for effective decision making
The coming economic downturn will impact businesses in four major areas: the funding environment, purchasing power of customers, macroeconomic conditions, and internal operations. Businesses that will survive and thrive through this scenario will need effective decision making based on a data driven culture.
Digital transformation is how you compete and win today. It’s the path to better serve customers, build better products, and empower employees. And data is the foundational resource in this process, allowing you to transform and uncover the insights you need to drive your business forward. This approach is already used in the business model of tech startups, which have data engineering teams to drive efficiency and profit.
Data Engineering subsets
Data engineering requires an advanced skillset and is in high demand across the globe. The various job subsets include Data [scientists, analysts, modelling, mining etc]. ‘Big Data’ approach is also advocated using Apache, Scala, Python.
Data science is an interdisciplinary field of scientific methods, processes, algorithms and systems to extract knowledge or insights from data in various forms, either structured or unstructured. Data analysis refers to the process of compiling and analysing data to support decision making, whereas data analytics also includes the tools and techniques use to do so. =
Learning & Development
There are widely available digital learning platforms which deliver
excellent resource support and free access i.e. MOOC (Massive Open Online Courses) from Educational providers. These “Open Learning Platforms” can be used to provide career & training tracks, to support apprenticeship for companies. UKBT, Leeds University, FutureLearn and Tech Mums have developed a range of online courses to help enhance your digital skills.
LBAcademy provides a curriculum to help entrepreneurs develop their concepts in the digital hub. This provides entrepreneurs with knowledge and insight, with flexibility built in to the delivery (of the programme) to accommodate individual needs as they arise.
Startups and Large Corporates can afford the pay and retention schemes however small business owners lack an overview of the efficiency and profit gains, that will grow and sustain their companies. The value and techniques of using data engineering to drive decision-making, can be seen below (sample);
1] Focus on building a Single Source of Truth (SSOT) and apply logic to define a ‘Unified user profile’.
2] Establish trusted ‘Data sources’ and acquire velocity.
3] Distribute data tools within the front-line team, training your work force to write simple SQL code.
Open Data Initiative
On April 21st Microsoft, the world’s most valuable tech firm joined a fledgling movement to liberate the world’s data. The company plans to launch 20 data-sharing groups by 2022 and give away some of its digital information, including data it has gathered on covid-19.
Foster a data driven culture
A data driven culture can be enabled by the CEO/Business owner and have the message trickled downwards, through actual simple steps of asking for the data behind opinions or decisions.
LBAcademy is a UK Business Growth Hub that provides digital skill and talent training to Tech & Creative Startups for high growth.