ESG in India: Emphasizing sustainability & responsible investing ESG (Environmental, Social, and Governance) investing is a relatively new idea in the Indian market, but it has gained a lot of traction recently. In India, social and environmental activism have a long history, and the country is becoming more aware of the importance of sustainable corporate practices and ethical investing. The greater awareness of connections between sustainability and financial success is one of the main forces behind ESG investment in India. Investors are starting to expect more openness and accountability from businesses in terms of their ESG performance as they grow more aware of the dangers posed by unsustainable business practices. The country’s asset management industry has also begun to take ESG considerations into account when making investment decisions. Also, a number of ESG rating agencies are now operating in India, providing evaluations of companies’ ESG performance and making it simpler for investors to examine the sustainability of their portfolios. With initiatives like the National Voluntary Guidelines on Social, Environmental, and Economic Responsibility of Business, which urge businesses to embrace ethical business practices, the Indian government has also taken strides to promote ESG investing. Further strengthening transparency and accountability, the Securities and Exchange Board of India (SEBI) has published guidelines mandating listed businesses to disclose their ESG performance. In general, ESG investing’s rise in the Indian market heralds a significant move towards more ethical and sustainable investing methods. Thus, the increasing awareness of ESG investing in the Indian market signifies a notable change towards more ethical and sustainable investing methods. It is expected that ESG investment will become even more common in India as understanding of its significance grows. This will bring prospective benefits for the economy, society, and environment in addition to investors. Read this article on business management trends in 2023. Legal and regulatory ESG compliance criteria Companies in India are required to abide by a number of legal and regulatory ESG (Environmental, Social, and Governance) criteria. Key compliance criteria include the following: Environmental compliance: Indian businesses must abide by a number of environmental rules, including those concerning waste management, the conservation of natural resources, and legislation relating to air and water pollution. Businesses must make sure they are adhering to these rules and act to reduce their environmental impact. Compliance with labor laws and regulations: Indian businesses must abide by a number of labor laws and rules, including those pertaining to minimum pay, working hours, and occupational health and safety. Businesses must make sure they are not involved in exploitative labor practices and are offering their employees a safe and healthy work environment. Corporate governance compliance: A variety of legislation concerning corporate governance, such as those pertaining to board composition, openness, and shareholder rights, are applicable to Indian corporations. Businesses need to make sure they are adhering to these rules and doing their part to advance ethical business conduct. Reporting and disclosure: Indian businesses are required to provide information on their ESG performance as well as their sustainability and social impact. There are further reporting obligations linked to environmental and social impact, and the Securities and Exchange Board of India (SEBI) has published rules mandating listed businesses to disclose their ESG performance in their annual reports. Voluntary frameworks and guidelines: Businesses can embrace a number of voluntary frameworks and guidelines to enhance their ESG performance. Examples of best practices for business sustainability and responsibility can be found in the National Voluntary Guidelines on Social, Environmental, and Economic Responsibilities of Business. You may be interested to learn more about financial inclusion and inclusive growth. The need for ESG adaption Adhering to ESG norms and criteria is a crucial part of conducting business in India, and organizations that put an emphasis on sustainability and ethical business conduct are probably better positioned to prosper in the long run. In order to address the increased demand for sustainable, socially responsible business practices, it becomes imperative for Indian enterprises to embrace ESG principles for: Environmental sustainability: India, one of the most populous and fastest developing nations in the world, is experiencing economic growth as well as a rapidly growing middle class. As a result, the nation deals with serious environmental issues like deforestation, water scarcity, and air pollution etc. Companies in India can lessen their environmental impact, protect natural resources, and cut back on waste by putting ESG principles into practice. For instance, the Indian company Tata Steel has put into practice a number of environmental efforts, including the utilization of renewable energy sources, a decrease in greenhouse gas emissions, and water resource preservation. Social impact: India faces serious social problems such as poverty, inequality, and poor access to healthcare and education. Companies can assist in addressing these issues and improving people’s lives by integrating social impact concerns into their business processes. For instance, the Indian IT services firm Infosys has put in place a number of programs to promote education, healthcare, and community development, including offering training courses for impoverished youngsters and funding rural development initiatives. Governance and accountability: Adapting ESG principles can aid in enhancing corporate governance and accountability in India. Companies can gain the trust of their clients, staff, and investors through fostering openness, moral behavior, and stakeholder involvement. For instance, the Indian conglomerate Mahindra Group has put in place a comprehensive CSR program that focuses on social impact and environmental sustainability, as well as on a code of conduct for moral business behavior. Some of the other Indian businesses who have implemented ESG (Environmental, Social, and Governance) principles and shown a dedication to sustainability and ethical corporate conduct included, the IT company, Wipro, who has implemented a variety of ESG policies, including a commitment to carbon neutrality, the use of renewable energy, and a focus on inclusion and diversity in the workplace. Sustainability is a key element of Mahindra & Mahindra’s business strategy. This is one of India’s top automakers. The company has begun taking several actions to reduce its carbon footprint, including using renewable energy, developing electric and hybrid vehicles, and promoting sustainable agriculture. One of India’s largest banks, HDFC Bank, has demonstrated its commitment to ethical banking practices. In order to promote financial inclusion, sustainable development, and community development, the organization has implemented a number of strategies. You may like to read another blog from this author on popular digital marketing trends. Current scenario in India In recent years, India has significantly advanced in terms of ESG implementation. The nation has started a number of programs and policies to support sustainability and ethical business practices. For instance, SEBI (the Securities and Exchange Board of India) has mandated that the top 1,000 listed businesses declare their ESG performance. In addition, the Indian government has started a number of programs like the National Solar Mission and the National Electric Mobility Mission Plan to support renewable energy and lower carbon emissions. Indian businesses are also beginning to take sustainability seriously. Several businesses have even established goals for lowering their environmental impact and enhancing their social and governance standards as they begin to incorporate ESG concerns into their decision-making processes. Yet, there is still opportunity for development despite the advances made. India has considerable obstacles in the areas of waste management, labor rights, and air and water pollution. However, not all Indian businesses are utilizing ESG principles to their full potential, and more openness and disclosure are still required. India is advancing in the adoption of ESG, but there is still much work to be done. Manipal Academy of Higher Education (MAHE) teaches Sustainability as a subject with online MBA for working professionals. It covers various concepts in sustainability, including circular economy, sustainable business model canvas and others.
