Data is the fuel of the new economy and the future of work, and analytics is its engine. According to the global management consulting firm McKinsey & Co, two to four million jobs will focus on data analytics and data translation in the coming years.
To help capitalize on career and research opportunities made possible by modern analytics, the new NYU SPS Applied Analytics Lab (NYU SPS AAL) will educate learners and researchers on the tools and techniques of modern analytics and show the power of data analytics in the industries that NYU SPS serves. The AAL, established and run by co-directors Dr. Andres Fortino, clinical associate professor, NYU SPS Division of Programs in Business, and Dr. Tim Savage, clinical assistant professor, NYU SPS Schack Institute of Real Estate, will be a platform serving all divisions of SPS, bringing together experts, learners, and industry leaders from multiple disciplines.
“Business and industry are experiencing a transformation in which they are recognizing the power of their proprietary information combined with public sources of information,” said Savage. “The application of AI, machine learning, and business analytics will play a major role in this transformation.”
According to Fortino, “The demand for practitioners in the science, engineering, and art of applied data analytics is enormous and constantly growing. NYU SPS, through this Applied Analytics Lab, can be a major contributor to industry demand for analytics-savvy workers and workforce development. The focus of this Lab is distinct and complementary to other schools and centers within NYU, which concentrate on the theory of computing and data science and less on its application.”
The Applied Analytics Lab (AAL) aims to use best practices in applied analytics to educate professionals, inform decision-makers, and improve organizational performance. Its mission is to:
- Educate students in analytics tools, machine learning, and AI techniques to support data-driven decision-making in industry and explore the role of the analytic translator.
- Work with faculty to conduct research and publish findings on the best methods for applied analytics and its strategic application, rally their assistance in educating SPS and all of NYU on the application of data analysis in their courses, and encourage them to act as coordinators and ambassadors for Certificates in Data Analytics and Data Visualization.
- Educate industry professionals and policy-makers on the methods and benefits of applying analytical techniques to solve industry and organizational problems and provide them with open source tools for analysis.