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5 Lessons In Big Data Decision-Making From A Business Analytics Expert

Senior lecturer Neumann Chew from Nanyang Business School shares some important insights to remember when working with big data and Analytics to make better decisions

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Fri Mar 5 2021

BusinessBecause

Today’s organizations have more data at their fingertips than ever before. By 2025, the amount of data generated each day will reach 463 exabytes, the World Economic Forum predicts. 

With the right analytical techniques, this explosion of big data presents some exciting opportunities to solve business problems—whether that’s recommending products based on consumer habits, or using traffic data to plan efficient delivery routes. 

“What we’re seeing today is a growing number of organizations who are keen to use data to make predictions—and more informed decisions,” says Mr Neumann Chew, senior lecturer at Nanyang Business School (NBS), part of Nanyang Technological University in Singapore. 

Neumann is faculty advisor and teaches in the new MSc in Business Analytics program at NBS, which aims to equip students with the skills they need to successfully work with large quantities of data.

Here, Neumann shares five key lessons in data driven decision-making that leaders in our digitized world should know about.


1. Define the business problem

It might sound counterintuitive, but the most effective data-driven strategies do not start with data itself.

Instead, Neumann says, you should clearly define a problem or goal before working out what data could be helpful.

“I always emphasize that in my classes: don’t forget the main business problem,” he says. 

Neumann himself used this approach consulting for a Singapore bank that wanted to reduce queueing time and cash shortages at its ATMs. Neumann and his team defined a clear goal—predicting when each machine would run out of cash—before diving into the bank’s data to build a predictive model.

“This project saved the bank several million dollars every year by making their cash deliveries more targeted and efficient,” he recalls. 

Another textbook example is Netflix. For the now-ubiquitous streaming platform, one initial challenge was competing with physical stores that interacted with customers directly to give one to one movie recommendations.

The company’s response was to develop a recommendation algorithm—based on viewer profile and movie ratings—that would keep customers coming back. It worked: as of 2020, Netflix had over 195 million paid subscribers worldwide.


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2. Know the subjective elements in big data and analytics

Although data can be leveraged to make accurate predictions, it’s important that business leaders understand its limitations.

Neumann is careful to demonstrate this point to his MSc in Business Analytics students, using an effective hands-on exercise. 

He presents the class with a set of data connected to a gender discrimination lawsuit, asking one group of students to consult for the ‘plaintiff,’ the other group to consult for the ‘defense.’

“Both groups come up with ways to analyze the data that shows they are right,” Neumann observes. “This demonstrates how data and analytics can be subject to interpretation.” 


3. Recognize and manage real world imperfect data

In the real world, data can be messy, Neumann says. ‘Dirty’ data includes errors, inconsistencies, and duplicates that lead to flawed results, and decisions, when analyzed.

To help MSc in Business Analytics students prepare for success in this environment, the program includes a Data Practicum module where students would have the option to either carry out the Practicum with a sponsoring company, or work on an industrial project led by a faculty.

“The module helps students see how unclean data can be in the real world compared to in a text book,” says Neumann. 

This experience also challenges students to work with problems that are sometimes not well-defined and codify them.

“Overall, it adds a wonderful real-world dimension to what students learn in class, so they’re better prepared for their future career,” says Neumann.


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4. Telling a Story using Data

To successfully solve business problems with data, hard analytical skills are a must-have, Neumann notes. But in order to communicate your strategies to decision makers, communication skills are also necessary.

“You need to be able to speak convincingly, and build a bridge between programmers, data scientists and business stakeholders,” Neumann says. 

To add value to their analysis, it is important that students can tie business drivers to their analysis. Increasingly, students need to be able to tell a story with the numbers they have; explaining cause and effect based on them. These analyses help stakeholders be better equipped making data-driven decisions.

In the MSc in Business Analytics at NBS, Neumann ensures that students are equipped with these skills. Working in teams and delivering presentations both in and out the classroom helps students develop strong communication strategies, for instance. 


5. Identify your data analytics skills gap

According to the World Economic Forum, the digital skills gap is widening. In the coming years, the strong demand for workers with experience in data science will only grow.

With government incentives and promising results on offer, a growing number of companies want to launch data projects in AI and machine learning, Neumann says.

“But they’re suddenly realizing they don’t have enough employees with the right skills.” 

“This is driving demand for employees with experience or training in working with data,” adds Ivy Kwan, associate professor and assistant dean of career services at NBS.

