The Value of Business Data Science

Data is one of the most fundamental tools in our toolbox, and it plays a crucial role in understanding the world around us. Business data science is the science of using data to make predictions that can be applied to any problem. In this context, we mean that in the context of business problems, data science is about trying to find ways to get the right answer to the right problem.

The value of business data science is not just how it relates to other disciplines, but also the ability to generate models that can be applied to real-world situations. Business data science is the art of applying machine learning and statistical techniques to large-scale business problems.

It can be used to help leaders make decisions that affect the long-term health of an organization. For example, if you are looking for a way to detect fraud and waste in your organization, you might want to consider how you can use machine learning to detect the difference between a fake and a legitimate expense. You might also want to consider how you can use machine learning to detect when someone is cheating. Business data science can be used to improve countless business problems such as predicting shifts in customer support needs to improve customer service. It can also be used to forecast supply chain issues so that an organization can find additional suppliers or alter its production schedule. Business data science could also be used to forecast demand for a product or at a retail store.

It goes without saying that if you are interested in using data to solve business problems, you will need to have a strong background in data science. Goizueta’s STEM-designated Master’s in Business Analytics combines business, data, and technology to make you an effective business data scientist for a data-driven world.

In the case of business data science, professionals

  • Analyze the data to understand how it works
  • Make predictions about how the world, businesses, markets, consumers, etc. work
  • Explore the possibilities in data to find the best way to interpret it
  • Build models to explain what’s going on

Business data science is a rapidly growing field used in nearly every industry. Jobs in this field include data analyst, business analyst, marketing analyst, consultant, data scientist, and decision scientist to name a few and can be found at all levels of an organization from entry level to senior leadership.

For more information on how to transition to or expand a career in business data science, explore Goizueta’s MS in Business Analytics program.