Would you believe if we said that 90% of the data generated around the world has solely come in the last two years? That shows how big data explosion is!
All this data is being leveraged by businesses to make the most out of the market. Managers and leaders are on their toes to put all this data to good use. Management training can help managers get some insights into applying this data to reveal new opportunities and take your business forward. Here’s what managers need to be data-savvy:
1. Making use of their own company’s data
Businesses produce a lot of data every day, and most of them often go unconstructively. Market research, sales figures, customer and client profiles, etc. are some types of information that a company records and the right hands can make the most out of it. Data-savvy managers should be able to extract their own company’s dataset and analyse them to find key business answer and solutions.
2. Understanding the value of data
Data-savvy managers can generate truly meaningful business analytics with in-house datasets and selected open data sources. For example, a buyer’s behaviour can be examined by looking at retail sales data alongside weather activity. This can give you crucial details like the products sold, frequency of sales and the type of sales. Once the pattern is identified, managers can use the data model to pre-empt consumer habit and maximise sales according to the weather.
3. Machine learning:
Data-savvy managers can make use of machine learning abilities to mine data and identify trends. Machine learning can help unearth data patterns and use this information to create positive business outcomes. AI and machine learning takes inputted data and analyse it to produce a desired outcome or action without being explicitly programmed.
4. Long term strategy
Data science is a relatively new area, and it will take some time for data-savvy managers to make the best use of it. Managers should stick with the strategies they believe in even when there are unexpected results during the process. Only by mining complete data sets can true patterns be uncovered, so managers should see their projects through to conclusion.
Management training can give managers an upper hand to make the use of all the data. They can develop strong strategies, and won’t let all the information go to waste. Also, all the data can be used to learn data patterns and find solutions to unsolvable problems. Consult with us at LBTC and learn more about training courses.