Graduates who can tell stories with data are typically invited to more interviews and have been more successful in securing internships and jobs, she adds.

Neumann is confident the MSc in Business Analytics will give students a strong head start in their careers. Applicants need not have work experience or a quantitative educational background to qualify for admission to the program.

Since data driven decision making is here to stay, leaders who understand how to harness it—and communicate their findings—are poised to make effective choices. 

Student Reviews

Nanyang Business School

Student

Verified

6/07/2020

Good campus life and extra-curricular activities

This is a great place to learn and interact with more like-minded people. The campus is something that stands out to me. The infrastructure is great and the university is very well-built. There is lots to do on the high campus, from a large number of eating joints to the numerous clubs and sports activities. I also quite like Singapore as a country, as there is so much to do around not very far from campus. The educational facilities are extremely good, there are lots of opportunities to take on research projects and do industrial projects, which I really enjoy. The only thing I dislike about NTU is that the number of international students is really low and I would like to see a larger international intake in the future. Definitely recommend for the amazing educational facilities and on-campus social life.

Student

Verified

12/06/2020

An international campus that provided diverse choices for students

It's a beautiful campus with a high degree of internationality, providing diverse choices for students in terms of research opportunities and career consultation. Also, scholars are knowledgable and very inspiring, and are good at motivating the thinking of students.

Student

Verified

12/06/2020

Great University

In overall, the university has met my expectations with its wonderful lectures and research staff. However, there are some issues with the administrative side, i.e. administration may give you different answers on the same question. Also, the university’s website often provides outdated information and it takes time to get what you need; perhaps there is not enough people for managing it.

Student

Verified

1/06/2020

Good resources

I would recommend. Good resources for research. Knowledgeable professors and instructors. Conducive environment for studying and doing assignments. Helpful staff and faculty. Food options are good. An overall good place to study.

Student

Verified

18/09/2023

On Campus

inefficient communication and lack of transparency

The administrative team at the university is slow to respond and is often inadequate in their responses and solutions. The uni is also unclear and resistant to explain their actions and motivations when carrying out policies or when questioned

Nilah

Verified

13/03/2024

On Campus

Formative experience for success

NTU prioritizes giving students ample time for independent research. The academic schedule consists of 6–7 weeks of study, followed by a week without classes, allowing students to catch up on any material they may have missed. This is succeeded by another 6–7 weeks of study, culminating in a week dedicated to final exam preparation and exams. The curriculum is designed to be student-friendly, minimizing burdens such as excessive assignments, projects, exams, quizzes, and attendance requirements. This approach affords students the freedom to pursue personal interests and self-development. In my experience, each of the four courses I took had a comparable workload, typically comprising 2 assignments, 3 easy labs, 2–3 quizzes (some without), and 1 final exam. In contrast, comparable courses at other universities often entail significantly heavier workloads, including 3 homework assignments, 5 projects, 5–6 pop-up quizzes, mandatory attendance, 2 midterms, and 1 final exam. Moreover, each project typically demands 3–4 days of work. It is hard work, but it pays off.

Lim

Verified

11/04/2024

On Campus

Academic atmosphere

Nanyang Technological University offers a vibrant academic atmosphere that fosters innovation and excellence. The strong emphasis on research and practical learning equips students with real-world skills. Positives include access to state-of-the-art facilities, collaborative projects, and a diverse student body. However, the competitive environment can be intense, leading to high stress levels. NTU's academic atmosphere encourages growth but requires resilience to thrive.

Xu

Verified

11/04/2024

On Campus

Diverse professors

As a student at Nanyang Technological University, I have been extremely impressed with the quality of education I have received. The professors are knowledgeable, approachable, and passionate about their subjects, which makes learning engaging and enjoyable. The teaching styles vary from lecture-based to interactive discussions and group projects, providing a well-rounded learning experience. The use of technology in the classrooms also enhances our understanding of the course material. One of the things I love about NTU is the diversity on campus. Not only are there students from all over the world, but the professors also come from various backgrounds, making the learning environment truly global. English is the main language spoken on campus, which makes it easy for international students to feel at home. In terms of examinations and coursework, the workload can be challenging at times, but the support from professors and classmates makes it manageable. The exams are fair and assess our understanding of the material effectively.

