Refining Business Expansion with Data Analytics
Aspiring to expand the business further regionally with specific challenging targets, SHH commissioned the SMU students to build in-house data analytics capability to help the company achieve its strategic goals. SHH previously would rely on ballpark estimates to make key strategic decisions such as to determine annual production capacity. The key challenge of utilizing ballpark estimates was the lack of accurate demand forecasting on a periodic basis and the absence of important financial information that would support the risk assessment of expansion into new foreign markets.
Through the SMU-X project, students were able to leverage on predictive analytics to find valuable insights such as expansion plans for both domestics and overseas, new product introduction possibility and better estimation of future financial targets.
SHH was impressed with the students’ outcomes – Ms Jan Goh, Human Resource Director of SHH, remarked, “In this course, I must say that the students have exceeded our expectations wildly. Originally, we had only wanted to analyze our revenue data and they came back with a revenue model and told us what they saw in the data. It gave us greater insights and allowed us to streamline our business activities and focus on specific areas of growth. The SMU-X programme is a wonderful initiative. It allows SMEs like us to engage the students in projects we otherwise are unable to embark on.”
SMU student, Ms Anna Teo, expressed, “… through this project, we honed invaluable soft skills where we had to manage the expectations of the project sponsor and convey our limitations in a tactful manner. Besides managing the project sponsor’s relationship, we also got the opportunity to develop our project management skills while working in a group. This is my first experience working on a real-world consulting project, and I have to say that the learning opportunity was amazing.”