Data-driven strategy in the promised ‘Smart Bangladesh’
As a result of the growing digital economy and competitive environment, savvy business leaders are now implementing data-driven action plans to direct organisational decision-making and promote company growth
In Bangladesh, data analytics are quickly becoming a critical component of business operations. With the increased availability of data and advanced technologies, key stakeholders and strategic decision-makers are realising the value of using data to improve decision-making and drive growth.
The rapidly expanding digital economy in Bangladesh is one of the main drivers of this trend. As more businesses move online and consumers become more reliant on technology, the amount of data generated is increasing at an unprecedented rate. This data can provide valuable insights into customer behaviour, market trends and operational efficiencies, but only if the data is properly analysed and interpreted.
Another factor driving the demand for data analytics in Bangladesh is the increasing competition in its business landscape. With more companies vying for market share, businesses need to be able to identify and capitalise on growth opportunities. Data analytics can help companies identify new markets and target profitable customers while optimising their operations to reduce costs and increase efficiency.
The government has helped encourage the adoption of data analytics by pushing the use of technology in numerous areas. The government has established several initiatives and projects to promote the use of data and analytics in agriculture, education, health and other fields. The draft of the Data Protection Act 2022 was also released by the Department of Information and Communication Technology to ensure safety and security.
Keep updated, follow The Business Standard's Google news channel
Nonetheless, despite the rising demand for data analytics in Bangladesh, the country faces several hurdles in fully achieving its potential. One significant difficulty is the scarcity of a trained workforce that has the knowledge and ability required to successfully analyse and interpret data. This talent deficit is a key impediment to the widespread adoption of data analytics in the country.
There are numerous steps one can take to gain the essential information and skills required to become a data analyst in Bangladesh.
Begin by earning a degree in a relevant discipline such as statistics, mathematics, computer science, or a related field. Then become familiar with widely used tools like R, Python, SQL, Power BI, Tableau, QlikView, SAS, etc. Internships or projects in which the fresh graduate can apply knowledge and abilities to real-world data analysis challenges will aid in the development of analytical skills such as working with big data sets, altering data, performing statistical analysis, and creating visualisations.
Data analysts must also stay up to date on the newest advances in data analytics, such as new technology and trends, by attending seminars, conferences and online courses. Finally, they should become involved in the data analytics community in Bangladesh and network with other professionals in the industry. Specialising in a certain field might make someone more employable and boost their chances of landing a job.
Several limitations in Bangladesh's data infrastructure and resources make it difficult for corporations to acquire, store and analyse data effectively. Many companies in Bangladesh still rely on manual processes and lack access to data that would assist them in making decisions and thriving. The underlying causes may be a lack of data-gathering infrastructure, low-quality or erroneous data, or a shortage of funds needed to purchase relevant information from third-party providers.
This makes it difficult for organisations to trust the data they use and it can lead to incorrect conclusions. Furthermore, data is frequently held in separate systems or data silos that are not easily accessible or shareable across departments or companies.
The demand for data analytics in business is growing increasingly significant in the promised 'Smart Bangladesh.' As a result of the growing digital economy and competitive environment, savvy business leaders are now implementing data-driven action plans to direct organisational decision-making and promote company growth.
Fazlul Karim Chowdhury, FMVA® is a business strategist who provides quantitative modelling-based investment advice.
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinions and views of The Business Standard.
