Enhancing Personal Data Skills

Q1. Comparing up to five different organizations, how are they using data and to what end?

Different businesses and organizations have always relied on the use of data to impact increased growth and development. In the current business environment data driven decision making is a strategy adopted by almost all business with the aim of developing a competitive edge over other businesses and maintain profitability. Dalimunthe (2019) advances that with the advancement of technology, new ways of data analysis often referred to as Big Data analytics are developed for various sectors of the economy. As such different companies, big and small are significantly engaging the use of data in decision making about various aspects of their companies among the ways different organizations use data include risk mitigation, consumer acquisition and retention, solving problems related to business such as marketing and advertisements, innovation and in supply chain management.

Highly competitive business environment as well as unprecedented technological development and innovations impact the need for increased risk management for different organizations. According to Kopanakis (2019) analysis of data enables businesses to quantify and model everyday encountered risks so as to be able to predict any future risk and develop mitigation mechanisms to prevent their occurrence. Banks for example use financial information about their customers to assess their credit worthy and facilitate loans on a safer limit. The data can also be used by banks to predict institutions and organizations that face financial difficulties and thus develop mechanisms of cushioning the effect from late loan reimbursements.

Data can also be used by organizations such as businesses to acquire and retain loyal customers. According to Bridgewater (2018) the current business environment is significantly competitive and dynamic as such the level of consumer engagement invested in by a company significantly impacts their market base. Business organizations such as Coca cola significantly use data to enhance the acquisition and retention of new customers. Through evaluating consumer data such as reviews and feedback as well as various questions asked by customers, businesses can effectively predict the consumers taste and preferences with regards to. Coca cola director of strategy according to Kopanakis (2019) confirms the significant nature of the feedback the company receives through emails, phone calls, website posts and reviews. He points out that coca cola uses the data in product development as well as marketing. Effective feedback of aspects such as taste and preferences for instance impacted the development of the sugar free coke which leads to significantly increased sales and profitability for the company.

Deppen (2018) highlights that data analysis can significantly help in solving problems related to any aspect of the business including marketing. Big data analytics in such business can significantly change business operations such as matching customer expectations, changing organization product line to suit consumer demand and even enhance marketing and advertisement campaigns to be more productive and successful. Different organizations such as Netflix currently use data analysis to develop targeted advertisement that is likely to be of interest to the consumer and result in increased profit. With a customer subscription of up to 100 million individuals’ worldwide (Kopanakis, 2019), the company has to develop a significant data base and target it to its subscribers depending on their preferences. Based on the type of movie that an individual uses the website to watch, subsequent advertisement and recommendations are made available for the consumers to influence the customer to continue using the website. In this way Netflix uses data in developing better marketing techniques to enhance consumer retention.

Other organizations also indulge the use of data to fuel their product development and innovation strategies. A company like Apple Inc. for instance is based on effective innovation and development of unique products for its consumer base. The various Apple products such as the iPhones, Mac Book and the iPad are developed and updated based on the user feedback Apple receives through its website, email and other communication fronts such as eWOM (Buckley, 2016). The various design processes for the products are based on the feedback of customers highlighting what they need and what does not work for them. Apple also uses feedback and consumer information to design new products that fill a gap in the market. Through analysis of the need to maintain a constant monitoring of owns vital signs during exercise and other activities, Apple Inc. was able to develop a watch that significantly monitors users vital signs thereby satisfying consumer needs.

Supply chain management is another crucial aspect of business organizations and one that has intensively benefited from the development of technology such as big Data analysis. According to Kopanakis (2019) Big Data analysis offers supplier networks great accuracy, clarity and insights that enable minimization of any losses that occur along the supply chain. One such company that uses data in impacting its supply chain Management is Amazon. Relevant data on a locations population as well as their preference of certain products for instance and the most ordered products can be used to develop a supply chain inventory and prevent shipping of extra products that are not needed. Through consumer data analysis significant and most efficient ways of distributing products can be effectively developed to enhance the supply chain process and management of such organization leading to minimized loses and subsequently increased profitability and success,

Conclusion

Data is without a doubt one of the most significant resources in the current business environment as well as the global market. Businesses that are unwilling to learn and use data in decision making are more likely to lag behind given the highly dynamic and competitive field with unprecedented changes in consumer needs and preferences. As such adopting data analysis in organizations significantly impacts increased growth and development in multiple sectors and perspectives and can significantly impact the profitability and success of a business.

