Data is the driving force of commerce in the post-pandemic world. After the repeated lockdowns, the home stuck population started craving for the services and products at the doorstep. As there was no other alternative left. As a cherry on top, the major western economies were damaged beyond repair. The existing commercial entities had to introduce a shift in the working paradigm, in order to yield significant results. Data came to the rescue. With the help of huge amounts of data, a predictive approach was able to take hold. Data allowed the provision for planning and executing with certainty and some degree of assurance. The handling of data is no easy task to undertake. It requires extensive training and discipline. Thus, in order for the business to flourish, a dependency on data gradually became mainstream. Data analytics is seen to be helping with both external and internal affairs of a business or commercial entity.
In order to handle data new roles have emerged and businesses quickly tried to adapt as well. Business analytics and data analytics became an essential part of commerce in the 21st century. After the pandemic. The change was commencing in full swing even before the pandemic emerged but Covid19 was a determining push that sealed the deal and made way for a data-dependent future.
This discussion will try to explore the relationship between data literacy and business administration in our times. And dive deep into multiple aspects of commerce in the process.
Data analytics is the key
Given the circumstances the business is going through, a wrong move can destroy an institute from root to stem. Data analytics can be divided into three major stages. The first stage involves structuring the unstructured data. So that the tools and software can be deployed in making sense of the same. The second stage involves making sense of the data and making predictions for the future to come. And the final stage involves the prescription of tasks needed to be executed in accordance with the predictions. If the stages are executed properly, it can statistically yield the best possible results for a business.
We are going through a time when the old way is being put aside with a gradual lean towards data. An executive MBA in data science in this context can prove to be an essential upgrade if job security and career growth are desired. Managing a business in a post-pandemic world requires adeptness with data and a mindset able to execute swift decisions. Data analytics if performed with finesse can grant this confidence of planning and move forward with minimum chances of disasters.
Data and administration
Overall administration of a business is perhaps the most essential part of commercial entities. A good administrator establishes good coordination and maintains the flow of information between multiple divisions of their organization. In the data-driven days we are experiencing, a manager or business administrator must be a data-literate individual if they are to establish a kind of rhythm and cohesion between the different divisions. All the divisions of an organization generate data in the process of day to day operation. This data can be used to optimize the effort given by every division and set a path, determined by the thorough analysis of data.
The internal cohesion, if achieved, shows the effects on the external activities of a commercial organization in very little time. The overall efficiency increases drastically, along with the desirability among buyers.
Marketing and development
Even before the commencement of any business, the existing data regarding the climate, population and soil can help in determining a lot of aspects of commerce. Which might include the type of business and essential aspects of the product as well. A data analyst can help in this regard by analysing the buying habits and shopping preferences of entire populations. Thus with all these empowering data-dependent abilities. A business with enough data literacy can target specific people for business commercials and advertisements. So that the efforts are optimized and most likely to succeed.
Due to this data-dependent marketing, the marketing efforts are far more efficient and seen to be yielding significantly positive results.
Outsourcing of error-prone tasks
The most mundane and exhausting tasks are the most likely candidates able to invite errors in execution. Engaging human resources in the execution of these tasks not only harm the overall capability of an organization but also wastes valuable time. Which in trump reduces the value of human effort. As a blessing of data science. Machine learning tools can be trained and deployed in the execution of these tasks. Otherwise error-prone if executed by human beings.
By increasing the value of human labour and saving a lot of time, these kinds of outsourcing help a business to grow and perform at its full potential.