Traditionally, professionals trained in business administration, finance and accounting, international trade and logistics and executive management are effectively running various business operations. But in the contemporary global economic order where labor, capital, natural resources and entrepreneurship are integrated and interconnected with complex business models, it becomes difficult for managers to make competitive business decisions without the application of data analytics.
One may argue that software technology and artificial intelligence (IA) are making data analytics very simple and convenient, but still the human element is irreplaceable to formulate models, predict variables and interpret analysis results. Therefore, if professionals (including new college graduates) should achieve job security, advancement in statistics and data science knowledge is very crucial.
Managers should theorize business problems, structure analytical models to find answers to the problems, and gather information before making data analysis using software technologies. Data analysis made in foreign exchange risks and uncertainties, consumer demand and output supply, costs and prices of goods and services and taxes and tariffs of international trade should be supplemented with counter-intuitive arguments and rational judgements before suggesting best alternative decisions.
Therefore, in this competitive business environment where immense critical thinking and problem-solving skills are required, training and experience in data analytics is a leverage any professional should achieve to stay competitive.