Lee

Verified

11/04/2024

On Campus

Video lectures

As a student at Nanyang Technological University, I am extremely impressed with the transportation options available on campus. The buses and shuttles make it easy to get around the huge campus. The beautifully landscaped garden campus adds a peaceful and scenic vibe to studying. The facilities, from the state-of-the-art labs to the comfortable study spaces, are top-notch. The video lectures are a convenient and effective way to supplement classroom learning.

Jain

Verified

11/04/2024

On Campus

Focus on science

Nanyang Technological University (NTU) excels in its focus on engineering and science degrees. The curriculum is robust, integrating theoretical knowledge with practical applications. Professors are industry experts, providing invaluable insights. State-of-the-art facilities enhance learning experiences. Opportunities for research and internships abound, fostering innovation and professional growth. NTU's emphasis on cutting-edge technology prepares students for real-world challenges. NTU's commitment to engineering and science education is unparalleled, shaping tomorrow's leaders in these fields.

Haidar

Verified

10/04/2024

Blended

great canteens

While at Nanyang Technological University, I can confidently say that the quality of education here is excellent. The professors are knowledgeable and passionate about their subjects, and the curriculum is challenging yet rewarding. The campus itself is green and natural, providing a peaceful and inspiring environment for learning. The canteens offer a wide variety of delicious and affordable food options, catering to different dietary preferences. From local delights to international cuisines, there is something for everyone. The student housing facilities are also well-maintained and comfortable, providing a home away from home for students. NTU's reputation as a top-ranked university is well-deserved, with cutting-edge research and a strong emphasis on innovation.

Naili

Verified

10/04/2024

On Campus

high quality education

Nanyang Technological University (NTU) is a top-notch educational institution that offers a wide range of programs and opportunities for students. The campus is well-equipped with state-of-the-art facilities, and the faculty members are highly experienced and knowledgeable in their fields. As a student at NTU, I have had a positive experience so far. The university provides a conducive learning environment and encourages students to think critically and creatively. The campus is vibrant and diverse, with a strong sense of community among students and staff. I would definitely recommend NTU to prospective students looking for a high-quality education in a supportive and stimulating environment. The opportunities for research, internships, and extracurricular activities are plentiful, and the university is committed to providing a well-rounded education that prepares students for future success.

Tan

Verified

11/04/2024

On Campus

Student experience

As a student at Nanyang Technological University (NTU), the experience is vibrant and enriching. Surrounded by lush greenery, the campus offers a serene environment for studying and relaxation. While parties and nightlife options are available, the focus leans more towards academic pursuits. The campus buzzes with activities, clubs, and events, catering to diverse interests. However, the tuition cost is competitive, offering value for the exceptional education and resources provided. I recommend my university

Ilyanajwa

Verified

11/04/2024

On Campus

High quality of life

As a student at Nanyang Technological University, I'm thoroughly impressed with the quality of education. The faculty is highly knowledgeable and supportive, fostering an engaging learning environment. Tuition fees are reasonable for the value provided. The campus food options are diverse and delicious, catering to various dietary preferences. The transport system is efficient, with easy access to public transportation. NTU offers a high quality of life, combining academic excellence with a vibrant campus culture.

Shi

Verified

12/04/2024

On Campus

good value for money

At Nanyang Technological University, I find the tuition fees reasonable considering the quality of education and resources provided. The university offers diverse programs, experienced faculty, modern facilities, and opportunities for research and internships. While tuition costs are substantial, the value for money is evident in the comprehensive learning experience and the potential for career advancement. NTU delivers on its promise of excellence, making it a worthwhile investment in one's future.

Yu

Verified

7/05/2024

On Campus

Educational experience

I am a student at Nanyang Technological University and I am thoroughly impressed with the quality of my program. The lectures are engaging, delivered by knowledgeable professors who make complex concepts easy to understand. The classroom setup is modern and conducive to learning, with interactive technology enhancing the educational experience. Exams are challenging yet fair, testing our understanding and critical thinking skills effectively. In my leisure time, I appreciate the vibrant campus life, with a variety of clubs, events, and facilities to explore, fostering a well-rounded university experience.

