Today’s workplace thrives on data analysis and global supply chains. It is a fiercely competitive market, and entrepreneurs need more than just a clever idea and an eye-catching logo to rise above the competition. It is not enough to be an enthusiastic risk-taker; you also need a competitive advantage — the ability to leverage knowledge and tools that can give you quick and accurate insight on emerging trends and developing markets. These are the tools that successful entrepreneurs can find in the online Master of Business Administration (MBA) with a Concentration in Management program from Southeastern Oklahoma State University (Southeastern).
A Competitive Edge
According to data on 2020-2021 graduates provided by the National Center for Education Statistics, business degrees account for roughly 23% of master’s degrees awarded in the U.S. The popularity of business masters programs reflects the fact that many companies are actively pursuing graduates of these programs, specifically MBAs. According to the 2022 Corporate Recruiters Survey from the Graduate Management Admission Council (GMAC), 92% of corporate recruiters and 95% of staffing firms (globally) planned on hiring “newly minted” MBA graduates during 2022.
If you do not have an MBA, statistically speaking, at least one of your job market competitors probably does. While you try to rebuild your competitive advantage, your MBA-equipped competitor is breaking down key market data points, figuring out where the market is going and planning how to get there weeks — or even months — before you do. MBA students learn how to analyze competitors and the marketplace, positioning them to help companies capitalize on opportunities.
Smarter Data
An online MBA program offers students advanced coursework and valuable experience in the cutting-edge tools and practices that drive modern business. Studies delve into managerial accounting, financial analysis and modeling tools, specialized advertising techniques, leadership, information systems management and the data analytics and business intelligence technologies that provide insight into market trends and help businesses maximize operational efficiencies.
Adapt or Die
Today’s businesses exist in a global, 24/7 environment, with many teams collaborating largely through cloud-based software platforms in hybrid and remote work settings. The competitive advantage MBA grads with up-to-date knowledge and skills can bring to a company is critical to growing a business beyond its initial five-year survival plan. The expertise that comes with an MBA improves business managers’ reactions to market changes, and it positions them to take advantage of new data modeling and data analysis tools. This kind of market awareness can lead to a more agile business that will outpace its competition.
Connect With the Core
Business intelligence insight also helps a company connect with its core customer groups and supply chains more closely, thereby reducing the time and distance involved in designing, producing, packaging and shipping products to retail locations. This is key to success in the post-pandemic world of eCommerce. Data management also helps the company understand its customers better, which improves customer satisfaction and brand loyalty.
Invest in Education
It is no longer enough for entrepreneurs to simply open a storefront and stack products on tables for passing customers. You have to know where your customers are, how they shop, what brands they prefer to buy and how to incentivize them to return. You can gather all this data over time, but why wait? MBA program graduates learn how to isolate this data and put it to use immediately. It may be true that you have to spend money to make money. But you can spend it wisely by investing in an education that will give you smart business tools to better your chances in the marketplace.
Learn more about Southeastern’s online MBA with a Concentration in Management program.