Data-Driven Decision Making
It’s hard to imagine the early days of business, when all information was collected and assessed manually before any executive decisions could be made. Today’s technologies have made it so easy to create spreadsheets and run analytics programs to get to the facts and figures you need. Decisions can – and must – be made much more quickly in order to respond to business changes in an increasingly agile global marketplace.
If it seems that the world of business intelligence is growing more complex and sophisticated with each passing day, you’re right. Data comes at us in printouts, electronic documents, interactive charts, project sharing sites, slideshows, and even video. Nonetheless, the ways we can best understand this data goes back to the basics. Being able to get to the numbers is one thing, being able to interpret them to make the right decisions is something else entirely
That’s why you’ll find that most accredited MBA programs, whether taught online or at a traditional campus, will delve deep into the data analysis techniques and strategies that are frequently used in business. Concepts like discrete and continuous probability are important for forecasting future outcomes, particularly when coupled with statistical analysis methodologies such as hypothesis testing, multi-regression analysis, and decision science theory.
Today’s MBA leaders need to be well-versed in the fundamentals, as well as emerging concepts like Big Data. This is true whether you work in marketing, human resources, finance, accounting, engineering, or any number of other disciplines. Knowing how to collect data, build a spreadsheet, create financial models, apply the data against probable scenarios, and address the unknowns are all competencies which are expected of an executive-level decision maker.
Competitive intelligence is one of the primary drivers of decision making today. Knowing what other businesses are doing, how they’re doing it, and what results they are getting is vital to strengthening your own brand. It’s true that a lot of competitive intelligence is still anecdotal. However, the importance of being able to conduct evidence-based, data-driven competitive analysis is what tells the true story.
Many professionals learn just what they need to know to when it comes to using data collection and analysis tools. This is unfortunate as there are many powerful applications that can be leveraged for success. Still, it is Excel that reigns supreme as the all-time favorite program of experienced MBAs, with each new release offering greater capability to drive decision making into the future.
Ohio University’s Master of Business Administration Degree
Nationally recognized by U.S. News & World Report as a “Best Online MBA” program, Ohio University’s online MBA degree program includes a concentration in Strategic Selling and Sales Leadership. Courses focus on building customer relationships, quantitative skills necessary for sales professionals, and sales leadership.
Other program concentrations include accounting, business analytics, executive management, finance, health care, operations & supply chain management, strategic selling & sales leadership, business venturing & entrepreneurship.