How analytics in banking and finance opens doors to lucrative job roles in banks Banks and other financial institutions have long incorporated data analytics into their daily operations. Analytics, out of all the digital tools currently available, offers the ability to improve customer experience, spot chances for revenue development, and maintain competitiveness in this more turbulent market. There are many new employment roles in banks as a result of the application of analytics in banking and finance. These positions frequently call for candidates with strong analytical and mathematical abilities as well as the ability to understand and articulate complicated data insights. The scope of Analytics in Banking and Finance for career growth is tremendous, so job roles are projected to grow over time. You can also read, Top companies hiring TAPMI’s on-campus MBA-BKFS graduates. How is analytics used in the banking and finance sector? Banks today use analytics to extract finely detailed information from vast amounts of data, or “big data,” and then use that information strategically and make wise judgments at all levels of the organization. Some of the most important applications of data analytics in the banking and financial industry are listed below: Client segmentation Customers can be divided into groups based on their behavior, interests, and financial history using data analytics. As a result, customer satisfaction increases, and banks are better able to customize their goods and services to fit the unique demands of each sector. Detecting fraud Fraud in financial transactions is recognized and prevented using data analytics. Banks can spot fraudulent behavior and take preventative actions to stop it by examining trends in transaction data. Investment Evaluation Market movements and possible investment possibilities are analyzed using data analytics. Banks can choose investments that maximize profits while avoiding risks by carefully assessing data from market research reports and previous market data. Risk Administration Banks can detect possible risks and take preemptive steps to manage them by evaluating data from a variety of inputs, including credit ratings, transactional statistics, and past market information. Loan Underwriting The degree of risk involved with financing certain borrowers is assessed by employing data analytics in the loan underwriting process. Banks can assess the risk involved in lending to specific borrowers and make wise credit decisions by examining data like credit ratings, income brackets, and debt-to-income ratios. Top job profiles to explore in banks using analytics There is a need for proficiency in analytics in Banking and Finance for high-paying job roles across the banking and financial sector. A greater demand for employees with excellent analytics abilities is being driven by the banking sector’s rising reliance on data. In banks, the following are among the best profiles to explore utilizing analytics: Credit Risk Analyst The role of credit risk analysts in the banking industry constitutes the assessment of borrowers’ credibility and the estimation of the risk affixed to lending to them. Banks can spot possible hazards and take preventative action to reduce them by examining data like default rates and patterns. Banks can arrive at credit decisions that optimize returns while avoiding risks by utilizing tools and procedures for credit risk analysis. Data Analyst – Banking & Finance Data analysts serve an essential function in banking and finance by offering insights into consumer behavior, market dynamics, risk assessment, and operational excellence. Data analysts in banks might work on a variety of tasks, such as client segmentation and product pricing. Banks can choose investments that maximize profits while avoiding risks by carefully assessing data. Data Scientist Data science is revolutionizing the banking industry by giving banks the resources and knowledge they require to better explain their clients, streamline their processes, and create new goods and services. Data scientists enable banks to make effective use of the enormous volumes of data they gather to understand customer behavior and spot fraud. So, banks can increase client satisfaction, lower risk, and maintain competitiveness in a market that is becoming more and more crowded with competitors with the aid of data scientists. Business Analyst (banking domain) Business analysts in the banking industry evaluate and uncover areas where the operations, procedures, and technology of the bank can be improved. Business analysts assist banks in achieving their business goals by locating issues and resolving them, enhancing productivity, and cutting expenses. Digital Marketing Analyst Digital marketing analysts perform a crucial role in the banking system with the use of data and analytics to enhance the bank’s digital marketing initiatives. They help banks draw in and retain consumers and make closer connections with their clients by leveraging data and analytics to create customized marketing campaigns and assess their efficacy. Pursue an online MBA-BKFS from TAPMI TAPMI’s online MBA in Banking and Financial Services (BKFS) program has been thoughtfully tailored for online education after successful on-campus execution. The online program focuses on developing experts who are prepared for the future by educating them about blockchain technology, cryptocurrencies, and other breakthroughs in the emerging BFSI setting. The program helps working individuals pursue management roles or advance to leadership roles in the BFSI field by equipping them with cutting-edge digitalization, up-to-date content, and 4 industry-focused optional modules. You can also read, How MBA-BKFS helps you transition into leadership positions in the BFSI sector. Conclusion Today, data analytics is indispensable to the seamless operation of financial institutions. It compiles together all data and statistics into a manageable amount of information. Skills acquired from Analytics in Banking and Finance for job roles across various sectors can make you stand apart. If you want to work in the banking and finance sector or advance to leadership and managerial positions in the BFSI sector, getting an MBA in BKFS may be a sensible choice. The MBA in BKFS program is in high demand due to the growing demand for individuals with the competencies and expertise to oversee the quickly expanding financial industry. So, hurry and enroll in MBA in BKFS from a reputed institute like TAPMI for a lucrative career ahead.
How TAPMI’s online MBA-BKFS helps pursue managerial careers in corporate finance TAPMI’s online MBA in BKFS (Banking and Financial Services) program is designed to equip learners with the advanced skills and knowledge to climb the corporate ladder in managerial careers, specifically in the banking and financial services industry. The program can help professionals achieve their career goals with a specialized curriculum, industry exposure, leadership development, and placement assistance. Corporate Finance career path Corporate finance refers to the financial management activities undertaken by businesses to maximize shareholder value through effective financial decision-making. This includes financial planning, investment analysis, capital budgeting, risk management, and financial reporting. Corporate finance professionals are critical in ensuring that companies make sound financial decisions that support their strategic goals and drive growth. Financial planning & analysis – FP&A professionals are responsible for developing financial plans, budgets, and forecasts for the business. They analyze financial data and performance metrics to provide insights and recommendations to senior management on how to improve financial performance and achieve business objectives. Controllership – Controllership professionals are responsible for the accounting and financial reporting activities of the company. They oversee the preparation of financial statements and ensure compliance with accounting standards and regulations. Treasury – Treasury professionals are responsible for managing a company’s cash and liquidity, as well as its investments and financial risk. They work to ensure that the company has enough cash on hand to meet its obligations and invest excess cash in a way that maximizes returns and minimizes risk. Investor relations – Investor relations professionals are responsible for managing the relationship between the company and its investors, as well as the broader financial community. They work to communicate the company’s financial performance, strategy, and outlook to investors and analysts and to provide insights into the factors driving the company’s financial results. Corporate development – Corporate development professionals are responsible for identifying and evaluating growth opportunities for the company, such as mergers and acquisitions, joint ventures, and strategic partnerships. They work to analyze the financial and strategic impact of potential deals and to negotiate and execute transactions that align with the company’s growth objectives. Top careers in Corporate Finance Chief Financial Officer (CFO) is one of the top careers in corporate finance. The CFO is responsible for managing the company’s finances and ensuring that the company is making sound financial decisions that support its strategic goals and drive growth. To become a CFO, candidates typically need a strong background in finance, accounting, and business management, as well as significant experience in leadership roles within the finance function. Many CFOs have advanced degrees in finance or business, such as an MBA or a Master’s in Finance. Other top job roles include- Financial Planning & Analysis Manager – Financial Planning & Analysis (FP&A) Manager is another top career in corporate finance. FP&A managers are responsible for developing and implementing the company’s financial plans and forecasts, as well as analyzing financial data to support the company’s strategic decision-making process. Many FP&A managers have advanced degrees in finance or business, such as an MBA or a Master’s in Finance. Corporate Accountant – Corporate