Retro analytics key indicators are non-scalable options, hard to implement new technology, or new features in products. User behavior is changing frequently, products need to capture those valuable insights in real-time, and within the churn time of customers. Retro analytics is safe but slow, chances of error are also high with modern analytics, but outcomes are more fruitful, making for unexpected challenges. Retro is limited with dashboarding, reporting to limited questions, limited key metrics which we want to analyze, but modern analytics have the capability to do the same inefficiently, affordable, and quickly. Retro analytics can be called static due to its characteristics, and also modern due to its dynamic nature. One of the characteristics of retro is that we do it based on hypothesis but for modern, we derive everything from data.
As the popular saying goes, that data is the new oil, whoever uses it efficiently can make advanced progress in business and product managers can make products that will be not just better but future-ready. At IIM Kashipur, the MBA Business Analytics specialization serves as the bridge between Retro & Modern Analytics as subjects, teaching experts are teaching new skills, with the help of advanced infrastructure available at the campus. This makes students ready to take the opportunity to lead any team in both ways.
Authors: Ayushi Jha & Saurabh Sarkhel
IIM Kashipur
MBA 2021-23
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