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By understanding what has happened in the past, business organizations can better predict the future and make decisions that will benefit the organization and their customers.
Business organizations of the 21st century maintain large databases with information about their customers, supply chain and competitors. These organizations strive to establish a competitive advantage by using this data to make better decisions.
In the YouTube video above, IBM describes business analytics as "turning information into insight and developing conclusive fact-based strategies to gain that competitive edge."
The insights gained through quantitative analysis allows a company to uncover lucrative business opportunities, obtain necessary information to retain customers or improve research, or inject certainty and predictability into the decision-making process.
Thus, the ability to analyze and interpret information extracted from the data to make sound managerial decision is a skill-set increasingly desired by employers.
The business analytics major introduces students to quantitative modeling and analysis. Students learn methods and techniques in the context of diagnosing and solving problems from different disciplines of business. Classes are held in a computer lab to provide hands-on real-world experience in the art of modeling and analytics.
Because of the interdisciplinary nature of the major, many students elect to pursue a dual major in business analytics and either finance, marketing, or information systems.
If you would like to learn more about the courses offered within the business analytics program, please visit the Le Moyne College catalog.
Our business analytics students have gone on to work with companies such as Bank of New York Mellon, Citigroup, Dot Foods Inc., Eaton's Crouse Hinds, KS&R, Lockheed Martin, Mohawk Global Trade Advisors, Pinckney Hugo Group, Raymour & Flanigan, and St. Joseph's Hospital.
Read what some of our recent graduates have to say about our program and how it has helped them in their careers.
The business analytics program at Le Moyne strives to distinguish itself by making sustainability and corporate social responsibility a common theme in all our business analytics, statistics and operations management courses.
Corporate leaders are placing an increased emphasis on sustainability and social responsibility because their customers and other key stakeholders demand it. More importantly, though, is that the viability of these corporations depends upon it. The once singular emphasis on profits has been supplanted by the triple bottom line: profits, people, and the planet – the 3P’s of sustainability.
IBM’s Vice President for Energy and Environment Rich Lechner opines that even though new technologies will be important in creating a sustainable enterprise, the most immediate and long reaching gains will come through business analytics and optimization. Business analytics and optimization are the very essence of our program, and they create an opportunity for us to engage our students in deep and critical thought about issues that matter to them, their future, and the stewardship of the planet.
For example, in the introductory business analytics course, student teams manage mock fishing fleets and compete against each other to catch fish so as maximize their profits. Competitive profit-maximizing strategies will inevitably result in an over-fishing, leading to the depletion of the fish population and a loss of business and livelihood. However, a collaborative fishing strategy where all teams agree to fish up to a certain level will result in greater profits and more importantly, a sustainable fishing industry in which the teams can continue fishing in perpetuity. This simulation exercise enables each participant to directly experience the results of myopic growth in profits without any concern for the environmental consequences until it is too late.
Students will still continue to learn the same analytical techniques that we have taught for many years. However, by emphasizing sustainable management practices for a better world through tangible examples, we will meet the desires and needs of our students: they want to contribute to the world. Sustainability and social responsibility are two avenues by which our students can make a difference, and we are confident that our current and future plans align to help them do just that.
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