The secrets to harnessing the power of data
According to Forbestech writer Laurence Bradford, data is “not just for the analytics team anymore.” Whether you aim to run an established, international business or you are seeking to develop a start-up, it is undeniable that having an understanding of data is indispensible to executives and managers today.
Consumers are generating data constantly, and business leaders must be prepared to harness the wealth of information available. But what are the powers and limits of data? How can business professionals use data for decision-making? Keep reading to learn what the ubiquity of data means for EMBA graduates today.
Data analysis can support innovation, which is one goal manyEMBA program graduates strive for. The organization of numbers into traceable statistics and meaningful graphs has the potential to allow managers and executives to predict future trends and generate innovative strategies to stay ahead of the curve.
For example, data can be used to study customer needs in great detail. When these have been identified, the information can be used in marketing strategies and in product development to create new revenue streams. According to some professionals, the rise of data marks a shift away from “going with your gut” to more informed thinking.
Data analysis will reveal correlations between variables that can inform decisions and contribute to the development of decision-making models. However, if the only person in a company who has data literacy is the chief data officer, it may be difficult to reap the benefits of their analysis. To make the most of this information, decisionmakers need to have a thorough understanding of data analysis topics such as basic inferential procedures and statistical process control, both of which are covered in an Executive Master of Business Administration degree.
Whether you are the leader of the product team, or customer service, or the entire organization, an understanding of how data is collected and why will allow you to connect the dots to ensure your business is maximizing its potential. This is not necessarily about being a statistician, and many business executives with data experience know what kinds of questions to ask to get the answers from data they need for success.
The critical part of data analysis is not necessarily technical prowess with numbers. Rather, it is the capacity to think critically, a problem-solving skill that will be enhanced with a practical knowledge of data science.
This kind of knowledge can be especially useful where companies want to measure and understand their own operations in great detail. Data can support the creation of frameworks in which leaders can develop, test, and improve risk management strategies. It can also allow businesses to identify and quantify potential risks day-to-day or in the long-term, thereby contributing to increased quality in risk management overall.
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