What Does the Future Look Like for Data Driven Decision Makers?

Curator and presenter for Independent College Dublin’s’ Management Diploma in Data Analytics for Business, Alec Dolan, is very interested in what the future now holds for data analysts and data driven decision makers.

Data Analytics Pic

Due to COVID-19 all businesses and organisations have been impacted by issues that were hardly foreseen by analytics. At the start of the year predictive models did not forecast a massive dip in the price or oil or a sudden rise in unemployment, for example. The sudden exposure of backroom analytics to the forefront of decision making is now the norm. Real life data is being used in life and death decision making. Collectively the challenge now for the analytics community as we deal with the fallout of COVID-19 is the speed that we require predictive modelling to help organisations make informed decisions. Models have to be updated to take account of massive behavioural changes and data reflecting “old” behaviour patterns may skew capacity to predict.

alec-dolan (1)

Now more than ever as companies and organisations look to the future, they are going to look to analytics to help them charter their way. The analysts on their own are not going to make these decisions. Every successful data-driven analytic organisation references the need for iteration and continuous involvement with “the business”. This requires an enhanced level of capacity in the business to be able to ask good questions, understand and constructively challenge the responses and frame follow up questions. If analytics isn’t prompting “a ha” moments and strategic decisions then it’s not making its full contribution. Decisions like do we stay open, how do we rebound, are there any new markets available, how can we get the best value from our existing customer base, retain their loyalty, personalise without invading their privacy? The challenge lies not just with the analytic community but with those who, without being data scientists or engineers are aware of the power and potential of analytics: the domain experts, those who frame the questions and who need to understand where the answers guide them.

This is why Independent College Dublin’s highly rated Management Diploma in Data Analytics for Business is so relevant in the current climate. It is designed to enable people to help their organisations frame high quality,
strategic and insightful data decisions in conjunction with their analytic teams.

Alec will be presenting two of our eight modules, Big Data including Cloud and Ethics, Privacy, Data Protection & GDPR in our Management Diploma in Data Analytics for Business. To find out more about our Management Diploma Click Here