Minding Our Business
A monthly article written by Dean Becton
Big Data is Big Business
Companies began embracing business analytics several years before the pandemic, but after the impact of the Covid-19 virus, more businesses rapidly turned to business analytics to make sense of the chaos and attempt to predict future needs and conditions. From forecasting demand to identifying potential supply-chain disruptions, predictive models were developed to produce data-driven decisions and business analytics promise to be around for the long haul.
While business analytics have grown in popularity and use in recent years, it is not a new phenomenon. For decades, companies have used data to make important decisions such as which applicants are most likely to succeed in certain jobs, which employees have the most leadership potential, and which products are most likely to be best sellers in certain market segments. What has changed is the amount, variety, and accuracy of data that are available and collected by organizations and the speed at which data can be processed and analyzed. This is what has become known as big data because it is larger, more complex, and from new data sources. Because of these factors, traditional data analysis software can't handle these data, but they allow managers to address business problems in ways they couldn't before. As a result, big data is big business. Companies in every industry across the globe create data to collect customer information, track inventory, and manage human resources and this creates huge amounts of data to be managed and analyzed. So much so, that new terms, such as zettabyte, had to be invented to describe it.
So, how big is big data? According to explodingtopics.com, the global big data and analytics market is worth $274 billion and cloud computing where most of the data are stored generates nearly $400 billion in annual revenue. Approximately, 2.5 quintillion bytes of data are created per day and there are over 44 zettabytes of data in the entire digital universe. For reference, a quintillion is a 1 followed by 18 zeros or a million trillion or a billion billion and a zettabyte is one thousand exabytes or one billion terabytes. That's big data, indeed. Also, big data in certain industries, like healthcare and supply chain management, are expected to grow considerably over the next few years to $79.23 billion and $7.1 billion, respectively. Companies, employees, and business students must become more proficient in analyzing, interpreting, and utilizing big data to keep up with current trends. This will make this already scarce skillset highly valued on the job market. I'd love to hear what you and your organization are doing to meet these challenges.
Regional Lagniappe Sales Challenge
Four Southern Miss Business students traveled to Southeastern Louisiana University to showcase their sales skills at the regional Lagniappe Sales Challenge this October. Leading up to the competition, these USM students attended industry webinars on the competition product (financial services), created marketing materials, and practiced the sales role-play with School of Marketing faculty members, Dr. Kristina Harrison and Mr. Kevin Buckley.
While our USM team received great remarks from the buyers, Anna Grace Gieger marginally missed the top 6 finalist cut, finishing 7th. The students all agreed that the 10-15 minutes spent in the seller’s seat revealed a multitude of lessons. Gieger did achieve the top placement for the Sherwin-Williams Speed Sell competition.
Southern Miss Business is proud of Landon Elkins, Kaela Barnicle, Anna Grace Gieger, and Joe Lee Flynt for exemplifying true Southern Miss grit. When asked their feedback on the sales challenge, these students were eager to face the next competition. Southern Miss Professional Sales Program plans to host a similar sales competition in the coming years.
Business Career & Internship Expo
This year, Career Services hosted three targeted career fairs in an effort to increase engagement and make the fairs more accessible. The Business Career & Internship Expo was hosted in Scianna Hall and welcomed more than 130 students. 49 companies from a large variety of industries set up on both the first and second floor of the business building to network with students of all business majors and classifications. Organizations recruited for internships, training programs, part-time positions, and full-time career positions.
"Eagle Fever" Business Student Study Abroad Scholarship Fundraising Campaign
The Eagle Fever fundraising campaign for business student study abroad scholarships was a huge success! Studying abroad is one of the most impactful experiences students can have during their time in college, learning about a new country and culture and make lasting memories and life-long connections with peers and professionals from across the globe along the way. However, so many students consider studying abroad unattainable due to the expense.
During the month of October, the Eagle Fever campaign raised over $9,000 in scholarship funds, surpassing the $7,500 goal set at the beginning of the fundraiser. We had 82 donors from nine states, with Mississippi and Florida leading the way and donors from as far away as New York and Colorado. Thank you to everyone who generously donated to this cause! Special thank you to Mr. Russ Willis for leading the charge to raise these funds. His dedications to Southern Miss Business students is invaluable.
Two USM Accounting Students Selected as MSCPA Scholars
The MSCPA is the largest professional organization serving the needs of Mississippi CPAs and aspiring CPAs. Each year, the MSCPA Education Foundation awards 5 graduate scholarships and 12 undergraduate scholarships. Each scholarship recipient receives $3,000. This year, two Southern Miss Business students were selected among the highly competitive applicant pool.
River Howell
Ralph F. Neely Scholarship
River Howell is from Soso, Mississippi and has a 4.0 overall GPA. He graduated from Southern Miss with his undergraduate degree in May 2022 and immediately started the MPA graduate program at Southern Miss in June 2022. River was a member of Beta Alpha Psi, Phi Kappa Phi, and Beta Gamma Sigma.
Howell is a student affiliate member of the AICPA, a student of MSCPA members, and has worked part-time at Chancellor, Inc. Prior to his time at USM, River attended Jones College where he graduated from the Charles Pickering Honors Institute and was a member of Phi Theta Kappa, Phi Beta Lambda, and was inducted into Jones College Hall of Fame.