Li

Verified

15/06/2024

On Campus

Studying in Singapore

Nanyang Technological University in Singapore is an incredible place to study. The campus is vibrant and modern, with excellent facilities. Academically, the university offers a wide range of programs taught by top-notch professors who are experts in their fields. The emphasis on practical learning through internships and research opportunities adds immense value to the education here. Outside of academics, student life is equally fulfilling. The campus is alive with various clubs, societies, and events. It's easy to find like-minded individuals and form lifelong friendships. The multicultural environment exposes students to different perspectives and cultures, enriching their overall experience. Singapore itself is a fantastic city for students. The efficient public transportation system makes it easy to explore the vibrant food scene, cultural attractions, and green spaces that the city has to offer. Safety and cleanliness are top priorities, making it a comfortable place to live and study. Balancing studies with leisure activities is manageable, thanks to the plethora of options available.

Guo

Verified

21/06/2024

On Campus

research-centric culture

I'm thrilled to be a part of NTU's vibrant academic community, where innovation is paramount and scholarship is elevated. The university's unwavering commitment to research fosters an environment of discovery, experimentation, and collaboration. The faculty's zeal for knowledge and cutting-edge facilities ensure that students are equipped with the latest tools and methodologies to drive groundbreaking findings. I've had the opportunity to participate in several research projects, which has not only honed my skills but also prepared me for a career in academia. NTU's emphasis on interdisciplinary approaches has also allowed me to explore diverse fields and think creatively.

Saraf

Verified

1/07/2024

On Campus

Rewarding experiences

Accommodation facilities are modern and well-maintained, providing a comfortable living space for students. The student life here is dynamic, with a strong sense of community and camaraderie among students. The faculty members are renowned experts in their fields, offering quality education and mentorship to help students excel academically. In terms of job prospects, NTU has a stellar track record of producing successful graduates who are highly sought after by employers. The university's strong industry connections and career services support students in securing internships and job placements. When it comes to nightlife and entertainment, the campus offers a wide range of activities including concerts, performances, and social events. The food options are diverse and delicious, catering to various tastes and preferences.

Student

Verified

21/07/2024

On Campus

Comprehensive and supportive

NTU excels in its exceptional organization and responsiveness. Before each semester begins, students receive comprehensive schedules, including exam dates, allowing for effective preparation. The university is highly responsive to queries, typically replying within a day, and provides robust support. NTU also offers remarkable opportunities for exposure, such as internships and research positions, exemplified by my internship at an energy research institute through my dissertation. However, while the professors are highly knowledgeable, the emphasis seems to be more on research than on teaching quality, suggesting room for improvement in that area. Overall, NTU offers a well-organized, supportive, and opportunity-rich environment, though enhancing the focus on teaching could further improve the student experience.

Mao

Verified

17/07/2024

On Campus

Global job market

Studying at Nanyang Technological University (NTU) has been a transformative experience. The campus buzzes with innovation and energy, reflecting NTU's commitment to excellence in education and research. The state-of-the-art facilities and labs provide ample opportunities for hands-on learning, which has been crucial in preparing me for my career. The diverse student community fosters cultural exchange and collaboration, enriching my academic journey. NTU's strong industry connections also offer numerous internship and job opportunities, ensuring that graduates are well-equipped for the global job market.

Hong

Verified

19/07/2024

On Campus

Student experience

Nanyang Technological University (NTU) offers an unparalleled academic experience coupled with a vibrant campus life. The campus itself is sprawling and beautifully landscaped, providing a serene yet stimulating environment for learning. The resources and facilities available are top-notch, from advanced research labs to extensive libraries stocked with every resource imaginable. What truly sets NTU apart is its strong emphasis on global perspectives, with a diverse student body and opportunities for international exchanges and collaborations. The professors are leaders in their fields, inspiring and pushing students to achieve their best. Beyond academics, NTU offers a rich tapestry of clubs, societies, and events that ensure a fulfilling student life. NTU has not only equipped me with knowledge but also with lifelong friendships and memories.

Iffah

Verified

25/09/2024

On Campus

Clean and pristine campus

At Nanyang Technological University (NTU), the emphasis on academic excellence and real-world readiness is evident in its impressive placement rate. Graduating from NTU opens doors to numerous career opportunities, as many top companies actively recruit from our talented pool. The university’s strong focus on research is equally remarkable; NTU consistently ranks high in global research citations, showcasing the impactful work being done here. This dedication to innovation is bolstered by strategic partnerships with leading industries and research institutions, providing students with invaluable internships and collaboration opportunities. Moreover, NTU’s campus is pristine and meticulously maintained, creating an inspiring environment for study and relaxation. The beautiful green spaces, clean facilities, and modern amenities make it a pleasure to spend time here. Whether you’re attending lectures, collaborating on research, or simply enjoying the outdoors, the campus fosters a sense of pride and community.

