Many organizations are awash in data, but all too often do not have the information they need for effective management. Advances in information technology and data analysis are driving the increased use of analytics, which is a process of transforming data into actions through analysis and insights in the context of decision making and problem solving. Such a process can be initiated by the desire to address specific problems or the need to explore and learn from existing data.
Analytics includes Business Intelligence (BI), the process of gathering, storing, analyzing, and providing access to data to help organizations make better business decisions; quantitative analysis methods, such as statistics, simulation, econometrics, data mining, and risk analysis; and process and quality management, such as lean management and Six Sigma methods. Analytics is affecting all of the functions of business, including how we measure, monitor, and forecast economic, financial, and operational performance, conduct accounting audits and identify fraud, identify customer segments and conduct targeted marketing programs, run operations and supply chains, and manage human resources.
The Center for Business Analytics was formed to ensure that VSB students understand how analytics can be applied to improve organizational performance. The center pursues a cross-functional approach in developing curriculum in analytics that serves the needs of all of our undergraduate and graduate students. These courses, develop students’ analytical skills, which help to further differentiate them in the marketplace. The center, also helps students obtain full-time positions and internships to provide practical experience in analytics.
Center faculty have the opportunity to develop new courses in analytics to better meet student needs. The center supports faculty research in addressing important questions and issues relating to analytics’ use and application. Collaboration between faculty and firms engaged in analytics are promoted as part of the center’s applied research focus.
Corporate members can benefit from the center’s efforts to promote best practices in analytics by participating in its workshops and programs. They have the opportunity to interact with the center’s accomplished faculty concerning topics of mutual interest. Corporate members also have access to skilled students who can fill critical positions in their organizations.
The center is committed to advancing the field of analytics and its practice, and seeks the participation of students, faculty, and business partners who share this common interest. To learn more about how you can get involved with the Center of Business Analytics, explore our website or contact us.