Data is the new gold!  Nowadays, data has been collected but it has not been leveraged to maximize the outcome. Also, efficiency tools are needed to harvest a meaningful information from data.

There are lots of choices for data mining tools from coding languages (SQL, R, Python, etc.) to proprietary software (Alteryx…). To be able to perform data mining, understanding the tools is the first step. Some of the tools are complicated to understand and it might take longer to understand and adapt in real world scenarios.

In my previous role as an analyst at a major Thai bank we were supported by a MIS team (Management Information Systems Team). One of their roles was to provide me with clean data ready for analysing. The MIS team specialized in data preparation and had a deep understanding of databases.

When the situation changed rapidly during Covid19 every business needed to adapt daily to survive through the pandemic. At this point businesses demanded lots of information from data to make daily decisions. During this time, government regulations were changing rapidly. For example, new regulations allowing a pause of repayments during the pandemic were implemented, and legal action was paused against defaulted customers. These changes impacted lots of teams/functions in the organization and we needed data to inform decisions.

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The support team (MIS team) could not serve us in time to adapt with the changes. I was struggling to perform analysis because of lack of data. I tried to use the software “SAS” to prepare data myself however, I did not have knowledge in the complex program.

Today, I know there is an alternative solution which is simpler to use and powerful. Alteryx is a data preparing or data self-serving program which has a ability to do a simple data preparation or complex analysis (such as forecast, modelling, etc.).

The business world moves and changes faster than before because of the use of data and data driven decisions, which was seen during the pandemic. Therefore, effective tools are needed to leverage the data collected and maximise the business outcomes.

 

The Data School
Author: The Data School