Accountant is another top career in corporate finance. Corporate accountants are responsible for managing the financial records of the company, ensuring that financial transactions are accurately recorded and reported in compliance with accounting regulations. To become a corporate accountant, candidates typically need advanced degrees in accounting or finance, such as a Master’s in Accounting or a CPA designation. Corporate Finance Manager – This is one of the top careers in corporate finance. A corporate finance manager is responsible for managing the financial operations of the company, providing financial analysis, and making strategic recommendations to support the company’s growth and profitability. Many corporate finance managers have advanced degrees in finance or business, such as an MBA or a Master’s in Finance. Treasurer – A treasurer is responsible for managing the company’s cash and liquidity, as well as its debt and risk management strategies. To become a treasurer, candidates typically need a strong background in finance, accounting, and business management, as well as experience in treasury operations and financial risk management. Many treasurers have advanced degrees in finance or business, such as an MBA or a Master’s in Finance. Financial Analyst – Financial analysts are responsible for analyzing financial data and information to support decision-making and strategic planning in the company. Financial analysts must have advanced degrees in finance or business, such as an MBA or a Master’s in Finance. Cost Analyst – Cost Analyst is one of the top careers in corporate finance. A cost analyst is responsible for analyzing the costs associated with the production of goods and services in the company and for identifying opportunities to reduce costs and increase efficiency. To become a cost analyst, candidates typically need a strong background in finance, accounting, and business management, as well as experience in cost analysis and process improvement. Controller – A controller is responsible for managing the company’s financial reporting and accounting functions, as well as for ensuring that the company is in compliance with financial regulations and reporting requirements. Many controllers have advanced degrees in accounting or business, such as a Master’s in Accounting or an MBA. Auditor – An auditor is responsible for examining and evaluating the company’s financial statements, accounting records, and internal controls to ensure accuracy, compliance, and financial integrity. Auditors are required to hold advanced degrees in accounting or business, such as a Master’s in Accounting or an MBA. Also read: Top companies hiring TAPMI on-campus graduates Skills learned with TAPMI’s online MBA BKFS TAPMI’s MBA in Banking and Financial Services (BKFS) program is designed to equip learners with various skills and knowledge related to the finance industry. Some of the key skill sets that one can expect to learn through the program include: Financial Analysis: Students will learn how to analyze financial data, including financial statements, market trends, and investment opportunities. Risk Management: Students will learn how to identify and assess financial risks, as well as how to develop and implement risk management strategies. Strategic Planning: Students will learn how to develop and implement strategic plans for financial organizations, taking into account market trends, customer needs, and business objectives. Leadership and Management: Students will develop leadership and management skills, including team building, communication, and decision-making. Ethics and Professionalism: Students will learn about ethical principles and professional standards in the finance industry and develop a strong sense of professional responsibility. Pursue an online MBA in BKFS from TAPMI The MBA in Banking and Financial Services is a flagship program offered by TAPMI, and this program is now available in the online mode on the Online Manipal website. The advanced corporate finance elective offered by TAPMI under the online MBA BKFS program is designed to equip learners and professionals with the necessary skills and knowledge to advance in corporate finance roles in the banking and financial services industry. Here are some of the key features of TAPMI’s advanced corporate finance elective: Practical Learning: The program includes case studies and simulations that enable learners to apply the concepts learned in real-world scenarios. Industry-Relevant Curriculum: The course curriculum is designed in consultation with industry experts to ensure that it is relevant and up-to-date with the latest trends and practices in the field of corporate finance. Faculty Expertise: TAPMI has a team of experienced faculty members who have extensive experience in corporate finance roles in the industry. They bring their expertise to the classroom, making the course engaging and insightful. Industry Interface: TAPMI has established partnerships with leading companies in the banking and financial services sector, providing students with opportunities to interact with industry leaders, participate in internships, and gain exposure to industry practices. Career Opportunities: The advanced corporate finance elective prepares students for a range of roles in the new-age BFSI industry, including investment banking, corporate finance, and risk management. TAPMI’s strong industry connections also provide students with access to a wide range of career opportunities. Conclusion In conclusion, online TAPMI’s MBA BKFS provides a strong foundation for professionals to pursue and advance in managerial careers in the corporate sector. The skills and knowledge acquired through the program equip one with the confidence and expertise that are necessary for a successful career in the corporate world. The networking opportunities and exposure to industry leaders also provide invaluable resources for students to better understand the corporate landscape and make informed decisions in their managerial careers. Therefore, TAPMI’s online MBA BKFS is an invaluable asset for those looking to pursue managerial careers in the corporate world.
Leveraging logistics & transportation for efficient supply chains Suppliers, manufacturers, distributors, and customers are only a few stakeholders involved in the supply chain management process, which is multifaceted and interrelated, necessitating close coordination and cooperation among all parties. Logistics and transportation, which play essential roles in the operation of a supply chain, are required for the timely and effective transfer of commodities and products from one site to another. These two activities are in charge of getting the right commodities to the right places on time and in good condition. Logistics in supply chain management can impact the overall efficiency of the operation, from stock management to shipment coordination. In this blog, we’ll look at how logistics and transportation fit into supply chain management and how they affect KPIs like efficiency, performance, and customer satisfaction. Logistics in supply chain management Supply chain management would be incomplete without logistics. Logistics is the process of moving items and materials from one location to another, and it involves more than one form of transportation. Some of the most important functions of logistics in a supply chain are as follows: Order processing Logistics plays a crucial part in the supply chain, from when an order is received until it’s processed. The key to efficient logistics is controlling the entire process, from taking orders to fulfilling them. Today, technological advancement in order processing is critical to the success of any organization, no matter how big or small. Thanks to a well-oiled logistics infrastructure, orders are processed, packaged, and shipped successfully. Demand forecasting Regarding managing the supply chain, logistics demand forecasting can help foresee the need for materials or goods ahead of time. The market is influenced by various external factors, which can only be mitigated through careful planning and timing. Forecasting models assist organizations in making sound decisions by predicting client demand and quickly fulfilling orders. As a result, utilizing cutting-edge technology, such as advanced analytics and robust databases, can assist your firm in taking the next step forward. Quick response Client inquiries must be resolved as quickly as possible by logisticians. Fleet owners can have greater control over their supply chain, allowing them to serve their consumers better. As a result, firms may respond to customer orders more promptly and correctly. Instant client service makes a successful company model. Meeting a customer’s needs in the present world is significantly faster thanks to the employment of cutting-edge technologies. Information and control Data-driven logistics operations are important supply chain procedures. It is critical to monitor and manage operations to make better decisions. Obtaining meaningful information for the operation of a workflow can assist firms in achieving transparency throughout the supply chain. Information and control are extremely valuable for accomplishing strategic goals and boosting the logistics industry’s future. Understanding and analyzing logistics operations tend to simplify management processes because it assists organizations in keeping track of day-to-day activity. Monitoring the flow of information might, thus, assists firms in developing holistic supply chain management. Role of transportation in supply chain management ResponsibilityDescriptionCritical RoleLogistics and transportation are critical to ensure the timely delivery of products at the lowest possible cost.CoordinationLogistics and transportation management requires coordination of all activities involved in the movement of goods.Transportation ModesTransportation modes should be selected based on product characteristics, cost, and delivery time.Efficient RoutingEfficient transportation routing can minimize transportation costs, reduce lead times, and improve customer service.Logistics ManagementLogistics management