Big Data heavily influences modern businesses and society. So companies increasingly demand talent that can speak both the language of analytics and the language of business. We spoke to Catalina Stefanescu-Cuntze about how ESMT Berlin bridges that gap with the Master in Analytics and AI.
ESMT Berlin’s Master in Analytics and Artificial Intelligence (MAAI) launches this September, and it’s the perfect time for it. Advanced knowledge in data analytics, artificial intelligence, and machine learning is increasingly critical in today’s business landscape.
Businesses use Big Data to identify competitive opportunities, optimize processes & operations, and improve their overall performance. Employees that can run data collection and analysis to derive insights and make data-driven decisions are in increasing demand.
However, there is a shortage of people who are masters of both business and analytical skills. Catalina Stefanescu-Cuntze, professor of Management Science and MAAI Faculty Lead, explains that this inspires the new degree program.
“Analytics teams do not necessarily talk the language of business, and the business does not know what analytics can bring,” she says. “So there’s this real need, for individuals, for skilled professionals, at the interface between business and analytics, data science, who can identify the added value and use cases for all of these skills.” (02:11)
In other words, there needs to be more data analysis expertise to improve the implementation of that data in business decision-making.
Now, ESMT Berlin is bridging that gap. Their specialized master’s program equips students with the skills needed to work at the intersection of analytics and business management.
The democratization of advanced analytics and AI in business has the potential to disrupt and revolutionize a number of industries. For instance, in healthcare, looking at the robust data of a person, artificial intelligence can suggest targeted therapy.
However, understanding how to integrate data analytics and artificial intelligence in a business is more complex.
“Perhaps the most challenging aspect that companies are facing now is identifying the use to which analytics can be put and the value that it can bring. That’s where human talent and skills are needed,” says Catalina. (09:03)
Introducing a data-driven decision-making approach can be a change catalyst. However, change isn’t always comfortable or smooth. Organizational culture plays a role in easing this transition. Improving communication is crucial when adopting a new decision-making process. (07:45)
ESMT Berlin recognizes that to create value through data, individuals must merge their quantitative skills with a strong managerial vision. That’s why their Master in Analytics and AI program takes a holistic approach.
Intuition also plays a key role in the data-driven decision-making approach that is taught at MAAI. It’s, in fact, the common thread that runs throughout the entire program.
We call it a “data-driven” decision; that’s a mistake. “Data cannot really drive decisions. It can, and it should inform the decision, but not be the exclusive factor that plays into this decision-making process,” Catalina explains. (10:04)
As Catalina tells us, “Keeping the intuition and the insight in mind is also crucial for understanding and putting the results of the analysis into context.” (10:45)
She adds that lessons are continuously brought back to intuition. “We are always teaching tools, approaches, models, and algorithms, in relation to a specific application. When we do so, we do not stop at deriving an answer. We are always going one step further and building up the narrative around it. … It’s really crucial to always bring things back to intuition, to the practical learning of the numbers and of the model.” (11:03)
The MAAI places great emphasis on equipping students to communicate effectively the insights derived from AI. After all, if decision-makers can’t understand what the data is saying, the chances of them approving changes are very small.
“Part of the course on analytical leadership is precisely that. How you engage with different audiences. How you best connect and communicate your results. Starting from the narrative that’s emerging rather than the technical aspects of your analysis,” Catalina explains. (12:58)
That’s why the MAAI includes other classes and workshops to help students develop strong data storytelling skills, like Data Visualization.
Lastly, ESMT Berlin’s MAAI program doesn’t overlook the many ethical implications of Big Data and AI. Ethics are integrated into the curriculum, so students learn to make decisions that benefit multiple stakeholder groups simultaneously.
Catalina tells us, “In the analytics leadership elective, we are having a section that deals with ethical decision-making that talks about broad frameworks of ethical decisions. We also have an entire course, Analytics and Society. This is a course that is at the core of the program.
“The purpose of this course is to help them deal with these ethical aspects, through a mix of theory, examples, and practice. On the theory side, we talk about normative and behavioral ethics, systems of how decisions could be taken, and how they are taken. Then we talk about different stakeholder groups starting from the shareholders to the employees to the customers and the consumers and finally to the overall society as a whole.” (15:49)
All in all, ESMT Berlin’s MAAI not only teaches its students to master the complex language of data science but also to translate it into value for both businesses and society.
The Master in Analytics and Artificial Intelligence is designed to give you the skills to work at the convergence of analytics and management.
As companies increasingly rely on data and AI to gain a competitive edge, there is a growing demand for professionals with these skills. Therefore, if you want to become a leader in data-driven business transformation, the MAAI is for you. And that’s regardless of the industry you’re interested in.
“Data is everywhere; challenges are everywhere. Decisions need to always be taken, and decisions are generally better when data informs them. And so, really, the scope of application is as wide as our imagination can make it,” Catalina says. (21:30)
If you’re interested in finding out more about ESMT Berlin, you can contact their student ambassadors. They can share their first-hand experience and answer any questions you may have.
