The convergence of a growing demand for analytics talent, a wealth of faculty expertise, and a supportive ecosystem of businesses and research centers has led to tangible business impact.
There is a growing concern that research conducted in business schools often fails to have a significant impact on business practice and practitioners. In fact, a recent thought-provoking article even suggested that producing research that lacks utility for business school stakeholders could be considered unethical. I personally align with the belief that business research should be practical and applicable to businesses. Over 30 years ago, I made a deliberate decision to publish research intended to influence both practitioners and academics. Therefore, I was thrilled to discuss the practical impact of business analytics research at the AACSB Co-Lab conference held this past June at Drexel’s LeBow College of Business. The subtitle “Connecting Business Schools With Practice” resonates deeply with me and reflects my passion for bridging the gap between academia and real-world application.
Demand and Supply for Analytics
Business analytics, both in its teaching and research, has emerged as a recent success story in business school impact. As noted by AACSB’s Dan LeClair in a recent article about analytics, there are now over 400 degree programs on this topic offered by business schools worldwide. LeClair attributes this surge in programs to the high demand for analytics talent, which indeed is a significant factor driving the growth of analytics in business schools.
However, there are also supply-side factors at play. Business analytics has long been a focal point for business academics. “Operations research,” the precursor field to business analytics, has been a prominent area of faculty research and teaching for many decades. Additionally, econometrics, a set of analytical tools favored by economists, has been a focus for many economists who have found a home in business schools. Many business schools have offered both basic and advanced statistics courses, often as requirements for graduation. Disciplines such as marketing, finance, and human resources have also embraced analytical methods and strategies to varying extents.
The enduring focus on analytics in business schools has a significant implication: once the demand became evident, business schools wasted no time in preparing well-trained students to meet it. North Carolina State University set a precedent by establishing the first master’s degree program in analytics in 2007, drawing faculty from across the university, not just the business school. Following this pioneering effort, many other institutions have since followed suit. Programs in data science, business intelligence, quantitative management, and related fields have proliferated as a response to the growing need for analytics expertise.