involves inventory management, warehousing, packaging, and material handling. The most important component of a supply chain is transportation. It entails delivering things from the beginning to the finish of a supply chain. Transportation must be managed efficiently for a supply chain to be considered effective. This includes ensuring that the transportation and logistics strategy is dynamic and responsive to market demands. Supply chain transportation management comprises transporting a product from a supplier to a client or a distribution shop through road, rail, pipeline, air, or sea. Better inventory flow Effective transportation management keeps your inventory small, making stock flow through your warehouses considerably smoother and more efficient. Improving the flow of items into and out of your warehouse can help you save money on storage and transportation while shortening the overall lead time (the time it takes to receive goods after placing an order.). Effective logistics management can help reduce lead time by ensuring that products are delivered promptly and efficiently. Reduce costs Transportation in a supply chain can reduce expenses. The majority of the logistics budget is spent on freight and gasoline. Moving things from one area to another via one or a combination of means of transportation is an expensive endeavor. With the correct data, shippers can gain insights into freight movements and other elements likely to affect transportation costs to various destinations. This gives them a greater understanding of the transportation ecology and how it affects the supply chain. Local fulfillment and distribution A supply chain distribution network is a linked system of warehouses and transportation hubs that receive stocks of items before distributing them to customers. It connects the maker with the final consumer directly or through a retail network. With changing consumer demand, a fast and dependable distribution network is essential. The proximity of a distribution network to the client and its infrastructure are two of its most important components. Smart transportation facilitates the right connection of various components. Become a professional in logistics & supply chain management Taking up a course or earning a degree in logistics and supply chain management from MAHE is a wonderful way to break into this fascinating and growing field. The MAHE postgraduate degree in logistics and supply chain management will provide a solid foundation in the procedures and infrastructures required for efficient and successful item distribution and data exchange. You will learn about the benefits and drawbacks of various modes of transportation, such as trucking, train, sea, and air, and how to choose the best one for a certain shipment. You’ll also become acquainted with the many technologies and tools in logistics and transportation optimization, including transportation management systems, supply chain planning software, and warehouse management systems. If you want to impact how organizations operate positively, you should consider getting a degree or completing a course in logistics and supply chain management from MAHE. Conclusion Transportation and supply chain logistics management are vital in taking items where they need to go. Professionals in these industries are intimately familiar with the processes and procedures required to ensure on-time, cost-effective, and trouble-free shipment delivery. Professionals who get an MBA degree or take a logistics and supply chain management course have the knowledge and skills needed to compete in this fast-paced business. Check out our courses today! Key takeaways: Logistics and transportation play a critical role in supply chain management, ensuring that products are delivered to customers on time and at the lowest possible cost. Effective logistics and transportation management requires coordinating all activities involved in the movement of goods, including planning, execution, and monitoring. Transportation modes, such as road, rail, air, and sea, should be selected based on product characteristics, cost, and delivery time. Efficient transportation routing can minimize transportation costs, reduce lead times, and improve customer service.
Data science’s impact on digital transformation in companies Data science uses computer programming skills and mathematical techniques to extract information from data sources. It involves several steps: data collection, processing, modeling, analysis, and decision-making. Data scientists often use statistical methods to analyze large amounts of information to find patterns or trends that could lead to new insights. Data science allows organizations to accurately understand their stakeholders’ needs and wants, such as mitigating risk and fraud and predicting trends. This is done using machine learning techniques such as artificial intelligence (AI) and natural language processing (NLP). Want to know the job opportunities in the field of data science? Check out our blog on data science concepts for more information! Importance of digital transformation in today’s business landscape Digital transformation is a process of digitizing existing business processes and systems. It is the process that allows businesses to use information technology and other technologies to improve their performance. Data science in digital transformation has many advantages, including: Reduced costs Improved product and service quality Improved time-to-market Highly-driven growth Improved customer experience Enhanced company culture Sustainability efforts Improved collaboration within and across departments Are you wondering if there is a scope for data science as a career? Check out our detailed blog on data science scope for more information. Data science in digital transformation The concept of data science is an umbrella term for a range of fields that use math, statistics, and computer science to analyze large amounts of data to extract insights. Fraud detection – One example of the application of data science is fraud detection. Companies that use this method can use their data to determine whether or not someone has committed fraud in the past. They can then take action to prevent it from happening again. Healthcare – Another application of data science involves healthcare. Doctors can access patient records to make recommendations based on their medical history and genetic makeup, which might allow them to identify potential cancer early on. Search history – The internet search industry also uses data science. For example, Google uses data science to suggest search terms based on what you’ve searched before. Consequently, you’ll be likelier to click on things you’re interested in when shown in your history than random things from the database! Targeted advertising – Targeted advertising has also become more sophisticated thanks to advances in computer algorithms that can identify people’s interests based on what they’ve been buying online or through social media channels like Facebook or Twitter. Other applications include: Website recommendations Advanced image recognition Speech recognition Airline route planning Gaming and augmented reality Want to know the importance of data science? Check out our detailed blog on reasons for choosing data science to gain more insights. Digital transformation strategies Here’s a quick rundown of the digital transformation strategies: Align on the ‘Why’ of Digital Transformation First, businesses must understand why they want to transform their businesses. The benefits should be clear, such as improved product or service quality. Then, they can choose which steps will help them achieve their goals. Prepare for Culture Change Culture is an important part of any transformation effort, so starting with an open mind and working with existing employees before implementing new processes or technology is important. This will ensure that everyone understands why this change is happening and how it will benefit everyone involved. Start Small but Strategic Companies should begin with small changes to test new technologies before making large systematic changes across the organization. It helps them identify problems early on and avoid costly mistakes later on down the line when it’s too late! Map out Technology Implementation Work with your team to map out the technology implementation strategy for your business. You can do this in various ways, from using a simple spreadsheet or Google Docs to creating a high-level 3-5 year plan. Seek out Partners and Expertise Once you have your plan, it’s time to find the right partners and expertise! You can do this in many ways—from reaching out directly to field experts, seeking out experts online, and scanning through referrals from other businesses that have implemented similar digital transformation strategies. Gather Feedback and Refine Strategies as Needed You may need to tweak your digital transformation strategies based on feedback from partners or experts. Gathering feedback is important to refining what works best for your business model! Is Python necessary for data science? Find out by visiting our blog here. Data-driven decision-making Data science supports data-driven decision-making by systematically analyzing a set of data, identifying its patterns, and interpreting the results. The analysis involves both exploratory and confirmatory techniques. Exploratory techniques are used to understand the data and identify patterns that may not be immediately apparent. These techniques include logistic regression, classification trees, and principal component analysis (PCA). Confirmatory techniques test hypotheses about how well models fit actual data. These include cross-validation methods based on bootstrap resampling or automated feature selection algorithms. Digital transformation case studies Here are some examples of companies that have successfully implemented digital transformation case studies: Commercial Bank of Kuwait (CBK) use of video chat Domino’s chatbot implementation Nike’s e-commerce strategy Use of virtual reality (VR) for patient care Convenience for businesses & customers AUDI’s innovative showroom Sephora’s