Summary: Risks are inherent to any business. Data has become a key component in predicting consumer preferences and mapping the logistics of procurement and delivery in the fashion industry. HBAP offers a quick but thorough understanding of the basics of data and quantitative analysis to run a competitive business in shifting global dynamics.
The online marketplace has changed the way businesses make customer-centric strategies. Fashion labels are also increasingly turning to e-commerce, which makes extensive use of data to understand end-user needs, trends, and spending habits. A clothing brand armed with quantitative inputs and data streams cannot leverage the information unless it knows how to analyze the data and gainfully employ it for day-to-day transactions.
The Harvard Business Analytics Program (HBAP) helps in investigating available data and making informed predictive strategies based on quantitative tools and statistical analysis. It trains students, including executives, into understanding the basics of programming and analyzing information for data-driven businesses.
The HBAP is a certificate course for skill development imparted online. The course is multi-faceted and designed for students and executives to understand data streams based on historical facts, manufacturing inputs, and consumer behaviors. The three coveted Harvard schools—Harvard Business School, the John A Paulson School of Engineering and Applied Sciences, and the Faculty of Arts and Sciences—are the joint custodians of this yearlong program.
Students enrolling in the program are assisted in their learning with case studies, face-to-face classes, group projects, and discussions with fellow HBAPers and the top minds in AI, data analytics, business, and programming. Launched in 2018, the program now has diverse representation in over a dozen industries with more than a 1,000-plus strong network of students and graduates.
The Harvard Business Analytics Program curriculum arms its students with the analytical insight to spearhead data-driven industries such as fashion and manufacturing towards identifying patterns and developing strategies for year-on-year growth. Here is a sneak peek into the amazing course offerings of HBAP.
After data has been pooled from different sources, the next step is analyzing it. The HBAP lends insight to its students to detect patterns that explain the happening of an event or discover an underlying trend. This allows businesses to strategize better.
The most common hindrance in evaluating merit in a data set is ambiguity. Often different variables cloud the judgment. The program hones the rational mind to remove ambiguity and distill the driving factor in an event. Basically, it trains one to think like a data scientist.
Once the ‘why’ part of the data is clear, managers can use the information to make a near-accurate predictive analysis. Leveraging data with insightful analytics can help a business model become flexible in operations and gain a competitive advantage in a dynamic market.
Reading the data right can help mitigate the impact of disruptions on procurement. The supply lines can be designed better and the metrics for risk assessment can be more accurate to withstand unprecedented situations such as the pandemic and European gas shortage.
Information is power in the modern world. Data analysis hands over a very powerful tool of predictive decision-making into the hands of managers who can drive new strategies, be more prone to organizational change and make informed managerial practices for overall growth.
Source: Harvard Business Analytics program
Data crunching helps predict business scenarios for strategic gains. But as a fashion brand, one also needs a network of trusted vendors and manufacturers to implement that learning. HBAP students have brought about a difference in leading industries, including consultancy and manufacturing, both of which are at the heart of fashion labels.