Increasingly, companies make use of data thinking to be more aggressive in the market and have a higher level of competitiveness. Answer questions such as: why are companies based on data?, how does data drive business activity?, what type of equipment is necessary to process data?, or how to face the challenges to train staff who work with data and to get the necessary resources to work with data? it is the basis for better understanding where companies are going and how they can get more out of a strategy of monitoring, analyzing and using their customers’ information for the development or improvement of products and services and, of course, of their respective communication campaigns.
In this sense, Dr. Srikar Bellur, professor of Data Analytics at Harrisburg University, during the XIII version of Biz Fit Panama, said through his keynote speech: “Data thinking: organizations need to think about data and focus on being driven by data”, which is “proven that technological tools facilitate access to data and these in turn contribute to quality decision-making at all levels of an organization.”
In addition, says Dr. Bellur, companies such as Apple, Google, Amazon, Netflix and the Washington Post have been driven by data and show that the correct decision making, thanks to the proper management of data, can represent an additional 11% in terms of revenue, data tells a story and that what the data analyst does is look at that data and find patterns that facilitate decision making and contribute. to solve any problems.
Data is key in the functioning of any organization because by having descriptive data of the processes, of what happens and why it happens, you can try to predict what will come; and thus control the future correctly. Information optimizes decisions, maximizes profits, and minimizes costs.
The topic of data analysis is so important that it is not only companies that consider it as the key to the business today. For example, sports teams make their decisions about which players they will acquire, the positions they will play and even who will make up the lineup for a given game, through data thinking.
“Companies need to have information about their customers, segment them, offer them the right promotions and all this is achieved thanks to data,” says Bellur. When organizations make this whole process aware, what is called data culture is formed. This culture implies that decision-making through data analysis becomes a habit. Most importantly, companies have to attract a new type of data-trained staff and this profile of the new professional must be able to express complex ideas in simple terms. The data scientist must have sufficient skills to tell a story derived from the data and that is understandable by the entire team.
Harrisburg University of Science and Technology offers graduate and professional development programs at its location in the City of Knowledge in Panama. For more information on the programs and scholarships available, email HULATAM@HarrisburgU.edu or visit online at https://www.harrisburgu.edu/hulatam/
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