omnichannel strategy Digital transformation consulting Data science experts can help digital transformation consulting by helping consulting firms gain access to the data they need to make businesses work. They can work with businesses on a case-by-case basis or assist with creating a data science team, which will then work closely with the consultant throughout the process. The experts check that each piece of information gathered is consistent with other information to ensure that it’s not skewed or inaccurate. They will also determine why certain results might change if certain variables are changed. Want to know the reasons for becoming a data scientist? Check out our detailed blog on data scientists for further information! Data science job roles and salaries Job rolesSalariesData ScientistINR 10 LPAData AnalystINR 12 LPAData EngineerINR 8.5 LPAData ArchitectINR 24 LPAData StorytellerINR 7 LPAMachine Learning SpecialistINR 15 LPAMachine Learning EngineerINR 21 LPABusiness Intelligence DeveloperINR 6 LPADatabase AdministratorINR 10 LPASource: AmbitionBox Conclusion Manipal Academy of Higher Education (MAHE) has the industry’s best data science degree program. Online M.Sc. in Data Science from MAHE helps students pursue the program from the convenience of their homes. Our faculty has done extensive research and are world-class experts in their field. We also offer many other courses to help you grow your career in data science or machine learning. You can learn to use R or Python to perform data analysis, create your algorithm, or even become an expert at building a predictive model. If you’re interested in pursuing a degree in these fields, check out our website! Key takeaways: Data science is a discipline that takes data, processes it, and uses it to drive decisions. It encompasses various concepts and tools, including statistics, computer programming, machine learning, and natural language processing. Data science can solve many problems, including fraud detection, risk assessment, marketing optimization, and product development. Data scientists can be found at all levels of an organization, but they tend to work in teams. Data scientists often work closely with business analysts, product managers, software engineers, and machine learning specialists.
How to become a data storyteller in 2023 Data storytelling is a process that involves collecting, organizing, and presenting data to tell a story. It aims to help users understand the context of the data and provide an engaging experience for them. For example, if you’re working on improving customer satisfaction using predictive analytics on your website’s conversion rate, you may use data storytelling to help you understand this process. Data storytelling can be done in many ways—from mapping data points on a graph to creating infographics that include images or videos. It’s important to consider your audience when doing this kind of work because they will grasp different methods differently, depending on their level of knowledge. Data storytelling combines data into one place where everyone can access it easily and understand your processes. It helps with communication between different groups within an organization or a company. What is data storytelling? Data storytelling is a way to make data more accessible, understandable, and actionable. It can help you decide what products to develop or how to improve your internal software and tools. Alternatively, you can use it to explain your value proposition to customers (even potential ones). In the digital marketing world, data storytelling refers to creating visualizations meant to convey insights from data sets in an easy-to-understand way. This type of visualization is referred to as a data viz (short for “data visualization”). It can include charts, graphs, maps, and other visual representations that help people understand key trends within large datasets. Check out our blog on the rising demand for data science! Data storytelling techniques Data storytelling can be used for various purposes, including: Talking to people This data storytelling technique involves talking with users about what they want from their organization and how they can help them achieve it. It helps the organization understand its customers better and find out what works best for them. Insight postcards Insight postcards are a great way to share your data-driven insights with the world. These postcards can be used as a stand-alone piece of collateral for an event/presentation or as part of a larger infographic you create to share with your audience. Infographics Infographics can be broken into three different types: Pictorial infographics: These are simple images that show facts in an easy-to-understand format. They’re usually accompanied by text explaining what each image represents. Data-based infographics: These use data from sources such as Google Docs or Excel files to create interactive visualizations that help readers make sense of complex topics or data sets. Timelines: These convey historical events or trends over time (for example, how much traffic there has been on a certain highway over the years). Sharing dashboards Dashboards can be created using a few different diagrammatic formats, including: Bar charts – These charts display information about numbers or quantities, such as sales figures or profit margins. They can be used to show how much each product category contributes to the total revenue or how much each department contributes to the total cost overruns of a project. Pie charts – These are often used to compare parts of your business with others, such as expenses between departments or sales between two quarters. Line graphs – Line graphs show information about changes over time and are useful when only two variables are involved in an analysis (for example, quarterly vs. annual sales). You may be interested to know the importance of data science? Data storytelling tools Data storytelling tools are a great way to make your data analysis more accessible and engaging for your audience. These tools can help you tell stories that are easy to understand, so your audience can get what you’re trying to say without reading through the unnecessary text. Juicebox Toucan Toco Nugit Flow Immersive Flourish RAW Graphs DataWrapper Tableau Story Points ArcGIS StoryMaps Qlik Sense Stories PowerBI Observable Infogram Visme Piktochart Sisense Narratives ChatGPT Phrazor Luminoso Data storytelling examples Data storytelling is a new and exciting field that can help you tell your story in an engaging, impactful, and informative way. The best data storytelling examples are: We Feel Fine by Jonathan Harris The Physical Traits that Define Men & Women in Literature by Erin Davis (The Pudding) Animated Sport Results by Krisztina Szucs Buy or Rent by The Upshot Why Do Cats and Dogs…? by Nadieh Bremer and Google Trends Fry Universe by Chris Williams US Gun Deaths by Periscopic Explorable Explanations by Bret Victor Cicadas, A Data Story by Kayla Brewer 30 Years of American Anxieties by The Puddling How can I become a data storyteller? This section will examine some key steps of effective data storytelling. Find the story within the data. Consider your audience. Determine what data matters and what doesn’t. Analyze data and find insights. Identify the most effective data visualizations. Provide context. Structure your story. Becoming a data storyteller is a great career path for those who want to use their data analysis skills more practically. Data storytellers can translate the results of their analysis into stories that can be accessible by other team members and are easy to understand. The first step is learning to make sense of your data. This means understanding each variable’s meaning and the relationship between variables. You should also be able to describe the relationships between variables in terms of cause-and-effect relationships or patterns. Next, you can begin plotting the variables on graphs to make them appear statistically significant (which means there is enough information in the data set). Finally, once you’ve plotted all your variables together on one sheet or spreadsheet (or multiple sheets), it’s time for some real-world testing! Read articles from publications like The Wall Street Journal and The New York Times to learn about the industry and its trends. Find out what kind of data analysts work at your company and how they use their skill set. It may give you an idea about the working structure of professional projects! Read our blog to know more about the career path in data science. Data science job roles and demand Job rolesDemand (People opted)Business Analyst23.3 millionData Analyst86,681 in the USBI Developer41,196 in the USStatistician12,486 in the US Conclusion Online Manipal offers a unique opportunity for students to access data science programs from reputed institutions such as Manipal Academy of Higher Education, and Manipal Institute of Technology (MIT). Along with online MBA from MAHE, you can choose Data Science and Business Analytics to learn the art of data storytelling besides becoming future-ready data professional. Nine-month PGCP in Data Science and Machine Learning program from MIT is a short-cut to enter this niche domain. The syllabus covers data analytics in details – from setting up a plot with Python and R, to create charts in Excel to writing codes in Python or R. The course also includes quizzes that assess students’ understanding of the material being taught, which will help students stay on track for each topic. Enroll in a suitable course matching your interests today! Key takeaways: Data storytelling is the act of telling stories out of data. It synthesizes data into information that makes sense and can be consumed by a non-technical audience. The best way for people to learn data storytelling is through tools like Tableau or Power BI. The key is picking up on what matters most to your audience and showing them how you got there through data storytelling techniques like visualizations or graphs. You will need basic knowledge of statistical methods like regression analysis or linear regression models so that your findings make sense to your reader.
