Collaborative Learning Approach
Did you know, that Collaborative Learning such as Data Analytics Simulations can lead to greater knowledge than top-down education? A study by Bersin by Deloitte has revealed that learners retain only 5 percent of what they hear, 10 percent of what they read but can remember more than 50 percent of what they learn through discussion and interaction such as Data Simulation Workshops. (Kostrikin, 2015)
Reflective Journal Nr. 1
Knowing this I want to welcome You to this Reflective Journal, which will be used as a learning tool of our Marketing Workshop class from March 5th, where we did an extraordinary data simulation by Harvard Business Publishers. (FDIDC, 2012) The simulation was moderated and organized by our course lecturer Dr. Xiaoning Liang together with the guest lecturer Mairead Brady.
Strategic Decision Making
Split into groups of two, me and Jack Scrivener (This is his blog: jackmichaelscrivener.wordpress.com/) were working together on this simulation. I really liked the fact, that we were able to work in teams as I knew from my bachelor studies, Data Analytic Simulations can be quite overwhelming sometimes and is better to handle in a team.
The Simulation was about Strategic Decision Making and a web based HTML application developed by Tom Davenport to show students the power of analytics in decision making. (Davenport, 2016) The situation of the simulation goes as follows: Me and Jack were just been hired as brand manager at Kelsey-White, an American consumer goods company which invested in a new Data and Analytics Suite which should help us to make analytical based decisions. This powerful suite gives us data from the last 3 years and helps us to predict future developments in our market of laundry detergent from 2018 onwards.
Good User Experience, Poor Start
I must say, that the simulation tool was really impressive and had a great user experience. Together with an easy-to-understand “How to play guide” , we managed to understand the simulation really quick and understood, how Blue, our brand was performing.
By analysing the data of the previous years we tried to make our first year decisions. This included the amount of produced goods, a product strategy, a pricing strategy, a marketing communication strategy and much more. To be honest, we didn’t used the production planning sheet Mairead handed us out, not because we didn’t want to but the time was just so critical during the simulation. Especially in the first round! Due to that, we miscalculated our production forecast and weren’t able to produce enough goods for our demand (see year 2018 to 2019):
All About Data Driven Decision Making And Strategy
After the first round it became very clear for me, that this simulation was really about data analytics, that you are able to understand the data you have and how to predict future decisions based on that. I had the feeling that a lot of other groups also needed the first round to understand this fact. This was actually proven by the fact, that all groups were faster in the second and third round to make their decisions – because they knew where to look for their data and how to use it, I think. Although, Jack and me didn’t predicted the first year perfectly, we managed to execute our strategy quite well until the end. The strategy was mainly driven by two directions: First, Listening to the customer by analysing the Social Media Stream and delivering a product, they really want and secondly, attacking the market very aggressively by dropping the price.
Profitability Proofs The Conclusion
Due to the fact that our brand Blue turned out the most profitable of the whole class in the end I think it is fair to say, that we really experienced and learned the value of data understanding and data based decision making during this workshop. In conclusion this was a valuable class but it was necessary to understand several things on our own: Where to find the right data, develop a strategy and keep the timing.
Personal Outlook
Based on this workshop I try to make and support my personal decisions with a more analytical and strategic approach in the future. I also learned (again), that I am a very hands-on and practical learner. For me, just listening to somebody explaining a theory is by far not as valuable as doing or producing something on my own.
What do you think about Data Analytics Simulations? Have you experienced some before? Leave me a comment below or send me a message.
Title Photo by Carlos Muza on Unsplash
Works Cited
Davenport, T. H. (2016, February 24). DATA ANALYTICS SIMULATION: STRATEGIC DECISION MAKING.Retrieved April 2018, from Harvard Business Publishing: https://cb.hbsp.harvard.edu/cbmp/product/7050-HTM-ENG
FDIDC. (2012, April 13). Reflective Journals and Learning Logs.Retrieved April 2018, from Northern Illinois University: https://www.niu.edu/facdev/_pdf/guide/assessment/reflective_journals%20and_learning_logs.pdf
Kostrikin, L. (2015, August 11). Rework. Retrieved April 2018, from How Collaborative Learning Will Revolutionize L & D: https://www.cornerstoneondemand.com/rework/how-collaborative-learning-will-revolutionize-ld
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