The impact of Data Science on modern business is second only to the introduction of computers. And yet, for many businesses the barrier of entry remains too high due to lack of know how, organisational inertia, difficulties in hiring the right manpower, and apparent need for upfront commitment, and more.
This course is designed to address these barriers, giving the necessary knowledge and skills to flesh out and manage Data Science functions within your organisation, taking the anxiety-factor out of the Big Data revolution and demonstrating how data-driven decision-making can be integrated into one’s organisation to harness existing advantages and to create new opportunities.
Assuming minimal prior knowledge, this course provides complete coverage of the key aspects, including data wrangling, modelling and analysis, predictive-, descriptive- and prescriptive-analytics, data management and curation, standards for data storage and analysis, the use of structured, semi-structured and unstructured data as well as of open public data, and the data-analytic value chain, all covered at a functional level.
The past several years have been marked by a paradigm shift in the role of data in organisations. Whereas, historically, data was retained for compliance reasons or where needed for day-to-day business operations, the advent of cheap, readily-available storage options has made organisations more inclined not to erase stored data, and the boom of equally-cheap, equally-available processing power has opened the door to advanced analytics on this stored data, unlocking the business value hidden in the bits.
Today, this trend has been taken to its extremes: data is collected by any available means, far beyond what is necessary for standard business operations or, indeed, beyond information that has clearly-defined future uses; deep analysis is done both retrospectively and on-the-fly, often driving split-second business decisions; insights are and gained by combining otherwise unrelated - and historically soiled - data sets, including ones that are publicly available or that are purchasable, such as social media archives or demographic data; and long-held rules-of-thumb are being systematically replaced by quantitatively-superior data-driven decision-making.
Use of data analysis has become ubiquitous, from traditional uses such as risk analysis by banks and insurance companies to new domains such as consumer-behaviour analysis, churn prediction and efficacy measurement and optimisation for all types of customer incentives. Also emerging are intra-organisational applications and uses, such as in The Internet of Things: Big Data analytics over telemetry data from industrial appliances and networked devices (e.g., smart meters) are now used in every vertical, from manufacturing to mining, from transportation to health, from energy to cyber-security. Wherever a digital footprint can be created, data is gathered and analysed in order to model behaviours, understand causes and effects, predict the future and allow decision optimisation for profit maximisation and cost minimisation, which is why even small and medium businesses today are accumulating Big Data and experimenting with cloud-based data analytics, and why this data is proving vital for creating and maintaining their competitive advantages.
The Data Science for Managers course, encompassing an intensive 24 hours over the course of 3 days, is an offering uniquely focused on the needs of professionals in managerial positions in the data-driven world. Drawing on Monash’s world-leading practitioners and real-world case studies, the course is designed to give professionals an understanding regarding where data relevant to decision-making can be found, how it can be harnessed, what wrangling is required to make it usable and how predictive or prescriptive models can be generated from it. The course will furthermore address how to approach data privacy, how to manage issues of data storage and accessibility, and the use of data in real-time decision-making.
Upon course completion, attendees will have
- Gained confidence in the management of data-analytic projects,
- Learned the skills necessary to allow their organisations a pain-free migration into the “data-driven enterprise” world and to increase their organisation’s foothold in data analysis, and
- Acquired an understanding of the key trends in Data Science and how these are influencing the future of business.
A certificate of participation will be awarded.