Essential job skills for online degree students to cultivate The modern workplace is a dynamic environment that calls for individuals to possess a range of knowledge and skills. Those pursuing an online degree have to be particularly adept at working in the digital realm; they must develop a set of essential job skills to be successful. These include being able to manage time and stay self-motivated, as well as being able to collaborate and adapt to changing conditions. Those who have acquired such abilities have the potential to excel in their chosen field. With dedication and determination, they can make their online degree count and reach their desired professional goals. The article will further discuss some of the essential skills that students with online degrees must possess. To know more, read How online learning bridges the skills gap and improves placement outcomes. Essential job skills that students with online degrees must develop Skill development assists students in laying a solid foundation in their learning stage. It promotes self-esteem, leadership abilities, and confidence in students. It also fosters essential life skills in students to help them navigate a successful path. It encourages students to plan for their future and helps them become critical thinkers. Students with online degrees must cultivate and possess certain essential job skills to be relevant in the job market. The essential job skills that students with online degrees must possess can be categorized into certain categories, which are as follows: Technological skills Technological proficiency is a must-have for online degree students. In order to succeed in online degree programs, students must be comfortable with navigating digital tools and platforms, such as online learning platforms and software programs. They must also be able to troubleshoot any technical issues and quickly pick up on new tools and applications. Being tech-savvy is essential for online degree students to stay ahead in the digital landscape of today and will no doubt help them to succeed in their degree program. Digital skills In today’s world, students must have proficiency in social media platforms effectively, as it is a core and valued skill today. Social media plays a major role in various aspects of today’s world – from brands marketing their products on social media to employers hiring candidates. Social media now also plays an important role in providing excellent customer service, as many customers use social media to clarify issues or provide feedback. Thus, it is essential for online students to have a proper understanding of various social media platforms and how to utilize the features of these platforms. Employers are also looking for individuals who have a proper knowledge of social media platforms, as it is all the rage now. Data analyzing skills Data analytics enables students to make educated and data-driven decisions to drive better business knowledge. Data analytics is an essential skill as it provides a clear idea about certain things, patterns, and trends with proof. Students must learn at least the basics of how to derive useful information from a huge pile of collected data as more and more businesses depend on data-driven solutions and strategies to grow their business. It is an essential digital skill that employers value in their candidates as it highlights their analytical thinking and their critical reasoning to derive useful and relevant information from a huge load of data. Research skills Research skills are integral for students who are pursuing an online degree. Not only do they need to be able to locate reliable and relevant sources, but they must also be able to assess and synthesize the data collected and draw pertinent conclusions from their studies. This is a requirement for many online degree programs, as students must have a sound understanding of the material in order to complete assignments and projects to a high standard. Having strong research skills is, therefore, essential for any online degree student who wants to get the best possible results. Communication skills For those studying for their degree online, communication skills are essential. It is essential that students are able to express themselves both verbally and in writing in an effective and concise manner, not only to their professors, peers, and online community but also when it comes to networking and job searching. Being able to effectively communicate with professors and peers will ensure that you can actively participate and absorb the most from your online degree program. Furthermore, effective communication skills are a must when it comes to networking and job searching, as the ability to articulate your ideas and experiences clearly and confidently is vital for success. Adaptability Adaptability is an essential skill for anyone embarking on an online degree program. As technology and course requirements are constantly evolving, students must be able to adjust quickly and effectively to new environments, tools, and time constraints in order to ensure success in their academic pursuits. Adaptability is not just a desirable trait – it is a necessity in order to navigate the ever-changing landscape of online education. By cultivating this ability, online degree students can remain agile and responsive to the demands of their program, allowing them to make the most of their educational experience. Problem-solving Problem-solving is an essential skill that employers value and look for in individuals. Problem-solving abilities enable you to not only identify that there is a problem but also to determine what is causing the problem and how to implement a solution. Problem-solving abilities demonstrate a variety of other essential skills, such as logic, resilience, creativity, imagination, lateral thinking, and determination. It highlights how you handle a specific problem or issue and implement a solution accordingly. Online students can benefit highly from developing their problem-solving abilities as it would help them to manage any obstacle they might face and handle problems effectively. You can also read, Fastest growing digital skills in 2023. Conclusion Students with online degrees must possess a wide range of essential job skills in order to be successful in their respective fields. Students must hone their technical skills, soft skills, transferable and marketable skills, and digital skills and must continually invest in these competencies in order to thrive in the workplace and job market. Cultivating these essential skills will empower them to become effective and successful professionals in their chosen fields. It is vitally important for online degree students to acquire and maintain these essential skills since they are crucial for success in any field or domain. With the right set of skills, students with online degrees can look forward to a successful and rewarding career. Students interested in pursuing their education online can enroll in the top UGC-entitled degrees on Online Manipal to begin their journey toward a successful career by developing crucial industry-relevant skills and expertise.
