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Saturday August 18, 2018

Educated decisions through data analytics

GONE are the days when you can defend your decisions through gut instinct or hunches alone.

In a fast-changing environment full of business disruptions and innovations, seniority and years of experience can no longer guarantee effective leadership or management.

The metrics in which empires rise and fall now lie on the hands of those who have the quantity and quality of data needed to make critical choices.

Data has always been a currency that flows through all walks of life, all industries, and across generations. We all have heard of the maxim “Information is power.”

But over the recent years, technology has granted data an enormous leap. It’s now at lightning speed, with stealth abilities that no human spy can ever dream of, and a gigantic capacity to gather and store all kinds of information.

For those who can read data language, this grants unbelievable access to the movers and shakers hidden beneath the numbers.

Seemingly unrelated figures can now reveal correlations that can affect major life decisions.

Nowadays, one will never know when liking a post on social media or clicking on a link can have a direct effect on a relationship, business enterprise, political figure, or a nation’s policy. This is the phenomenon of Big Data.

According to forbes.com’s Lisa Arthur, Big Data is “a collection of data from traditional and digital sources inside and outside your company that represents a source for ongoing discovery and analysis.”

By using data analytics on big data, businesses get to understand their target customers better, recruit and retain employees better handle risks more effectively, cut expenses in various departments, and increase efficiency and operating margins.

Making sense of the big data through data analytics has been proven to be a driving force in forecasting demands, human resource management, product development, quality problem-solving, distribution, marketing, price management, merchandising, sales, social media, ecosystem conservation, and in crime detection.

Data analytics are here not to make life more difficult. On the contrary, it aims to make life simpler, more logical and reasonable. It aims to increase accountability by providing clear, recorded information from the past or as it happens so that we can take appropriate actions.

At its essence, it helps people make confident and educated choices.

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#DATAROCKBACOLOD: Making data work for you will be conducting a “Big Data 101” seminar and workshop on February 9 at the Carlos Hilado Memorial State College in Talisay City.

It aims to highlight the fundamentals of data collection and analysis, how to use basic software in spotting trends and patters, and how to present clear and appealing data applicable to business leaders, department heads, managers, supervisors, HR practitioners, educators, and to anyone desiring to upskill or learn how to make decisions backed by data.

For more information, contact Tina Abelarde at 034 7042737 or visit www.bagospherelabs.com.


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