Welcome to Data-driven Decision Making. In this course you'll get an introduction to Data Analytics and its role in business decisions. You'll learn why data is important and how it has evolved. You'll be introduced to “Big Data” and how it is used. You'll also be introduced to a framework for conducting Data Analysis and what tools and techniques are commonly used. Finally, you'll have a chance to put your knowledge to work in a simulated business setting. This course was created by PricewaterhouseCoopers LLP with an address at 300 Madison Avenue, New York, New York, 10017.
Business impacts of technology advancements and data trends
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Data-driven Decision Making
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Technology and types of data
This module is an introductory look at big data and big data analytics where you will learn the about different types of data. We’ll also introduce you to PwC's perspective on big data and explain the impact of big data on businesses. Finally we will name some of the different types of tools and technologies used to gather data.
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Alex MannellaAlumni / Former Principal
[MUSIC]
Welcome back.
In this video we're going to look at the business implications of
technology advancement and datacrytes.
Data and analytics is impacting every industry.
Let's start with agriculture, one of the oldest sectors.
Farmers are typically use their experience and the weather to
decide when to plant seeds, when to irrigate them, and when to harvest them.
But now thanks to advance analytics, they can log into a system and
analyze the best time to plant their seeds to obtain the best yield.
Precisely when to irrigate which part of the multi acre farm.
In another example,
a high network young professional logs on to a rover advance platform.
Selects the money if you want to invest for the next two years and
let the system know our risk appetite.
The robo-advisor then selects the right mutual funds and ideas or
exchange traded funds that she should own buys them through the exchange and
continuously monitors the value of her portfolio and
is ready to sell if the situation warrants.
When we look at what's going on in the world
we can see three major implications of technology advancements.
Customers are changing the way they choose products and services.
Competitors are faster and nimbler than ever before.
Supply chains are more complex and diverse.
Let's start by talking about how customers are changing the way
they choose products and services.
Online sales of products is increasing, and organizations need better
online marketing and access to optimal distribution channels.
At the same time, customers increasingly rely on information from social media.
Organizations need to be aware of changing customer behavior and perceptions.
The farmer practicing precision agriculture
is demanding timely information, relevant and
personalized information with respect to their firm and what they should do.
Similarly the high net worth in professional is making
decisions late at night from the comfort of her home.
In both cases, the customers trust their online systems but have high demands
on simplicity, personalization, ease of use, and transparency.
Next, let's consider how competitors are faster and nimbler than ever before.
For every organization time to market for competitors has decreased.
Managers at all levels need to access information on market changes so
they can make quick adjustments in product strategies.
Although the initial decision supports software product used by the farmer
was from a start-up.
It got acquired by a large agri business company.
We see this again and again.
Where start ups innovate and established companies acquire them
in order to become more nimble and competitive.
Now you see all of the major agribusiness companies using advanced analytics
censors and other technologies to extract more from the farms.
Similarly, the use of digital advice or
robot advice is now no longer restricted to just startups.
There's an arms race within the asset management sector
to build better analytic tools for their customers and advisers.
Finally, supply chains are more complex and diverse.
Better global connectivity has allowed businesses
to purchase imports from around the world.
This makes purchasing decisions more complex.
Increasingly, industry sectors are becoming more global and interconnected.
Internet of things and sensors are revolutionizing physical supply
chains and enabling data driven optimization and decisions.
For example, the robo-advisors can manage funds across multiple
parties distributed across the world.
They can execute trades 24/7 and
they're not dependent on the traders in each local market.
The business benefits from advance data and analytics are four-fold.
Increased revenues and profits as companies look at
hyper targeting customers and selling tailored solutions to them.
Decreased cost and
enhanced productivity as more automation takes over from human decision making.
Better customer experience as the omni channel interactions for
why the convenience for customers and the low cost for providers.
Reduced risk and
better quality as standardization and automation become the norm.
Increasingly, the workforce will be asked to focus on high value tasks as more
of the repetitive, manual and intellectual tasks are taken over by machines.
Over time, the ability to use data and analytics and
make data driven decisions will become standard practise.
PWC is recruiting with this instate in mind.
Data and analytics is becoming a part of the rapporteur of all of our consultants.
There are three key factors increasing the relevance and importance of data and
analytics.
The amount of data generated has exploded because of technology advancements.
There are many new types of data available that cover a much wider range of activity.
The price point for infrastructure and tools needed to capture and
analyze this data as dramatically reduced.
Making data collection and analytics much more economical for
the organizations that need it.
In the new normal of lower growth, regulated markets and
cost constraints our clients are increasingly considering data and
analytics as unexploited assets they can use to help them meet their goals.
Technology has changed the data we have access to and
how we can analyze and then visualize that data.
We are now seeing things like big data, non-traditional data,
information synthesis, sophisticated analytics and visual insights.
Let's talk about what each of these are.
The exponential growth of data and computing power is multiplying
the number of opportunities to drive insights from information.
That's what we call big data.
Nontraditional data are telematics, satellites, voice,
video-to-text, and other emerging technologies that create data
from previously non-quantifiable concepts.
Information synthesis is a catchall term for how evolving
data analysis and processing technologies are increasing our ability
to draw insights from complex, messy and unstructured data.
Sophisticated analytics are the advanced techniques such as simulation and
optimization that are making it possible
to pursue previously out-of-reach insights from data.
Finally, there are visual insights as data visualization disciplines
mature organizations and software tools are simplifying and
accelerating the path to insights and decisions.
In this video, we talked about the major implications of technology advancements.
Customers are changing the way they select products and services.
Competitors are faster and nimbler than ever before.
Supply chains are more complex and diverse.
Think about how some of this changes have impacted you personally.
How have you chosen products differently since the bought are social media?
Compare this how you bought products before social media?
Think about other technology advancements that you have seen.
Then join your fellow learners on the discussion board and
engage in a dialogue on how technology advancements have changed your behaviors.
And from that consider the big question in what ways do you
think organizations need to use data to help them think differently?
[MUSIC]
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