Navigating the job market as an online degree student Online degrees have been gaining in popularity in recent years as more people opt for the flexibility and convenience of studying from home. According to Syngene Research 2019, the global e-learning market is anticipated to grow at a compound annual growth rate (CAGR) of 9.1% from 2018 to 2026 and is expected to reach $336.98 billion by 2026. This highlights the huge growth of online education globally. Navigating the job market is an arduous task for any job seeker, but it can be really challenging at times. Fortunately, there are certain strategies that online degree students can use to navigate the job market successfully. In this article, we will discuss insights and strategies from industry professionals on how to successfully navigate the job market as an online degree student for a successful career. You can also read, Investing in your future: Importance of skill development for career success. Advantages of pursuing an online degree Online education provides various benefits. Some of the main advantages of an online degree are mentioned below: Cost-effective: Online degrees are generally more cost-effective than traditional degrees. They tend to be more affordable due to the lack of physical campus requirements, such as room and board, as well as the ability to take courses from anywhere in the world. Convenience: Online degrees provide students with the flexibility to study at their own pace from any location with an Internet connection. Students can attend classes whenever it is convenient for them, which can be helpful for those with busy schedules. Accessibility: Online courses can be taken by anyone, regardless of their location or background. This makes it easier for students to access the courses and materials they need to earn their degrees. Variety of programs: Online degrees are available in a wide range of programs, from traditional academic degrees to professional certifications. This makes it easy to find a program that meets an individual’s educational needs. Career opportunities: Having an online degree can open up a variety of career opportunities as employers increasingly recognize the value of a degree earned through an online program. Building an impressive resume and networking One of the most important steps for online degree students to take in navigating the job market is to build a strong resume. As an online degree student, it is important to include information about the courses you have taken and the skills you have acquired as a result. Additionally, online degree students should include any relevant work experience or volunteer work they have done, as well as any awards or distinctions they have achieved. Networking is another important step for online degree students to take in the job search process. Building a strong professional network can help students to make connections with potential employers and can help them to find job opportunities that may not be advertised publicly. Online degree students can join professional organizations, attend conferences and other professional events, and look for opportunities to connect with employers in their field. Job search strategies for online degree students Job search strategies for online degree students are essential for finding success in the job market. Online degree students have unique needs and must be sure to take advantage of all the resources available to them. Here are some key strategies for online degree students to follow when searching for a job: Utilize online platforms: There are many online job platforms that are specifically tailored to online degree students. These can be great resources for finding job postings and connecting with employers. Network: It’s important to reach out to your network of professional contacts and let people know that you are looking for work. This can be done through professional social media networks as well as traditional networking events. Research: Take the time to research potential employers and jobs that you may be interested in. This can include reading their website, talking to current employees, and researching the industry. Preparation: Make sure that you are prepared for interviews by thoroughly researching the company, the job, and the position. You should also develop a list of questions to ask the interviewer. By taking the time to research and prepare, online degree students can increase their chances of landing a job. By utilizing the strategies outlined above, online degree students can set themselves up for success in the job market. You can also read, Top hiring trends for 2023, and what do they mean for job seekers. Conclusion Navigating the job market as an online degree student can be a challenging process, but with the right strategies and preparation, it is possible to make the most of an online degree. By avoiding common pitfalls, building a strong resume, networking, and taking advantage of opportunities to gain additional experience, online degree students can make the most of their degree and find success in the job market. Students who want to pursue an online degree can enroll in the top-notch online courses offered by Manipal University Jaipur on Online Manipal and gain advanced knowledge and skills to establish a successful career Additionally, learners will also be provided placement training to help them prepare for the highly competitive job market.
Optimizing supply chain with data analytics Data analytics helps you better understand your business and its supply chain. It helps you make informed decisions, improve operational efficiency, and reduce risk. Supply chain managers use data analytics to track inventory levels, predict demand trends, and forecast production requirements. They use data analytics to determine how many products are shipped in the shortest possible time. How does data analytics help supply chain management? Data analytics in supply chain management is a powerful tool for businesses. It can help you: Reduce inventory costs Improve cargo shipment efficiency Achieve cross-functional cooperation Chalk a new S&OE (sales and operation planning) workflow Improve transport logistics Validate data Detect anomalies Benchmark operations Allow for mobile reporting Gain visibility into global logistics Analyze real-time route optimization Improve demand forecasts Want to know the connection between SCM and the retail industry? Read our blog on the importance of SCM in the retail industry. Data analytics in supply chain management Data analytics is a powerful concept with the potential to revolutionize the supply chain management industry. It allows companies to gain a deeper understanding of their customers and products, leading to more effective marketing strategies, improved product development, and increased customer loyalty. Here are some ways that data analytics can help supply chain managers: 1. Supply Chain Analytics Tools Supply chain analytics is a great way to track, analyze, and understand the movement of goods through a supply chain. It can be used to identify problems in the process and make improvements. Additionally, you can use it as a supply chain analytics tool for comparing other companies’ strategies against your own. Supply chain analytics is different from traditional business intelligence (BI) systems because it’s designed to look at data from multiple sources, including internal records, customer transactions, and third-party data such as market research reports or industry news articles. Supply chain analytics can be used for many purposes, including: improving product quality by identifying issues with suppliers or manufacturing processes; reducing waste by understanding which parts of the process are most inefficient; aligning goals with business strategy by determining whether a particular business model will yield optimal results for your organization; determining how much money to spend on certain steps of your supply chain; helping you decide which suppliers are best suited for what needs they provide – suppose one supplier is willing to provide products at a lower cost but doesn’t have fast delivery times. The other supplier has vice versa properties. Then, paying for fast delivery would be a great decision. The tools used for supply chain analytics include: SAP Supply Chain Analytics Software PeopleSoft Supply Chain Analytics JDA Supply Chain Analytics Manhattan Associates Visibility and Insight Ariba Analysis SAS Supply Chain Intelligence Cognos Supply Chain Performance Procurement Analytics Tableau Software Supply Chain TARGIT Business Intelligence & Analytics solution Kinaxis RapidResponse 2. Predictive Supply Chain Analytics Predictive supply chain analytics is the process of analyzing data to predict future demand and supply, enabling companies to make more informed decisions and take pre-emptive action. Companies in many industries, including retail, manufacturing, healthcare, logistics, and finance, can use predictive supply chain analytics. The key to predictive supply chain analytics is using machine learning algorithms to analyze historical data and predict future events. For example, a company may use predictive supply chain analytics to predict whether it will need more inventory for a particular product or service based on trends in sales patterns over time. The result would be an early warning system that allows them to adjust their inventory levels accordingly. Want to know the relationship between supply chain management and operations management? Read our guide on SCM and operations management and how they go hand-in-hand. 3. Supply Chain Data Visualization Supply chain data visualization uses various tools to display the flow of products and materials through a supply chain. This can be done through geographical and product flow diagrams. A geographic flow diagram shows where products are shipped from, where they are stored, and where they are eventually shipped to. In contrast, a product flow diagram shows how many units of each product are being produced at any given time and how much material goes into each unit of that product. It also shows how much time it takes for each step to complete. Supply chain data visualization can show how long it takes for products to reach their destination, how much inventory is left, where there are delays or problems in the flow of goods, or how much money is being lost due to poor processes or inefficient organization. Supply chain data visualization presents data in graphs, flowcharts, Gantt charts, time series, and tables. Want to know the best analytics tools in the market? Check out our detailed blog on essential business analytics tools for more information! 4. Big Data in Supply Chain Management Big data describes a company’s growing amounts of collected, stored, and analyzed data. This data includes customer purchase histories, product performance statistics, and social media posts. Big data in supply chain management is applied to product development and testing, product lifecycle management, demand forecasting, inventory management, pricing decisions, and promotions. In general, big data can analyze patterns in large sets of information (such as historical trends or customer behavior) to improve your processes and make better decisions based on what you know about your customers’ preferences and behaviors. Want to know more about marketing analytics? Check out our beginner’s guide for marketing analytics to get started! Tabular representation of the supply chain management process StepProcessProcurementSecure the goodsInventoryMaintain the goodsManufacturingPutting everything togetherQuality ControlCheck the workSales CoordinationPitch the productDistributionFulfill the ordersLogisticsProfit and analysis Conclusion As the business world becomes more competitive, companies need to become more efficient with their supply chains. Companies that succeed in this area will be able to respond quickly to market changes and maintain profitability. The supply chain management course at Online Manipal offers students the ability to learn about all aspects of the industry, including how companies manage the flow of goods from suppliers to consumers. Students will learn about supply chain management theories and best practices and how businesses can adapt their existing processes to meet new challenges. Key takeaways: Data analytics allows companies to find ways to reduce costs, improve productivity, and increase revenue by using data-driven decision-making. Data analytics is a powerful tool for optimizing supply chain management processes. It can identify and quantify the effects of variables on various business processes, such as inventory management and production scheduling. Data analytics can help companies manage their supply chain more efficiently by identifying factors that affect performance and using them to make adjustments to improve efficiency.
