Optimising your ‘Data Analytics and Modelling’ skills in today’s market

A61F7841By Associate Professor Tony Webber, University of Sydney MBA program

The economic and financial world is a much more volatile place than it was a decade ago. Before this volatility, companies could make do, almost exclusively, in their decision-making with the use of experience or gut feeling. Not anymore. Companies understand that their decision-making requires a more scientific, emotion-free approach if they are to cut through the difficulties associated with a more volatile world.

An important feed into this more scientific approach is data that is both internal and external to the firm. If companies are to implement this all important scientific approach to decision-making, they must invest in deeper and higher quality datasets. And they must also employ people with the necessary skills to work their magic on these datasets. People with these skills are imminently and increasingly employable and possess a competitive vocational edge over their peers.

One of the complexities that companies wish to unravel in the data is how the data is interrelated. How does the economy affect the companies demand? If the company raises prices to recover higher costs, how will this impact earnings? Why is the Australian dollar linked to commodity prices and how can the company use this information to save money? All these questions and more will be answered in the Data Analytics and Modelling (DA&M) module.

Data analytics will become an increasingly important part of the lives of companies as they build better and wider datasets and increasing volatility in the economic world requires greater scrutiny of the data. Students of DA&M in the MBA program at the University of Sydney Business School will therefore be in hotter demand tomorrow then they will be today.

To become an exceptional senior manager, simply understanding and applying these data concepts and tools is not enough. You need to be able to present and communicate your data ideas and findings to senior management in a way that clearly articulates how the organisation can take the theory and turn it into practical solutions. This is a key part of DA&M module.

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