Q2. Using examples of your current numerical skill set. How well can you use data now and how do you see it developing over your program ready for employment?

A popular urban saying in the contemporary business market says ‘Information is the new currency’ in an attempt to highlight how essential information is in the current business world. All sectors of business and other disciplines effectively rely on information for different purposes. This need has led to the development of technological and innovative ways of using data and information in the growth and success of businesses. Just a glance at a sheet with numbers or graphs can significantly offer individual crucial information for a new product, or gaining competitive edge over their customers, or realize a certain risk in time to mitigate it and save the business. Data in the current environment really has multiple uses and an individual’s application of it is only limited by their effective understanding of the numbers and the level and type of numerical skills that they possess.

One of the ways I can effectively use data now is in financial decision making with regards to my income, expenditure and savings. According to Marr (2019) the use of data is significant for effective decision making in life. A majority of individuals lack not only financial literacy but basic numerical skill sets such as calculation of percentages and profit and losses. Through effective analysis of the percentages, profits and losses I stand to gain by saving part of my income, forgoing some luxuries for essential property enables me to plan my life and male effective decisions around my income. I can effectively use data regarding my income, expenditures and needs in life to make effective life decisions that contribute towards my eventual growth and development.

According to a survey by Deloite cited by Marr (2019) businesses of all kinds and sizes effectively generate data that can be crucial for use. Any business with a website, a social media presence, and accepts electronic payments of any kind is collecting data about customers, user habits, web traffic, demographics, and more. All of which an individual can significantly use to the advantage of the business if they can learn how to use them. At present I can use such data and my numerical skill set to determine consumer behavior and predict future sales within a small business.

For instance using collected data, I can calculate the frequency and number of customers who come into a store on a weekly basis as well as the average amount of money spent by these individuals. Collecting and analyzing the data for up to 5 weeks can provide effective information to enable the forecasting of consumer volumes and sales for the next weeks. This impacts other business processes including the supply chain impacting limited risks of spoilt products and minimizing costs related to transport and other elements of the supply chain. The use of information in this sense significantly impact the profitability and success of businesses,

Data can also be used to make strategic decisions within a business for instance, most effective marketing and advertisement techniques, most effective products for increased production and sales and other decisions. According to Grow (2020) the use of data within a business significantly increases business efficiency. Using my numerical skill set I can use effective data collection and analysis to impact optimum distribution of resources within the business for maximum efficiency. If an increase for instance in sales of a particular product is noted, analysis of the data relating to the increase can effectively help to highlight the reasons for this; whether increased preference, or effective marketing techniques or favorable prices. Use of data as such enables development of effective strategies of spreading this increase in other products and effecting efficient increased growth. Data use in this sense enhances organization resource distribution influencing increased efficiency.

While at the moment I can only use data to make to draw derivations and make general conclusions, the program should be able to enable my adoption of other data use skills and ways that impact more effective use of data. At present I poses relatively basic numerical skills to enable my effective data use including calculation of percentages, means, medians and frequencies which are significant in analysis of financial expenditure and investment within business. However as the course proceeds through the program I anticipate to gain much more numerical skills that would enable my effective analysis of big data and make significant conclusions for enhanced business growth and development.

I also anticipate learning how to analyze and manipulate data using computer software given the significant investment on technology within the actual business industry. Learning about Big Data analytics for instance would enable multiple uses of data across the business industry that could be useful in my employment period. According to Bridgewater (2018) Big data analytics enable the use of data in risk assessment and mitigation, consumer acquisition and retention, development of new products and innovation evaluation of organization resource allocation and use as well as enhancing the supply chain management process. Proficiency in Big data analytics as such as the program continues should provide me with adequate knowledge on the effective use of data for organization and personal gain.

Conclusion

Understanding and using data is significant in the modern globalized environment not only in the field of business but also in other industries including sports, medicine and virtually all human indulgences. Analysis and use of data is essential down to the personal level and only through effective data analysis can an individual effectively organize their lives and make appropriate decisions for their personal and professional growth. This highlights the significance of acquiring numerical and analytical skills and is the major reason for my involvement in the data analysis program.