In today’s world, the success of businesses can hinge on whether companies can effectively collect, manage, and analyze data. As consumers, we’re constantly providing data through our transactions and online behaviors, including the things we click on and interact with, how long we browse, and information we volunteer such as our demographics and interests. But we also provide data through our transactions, surveys, location sharing, and usage patterns.  

Data isn’t solely related to people — it’s also related to specific departments and industries. From finance, to supply chain, to human resources, Enterprise Resource Planning (ERP) Systems are utilized to collect data on operations. Manufacturing Execution Systems (MES) are used to collect data on production processes; Building Management Systems collect data on building systems such as heating and ventilation; sensors and devices attached to machinery and equipment collect much-needed data on performance.  

The list goes on, but the question is: what do companies do with so much data, and how is it used to influence business decisions?  

How Data is Used to Drive Crucial Business Decisions

All this data, from consumers to employees to machinery and more, is crucial for companies to make well-informed business decisions. This data can tell businesses how to reduce operational costs, how to improve efficiency, how to effectively market to their audience, and how to innovate solutions. It helps them not only reform internal operations but to anticipate customer needs and wants — all based on empirical trends.  

But getting from the data collection phase to the point of making and implementing these crucial business decisions is no trivial task, and organizations rely on experts to help them collect, manage, and analyze the data. These experts are known as data scientists, and their skillset is in extremely high demand. 

 How to Become a Data Scientist

Becoming a data scientist is a smart career move for a number of reasons, the first being that it allows you to work in virtually any industry you’re interested in, because industries across the board rely on massive amounts of data to influence their decision-making. Plus, data scientists make an average of $108,000 per year, and the projected job outlook is 35% — that’s significantly faster than average.  

One of the fastest, surest ways to become a data scientist is to earn your Master of Science in Data Science, because it combines multiple skill and knowledge sets needed to set you apart in the job market. By combining strong foundations in computer science, statistical analysis, artificial intelligence, management, and more, you’ll gain a competitive edge when applying for jobs. 

Felician’s Master of Science in Data Science — Fast, Convenient, and Affordable

Felician’s MS in Data Science program is the perfect way for you to break into the field as an in-demand expert. It offers both online and hybrid formats and can be completed in as little as 1.5-2 years since the courses are only eight weeks long. This 30-credit program costs $725 per credit, which is highly competitive tuition, and you can apply for financial aid with the help of Felician’s financial aid counselors.   

Taught by industry experts, this program will prepare you to collect, manage, and analyze data sets to extract crucial insights that help drive decision-making, innovation, risk management, and more. Learn more by clicking the button below!