There's no question that digital transformation has had a profound impact on the way we do business. The sheer amount of data now available to companies has made it possible for them to gain insights that were once impossible to obtain. And the advent of powerful analytics tools has given companies the ability to crunch all that data and obtain actionable insights in real time.
Such innovations, in turn, have allowed businesses to become far more agile and responsive, and enabled them to make decisions in a more data-driven manner. This is proving to be a huge advantage in today's fast-paced business environment, where changes can happen rapidly, and competitors can move quickly to take advantage of any opportunity.
“As customer needs are evolving, businesses need to make decisions quicker, and in a more informed manner as data is now the new currency,” says SMU Associate Professor of Information Systems (Practice) and Director of the Master of IT in Business (MITB) (Analytics) track, Tan Kar Way.
To keep up with evolving needs, businesses need to find ways to use technology that leverage on data to create a more optimised customer experience. This can be done by automating certain tasks such as personalisation or optimising order delivery, or by developing mobile apps that make relevant product recommendations to customers for meaningful interactions with your company.
As Asia's first professional Master’s programme to meet the demands for well-trained data analytics professionals, the SMU MITB (Analytics) track provides a systematic understanding of today’s business problems with applications in any industry or sector. It is co-designed with leading global and regional firms from various sectors, ranging from retail, tourism and supply chain industries, to healthcare, financial services, and telecommunication sectors.
We chat with Associate Professor Tan on how retail and healthcare sectors have been transformed by data and technologies, and the ways in which the MITB (Analytics) track equips grads with in-demand skills to stand out in a data-driven world.
Optimising the entire value chain of consumer goods
There is no question that analytics is playing an increasingly important role in businesses of all types. But what does analytics mean exactly?
Analytics refers to the use of data and statistics to make better decisions. By tracking trends and analysing customer behaviour, businesses can make more informed decisions about everything from new product development to marketing campaigns.
For years, analytics has already had a significant impact on the retail industry. Retailers are now able to track customer behaviour in real time, which allow them to respond quickly to changes in demand.
“Most significantly, analytics is cutting across the entire value chain of a company,” states Associate Professor Tan.
She cites the example of customer segmentation, whereby companies can create customer profiles and then use that information to develop targeted marketing campaigns. Additionally, analytics is also used for recommendation systems. By analysing past customer data, companies can suggest relevant products to the customers
Moreover, data plays a leading role in the emerging field of green logistics — the environmentally-friendly approach to the management of goods and materials as they move through the supply chain. The adoption of green practices in the logistics sector requires a collaborative effort among all members of the supply chain, from manufacturers and suppliers to retailers and consumers. Companies can now tap upon data insights to optimise routes, thereby reducing fuel consumption and carbon dioxide emissions.
In addition, analytics is being used to evaluate suppliers and assess their environmental impact — to make more informed decisions on which suppliers to work with. And finally, companies are using analytics to monitor and improve theiroperational efficiency, lowering costs by reducing waste and optimising processes.
The new face of healthcare
Healthcare professionals have always relied on information to make decisions about patient care, but with increasing access to powerful analytics tools, they can now gain a much deeper understanding of what is happening within their organisations.
Healthcare analytics is the process of applying statistical analysis and machine learning techniques to healthcare data in order to identify patterns and trends. These insights can be used to improve patient care, predict clinical outcomes, and better manage hospital resources.
For example, by analysing patient data, healthcare professionals can now predict which patients are at higher risk of developing diseases or ailments. This information can then be used to develop preventative measures that can reduce the likelihood of these health problems occurring.
Additionally, analytics can be used to optimise resource allocation within an institution. For example, through data mining and analysing historical data on patient admission, healthcare administrators can better forecast the number of patients who would require admission in the coming days or weeks and allocate the necessary resources in advance.
In an endemic world like ours, data analytics can also help us understand patterns of diseases and how they spread, so that we can take pre-emptive measures to halt the spread of infections in case of a new variant. By tracking data on patients' symptoms, movements, and contact with others, we can develop a more holistic picture of how diseases are spreading and identify potential hotspots. This information can help us mobilise resources more effectively in order to contain outbreaks before they become yet-another full-blown pandemic.
“Professionals from various backgrounds join our MITB (Analytics) programme to be more competitive in the job market by leveraging upon the digital bandwagon,” says Associate Professor Tan.
“We offer the perfect pathway for anyone to enter and grow with technology while applying their existing domain knowledge.”
For example, young business graduates may continue to combine business knowledge and technology skills to fast-track their career trajectories; while working professionals may target their customers more accurately and improve customer loyalty and engagement with the help of analytics tools.
In order to navigate in this challenging environment successfully and continue to thrive in the future, digitally savvy professionals must leverage on data analytics tools for business survival and growth. With such compelling insights on hand, future business leaders can then respond more quickly and effectively to market changes, giving them an edge over their competitors in today's highly competitive market.