Schools Plan Leap Into Data,” discusses an emerging trend among graduate and undergraduate business schools to add classes, certificates and degrees geared specifically toward business intelligence, or data analytics.
The article says that as the use of analytics grows, companies will need employees who understand the data. The authors cited a study that found that by 2018, the United States will face a shortage of 1.5 million managers who can use data to shape business decisions.
“Analytics is certainly in the Top 5 things [executives] are worried about and investing in actively,” said Scott Gnau, president of Teradata’s Teradata Labs, told The Wall Street Journal. “Industry is going to demand it. Students are going to demand it.”
Kim Ruggiero, a Cohort 7 graduate of the Stetson University Executive MBA program, said she has witnessed firsthand the business world placing more value on the ability to decipher the numbers.
“Data analysis is vital, especially in the social media space, because as a marketer you need to know who to message to, what to message and how much to message,” explained Ruggiero, an associate marketing manager at Walt Disney Parks and Resorts. “Digital tactics such as online advertising, QR codes, website activity and social media sites are much easier to track than traditional media like radio and TV. It allows us to determine which tactics performed well and what the level of engagement was among our consumers to help influence decisions in the future.”
One of Ruggiero’s classmates, Darcy Clark, agrees. “Data is critical,” said Clark, who works in digital marketing at Walt Disney Parks and Resorts. “I use data on a daily basis, most often as it relates to our social media and Facebook strategies. We can measure the impact of a particular post and tell how many people engaged with the content, how many clicked through to get more information and how many ultimately purchased (if it was tied to an offer).”
Clark added that many people in her organization are tasked solely with data analysis, each working on a different piece of the puzzle. “It’s that important,” she emphasized.
But as much as data analysis is key in the marketing field, both Ruggiero and Clark say they believe most business schools don’t prepare students for the practical uses of data analysis.
“The base knowledge we gained from the Stetson Executive MBA program set the foundation for later learning that can only occur on the job,” said Clark.
Students in the Stetson Executive MBA program take several classes that focus on the subject, including Fundamental Statistical Management Techniques, Marketing Concepts and Analysis, Managerial Decision Analysis and Marketing Decision Making.
“Dr. Ted Surynt’s and Dr. Ram Subramanian’s classes were great in opening up my mind to think creatively about how all the pieces of a puzzle fit together,” added Clark. “That is critical when you’re looking at numbers and data and how those things fit into the larger marketing and overall business picture.”