Sy

Verified

20/09/2024

On Campus

intense competition

NTU has been an incredible journey for me as a computer science major. The curriculum is highly relevant, covering emerging technologies and practical applications, which has equipped me well for internships. The professors are often industry veterans, adding real-world perspectives to theoretical knowledge. The availability of cutting-edge facilities, such as tech labs and innovation centers, enhances the learning experience. However, the intense competition among peers can be daunting. I find that students often prioritize grades over collaboration, which affects the sense of community. Additionally, while the university does provide various support services, I believe there’s room for improvement in mental health resources, as many students face stress and burnout. The cost of living in Singapore also adds financial pressure, even with scholarships available. Despite these challenges, NTU has prepared me well for my career, and I appreciate the opportunities it has afforded me.

Ekadayantri

Verified

15/09/2024

On Campus

Quality of life

At Nanyang Technological University (NTU), the financial aspect is manageable with various scholarships and grants available. The university offers a range of merit-based and need-based scholarships that significantly ease the financial burden. Additionally, there are part-time job opportunities on campus that help students gain work experience while supporting their expenses. The cost of living in Singapore is high, but NTU’s affordable accommodation options and dining facilities help mitigate this. the financial support and quality of life at NTU are commendable, allowing students to focus on their studies and enjoy their university experience without excessive financial stress.

Mya

Verified

27/08/2024

On Campus

Faculty review

Studying at Nanyang Technological University has been a transformative experience. The rigorous academic environment and cutting-edge research facilities have pushed me to excel. Faculty members are passionate and supportive, always ready to offer guidance. The cost of living in Singapore is high, but the scholarships and financial aid options help manage expenses. NTU's strong ties with multinational companies provide excellent internship opportunities, which have been invaluable for building my career. The emphasis on practical experience and global exposure has significantly enhanced my employability.

Hung

Verified

23/08/2024

On Campus

Life besides academics

Life at NTU is not just about hitting the books. The university’s entrepreneurial spirit is palpable, with frequent hackathons and start-up competitions. The vibrant art scene, including student exhibitions and performances, enriches campus life. Living in Singapore, you’ll experience a high standard of living with easy access to efficient public transport and an array of dining choices. NTU’s connections with local and international firms provide a broad network for future careers, while the city-state’s safe environment and cultural diversity add an extra layer of appeal to the student experience.

Yang

Verified

20/08/2024

On Campus

Enrollment and scholarships

Applying to Nanyang Technological University (NTU) was a rigorous but rewarding process. The admissions team values academic excellence and holistic qualities, so it's essential to showcase both your achievements and interests. As a recipient of the NTU Scholarship, I’ve found the financial relief invaluable, covering a significant portion of my tuition and living expenses. The scholarship application was competitive but straightforward, with a focus on academic performance and leadership potential. While NTU's tuition can be high, the financial aid options are generous and well-structured. The scholarship not only alleviated financial stress but also provided access to exclusive networking events and additional academic resources, enriching my overall experience.

Gabriel

Verified

13/08/2024

On Campus

Career focused business school

NTU’s business school provides an impressive range of opportunities for real-world experience through internships and networking events. The emphasis on practical skills and leadership development is excellent, preparing us well for the global market. Living in Singapore, I appreciate the blend of modernity and tradition, which enriches both my professional and personal growth. However, the competitive atmosphere can be overwhelming at times. While the campus is vibrant with numerous student clubs and activities, it sometimes feels like there’s little time to relax. Despite this, the overall experience is enriching and career-focused.

Soh See

Verified

15/10/2024

On Campus

strong industry connections

My time at Nanyang Technological University has been incredibly valuable, particularly due to its strong connections with industry. The university frequently hosts workshops and seminars led by industry professionals, providing insights that go beyond textbooks. The focus on innovation and entrepreneurship is evident, with various initiatives supporting startups and new ideas. The campus is vibrant and well-equipped, with a range of facilities that cater to both academic and recreational needs. While I appreciate the emphasis on group work, the competitiveness among peers can sometimes be intense, creating pressure to perform. Additionally, while the administrative staff are generally helpful, response times can vary. NTU has exceeded my expectations, preparing me not only academically but also equipping me with the skills needed for a successful career.