By Andrew Maloney
Many of us over the last couple of weeks have learned a lot about the different capabilities of Excel. This includes using different functions to sort data, analyze data, and ultimately make a decision based off the data. From the homework's and class discussions, we have gotten a broad idea of analyzing data to make decisions, but what is the use and importance in the industries of our interest. Below are examples of how data decision-making affects some target industries for Morehouse College business students.
Sports- Today many General Managers across all major sports use different data to determine, draft picks, roster, and personnel. When trying to find the next Tom Brady, sports team rely heavily on their analytics when making decisions. Below is an article from ESPN.com about a leading NBA analytic specialist and how his role has grown exponentially in the last few years.
Marketing- Analyzing data is the single most important thing that marketers look at to see if there strategy worked and what they should target next. Every decision will ultimately affect the bottom line and can set the course for the firm or product.
Investment Banking/ Stock Picking – Combined, banks employ thousands of analysts that's only job is to analyze and research data from either a company or industry. The decisions in this industry based off sorted data are almost limitless. From creating a new hedging strategy to picking one stock over another. The article below from the Wall Street Journal gives some specific ways banks themselves use it.
Consulting – Most consulting firms have an "analytics consultant", position. That alone reflects the importance of analytics in consulting. There basic function is to provide analytics and translate them for their clients to improve their businesses.
Thus, analyzing data is very relevant in many industries across the board. This shows the importance not only being able to analyze, but to sort the data effectively using Excel.
Data is used all across the world and especially in the sports world. Myself being a basketball player we analyze everything to be documented. We have consultants in the basketball world that analyze these different things were excel is used a lot to analyze.
ReplyDeleteThanks for the insight, Andrew! I am increasingly becoming more aware of how important analytics are in careers across the board. Analytics is almost attempting the predict the unpredictable which is exciting and hair-raising at the same time! Since it's clear that we don't operate in a world of certainty, businesses and entrepreneurs have come to embrace analytics' value to make educated decisions. The study of analytics increases users' confidence in the decisions that could have significant cost implications, but also opportunities for profit and long-term growth.
ReplyDeleteMore on the ever-growing importance of analytics in the business environment:
http://www.techradar.com/us/news/world-of-tech/the-importance-of-big-data-analytics-in-business-1267606
Data is critical especially in the sports world. Baseball is the most statistical/ analytical game there is and data comes into play all the time. With the rise of new technology, fans can even see more in depth analysis that give us a whole new perspective on the game.
ReplyDeletehttp://gizmodo.com/behind-the-crazy-new-analytics-tech-changing-how-we-wat-1699133249