Haley Milstead
Hamp King Award
Haley Milstead is from D'Iberville, Mississippi and also has a 4.0 overall GPA. She is a member of Beta Gamma Sigma, the National Society of Leadership and Success, and Beta Alpha Psi where she is the Vice President of Membership. Haley also serves as a student ambassador for Southern Miss Business where she helps with recruitment efforts, student engagement, and various on-campus events.
Outside of college, Haley is a student affiliate member of the MSCPA, and the AICPA and will work part-time as an accounting associate for a local Hattiesburg firm this fall as she continues her education.
What's Going on in The Hatchery
A full house has come to be expected in The Hatchery’s Inspiration Lab, thanks to its popular set of event series, Coffee w/ an Entrepreneur, Lunch w/ the Hatchery, and the Mentorship Mixer. The Hatchery set the date for over a dozen of these events this fall in response to student interest shown at piloted events in the spring. Each series provides a casual atmosphere for students to grab a bite to eat, gain advice, and get inspired to dive further into their entrepreneurial journeys. The Hatchery enthusiastically welcomes students, faculty and staff, alumni, and members of our community to engage in these events.
The Hatchery's October Events and What's to Come
Coffee w/ an Entrepreneur — This series highlights industry innovators and entrepreneurs. This month, Tommy Teepell, owner of Grin Coffee, and Joe Mordica, Founder of VOXO, were the guests for the series. The next Coffee w/ an Entrepreneur will be held on November 8, 2022 and welcome John Adcock, Founder and CEO of ECCE Companies, the parent company of Adcock Properties, JWA Construction, and Colony Construction. Adcock is an instinctive businessman with a passion for being the best at everything he does. He got his start in the real estate world with a focus on the multifamily space. He has successfully completed more than $200 million in transactions to date made up mostly of large-scale apartment property rehabilitations and new development. He has since taken those successes and parlayed them into the creation and scaling up of multiple other companies. His passion is figuring out how to take small businesses and make them bigger and better.
Lunch w/ the Hatchery — This series features resource providers that assist students through various phases of entrepreneurship and innovation. This month, this series welcomed Rita Mitchell, Director of USM's Small Business Development Center, and La'Tasha Bibb, Entrepreneurial Development Director for Innovate MS.
Golden Idea Weekend —All Southern Miss students, faculty, staff, alumni, and members of our local communities are encouraged to attend the finale of The Hatchery's 4th Annual Golden Idea Pitch Competition. This year’s Top 10 finalists are preparing their ideas to take flight, and you could be the missing piece needed to help transform one of these student ideas into a venture! Leverage your strengths, interests, and connections, and be THE difference. Register to join us for Golden Idea Weekend to help launch a student idea or to catch the final pitches!
Dillard's Site Visit
On October 26th, Southern Miss Business students had the unique opportunity to tour Dillard's department store in Hattiesburg alongside Southern Miss Business Executive-in-Residence Mr. Mark Killingsworth and faculty members Dr. Brigitte Burgess and Dr. Gallayanee Yaoyuneyong. The students learned about Dillard's marketing strategies, private labels, and how the COVID-19 pandemic played a significant role in how the store operates today.
Mr. Killingsworth, retired Dillard's executive, led the tour and explained how Dillard's private label program targets their varied markets' fashion demands.
Southern Miss Cruisin'
The School of Leadership hosted its first-ever Southern Miss Cruisin' event on the Gulf Park campus during Cruisin' the Coast. It was a huge success, hosting approximately 100 people who came by to socialize and look at the classic cars parked near campus. Kudos to Dr. Bradley Winton and the School of Leadership for starting this annual event.
Southern Miss Business Students visit the Caesar's Superdome
More than 20 Southern Miss Business students went on a site visit to meet with Mr. Chuck Bourg, Director of Engineering and Operations for ASM New Orleans. While there, Bourg gave a tour of their facilities and an inside look at the operations of both the Caesar’s Superdome and the Smoothie King Center. The group then met with Mr. Bert Carter, Executive Associate Commissioner and Chief Financial Officer of the Sun Belt Conference, for a tour of the conference offices and media room.
StratCom Week: Media Sales Day
The Southern Miss Business School of Marketing and the Southern Miss College of Arts and Sciences School of Communications, cohosted StratCom Week this month. Media Sales Day was hosted in Scianna Hall. Dr. Kristina Harrison and Mr. Kevin Buckley welcomed three media sales industry guests to stage for a panel discussion:
- Don King, Account Executive for iHeart Media
- Aimee Murry, Divisional Communications Director for Salvation Army
- Leann Vance, Media Sales Consultant for WDAM-TV
A key highlight of the restructured STRATCOM major is the integration of business courses such as sales and management classes. Marketing, Sales, and Entrepreneurship faculty hosted the Media Sales Day in Scianna Hall. After exploring The Hatchery's Inspiration Lab and the newly renovated Professional Sales Lab, attendees learned from media sales professionals at the industry panel.
Business Alumni, What's New With You?
Southern Miss Business Alumni, we want to hear from you! Do you have good news to share? Maybe you got a new job, earned a promotion, or won an award! Share your good news with us so we can help celebrate you. We encourage you to share these things with us so we can include this in future newsletters. Click the link below to fill out the form.