Role of data science professionals in marketing When you launch a new product or service, your first priority is to spread the word about it as a market. Since the completion is super high and has already reached the upper limit, the task won’t be easy. In fact, you will face maximum challenges in popularizing your product or service. This is where the concept of marketing comes into play. It is a broad and comprehensive subject that covers various techniques and technologies that are used for spreading the word about a certain product, service, or brand. In other words, marketing means promoting your business and its elements in a way that you can get more sales and revenues. In earlier days, people used traditional marketing methods such as printing pamphlets, making announcements, relying on references, and so on. However, these have become obsolete because the current market is super competitive, and if you do not adopt new and innovative technologies, your business will soon fall out of the race. That’s why most businesses now invest in learning the role of data science in marketing. The following article will walk you through the importance of using data science in marketing techniques and the results yielded from them. Importance of data science in marketing Data science is a process through which hidden information sets are extracted from any kind of data and then converted into visual insights through graphs and charts. Visualization is important because no one will be able to understand raw data or the unstructured information extracted from it through processing. Once the insights are obtained, the use of data science in marketing can be easily acknowledged. Following are some of the pointers that will help you understand how this new technology has helped marketers to take their practices up by several notches. Data science helps in understanding the market in depth with the help of real-time insights. For example, you can easily know how the market trends are shifting or which practices have become obsolete using a comparative analysis. As a result, you won’t be investing in obsolete practices or techniques which might cause more harm than good. It is very important for every marketer to understand what the target audience is expecting. Long gone are the days when businesses used to rely on their practices only. Nowadays, every business needs to focus on what the target audience wants and expects if they want to gain success. This is why investing in data science is important because it allows businesses to know what the target audience wants, their expectations based on demographics, and many other factors. With the help of data science in marketing, professionals can know the expected risks or chances or failure in the business. For example, when you want to roll out a new product or service, you can use visual studies from data science to check if it will be accepted well by your target audience or not. If the studies do not yield appropriate results, you can plan a new strategy for rolling out the concerned service or product in the market. So, it is evident that with the help of data science, you can mitigate the risks and failures to a great extent. As we have already discussed, data is very powerful at this time. If you use it appropriately and analyze the data sets to reveal the hidden information, you will be able to make data-driven decisions. For example, you can decide whether your business requires an improvised marketing funnel or not according to the response you have received from your target audience over the past 6 months. The decision will be taken upon the real-time results from data analysis and not based on assumptions. Last but not least, data science in marketing has a crucial role in optimizing the overall budget of the business. As the risks of failure will be reduced, you won’t have to spend a lot in mitigating them at every step. Besides, you can target the right section of the audience and drive maximum sales for your business. So, data science will not only increase the incoming revenues for your business but also reduce the money invested in risks, failures, and so on. You may like to know the application of data science across sectors. Marketing areas where data science plays a key role Although data science in marketing can be used in several ways and implemented in multiple areas, it is better to understand the key roles of this new concept. In other words, one should learn how data science is implemented in marketing, along with its benefits. Data-driven marketing One of the important ways in which data science can be used is through implementing data-driven marketing. This method allows marketers to rely on the information obtained from real-time data and make important marketing decisions. For example, studying the competitors will help your business to learn if the target audience you decided for the new product or service is right or not. If the target audience isn’t able to drive sales for your business, it would be better to look for another section that meets your requirements. So, here the marketing decisions will depend upon the real-time insights obtained from data, thereby helping you implement data-driven marketing in your business. Predictive modelling Another way in which data science can be used in marketing is through predictive modelling. It is a process where you use an advanced analytical model based on artificial intelligence and machine learning to predict a certain outcome or scenario. For example, when you want to decide if you must reduce product prices or provide discounts, predictive modelling will be of great help. You use the existing data sets and study the patterns and trends to earn a prediction on the plants you have made. If the predictions are in your favor, you can go on and reduce the prices or offer discounts. Marketing analytics From the name itself, you can understand that marketing analytics is a process through which raw data can be converted into valuable insights through data processing and visualization. For example, you can convert feedback and surveys into visual insights through graphs and charts to understand how many people are in favor of a new upgraded product version. If the number is significantly high, launching the new version will earn you success and vice versa. Customer segmentation This marketing practice has impacted the marketing through data science positively. It is a concept where a huge customer base is segregated into multiple blocks, where each block will have a common set of characteristics. For example, my new target is a kids’ market for new clothes. You can use customer segmentation to divide the market into several blocks. One block can represent kids who usually like to wear casual clothes, and the other one represents children who always want to dress in fashionable ways. Challenges and limitations of data science in marketing ChallengesResolutionData securityimplementation of top notch security practices such as passwords, double layer authentication system, and so onLack of skillsmarketers need to adopt new skills to deal with the changing dynamics of data science in marketingInaccuracydata science models need to be passed on machine learning and artificial intelligence to reduce the accuracy and precision issues in the results Conclusion Data is a storehouse of information that, when extracted, can reveal many secrets of the market, target audience, customers, and several other business pillars. So, investing in data science in marketing can yield valuable insights and help businesses overcome roadblocks and achieve success. If you want to become a successful marketer, enroll in online M.Sc. in Data Science or online MBA in Data Science from Manipal Academy of Higher Education (MAHE) at Online Manipal. It will help you sharpen your skills and develop a competitive advantage. Key takeaways: Data reveals information about the business, market, customers, and target audience to allow professionals to make real-time decisions. From marketing analytics to predictive modelling, data science in marketing can be used in various ways. The challenges in implementing data science in marketing involve security issues, skill gaps, and so on.
