Advancing with business data analytics

"Understanding business data is a career changer," says Nenad Jukic, information systems professor at Loyola University Chicago's Quinlan School of Business and director of the school's .

According to IDC Analysts, spending on data analytics is continually increasing, with an estimated total of more than $215 billion in 2021. IDC expects spending to grow at a rate of 12.8% through 2025. This means more opportunities for professionals who understand data.

Below, Jukic describes the power of data analytics.

Organizing and interpreting data

Data by itself is not sufficient. It must be organized and interpreted. Once, software programs like Microsoft Excel were enough for the average worker. Now, according to Jukic, the standard is higher.

"Knowing Excel is no longer enough," says Jukic. "You simply must know more ways to deal with the data, and you have to be able to visualize and present that data."

Data professionals drive innovation and find unique solutions by taking large quantities of data and structuring them in usable ways with the use of increasingly complex and powerful software.

Solving problems

Done right, data analytics helps drive business decisions and solve business challenges.

"Most organizations own or have access to data that can solve many of their problems and lead to improvements," said Jukic. "Getting there requires knowledgeable and inquisitive employees."