Data Analysis as Seen by Data Experts… DTB Colloquium  

The Korea University Business School (Dean=Sang Yong Kim) Center for Digital Transformation & Business (Head=Kyung Sam Park, referred to as CDTB), hosted a colloquium on December 8, 2023, at LG-POSCO Hall Room 432. The keynote speaker for this event was Dong-Kyu Park, a managing director at PwC (PricewaterhouseCoopers), who delivered a lecture on ‘Data Scientists with both Business Understanding and Data Analysis Skills.’ 

Dong-Kyu Park has worked as a consulting service partner focusing on manufacturing, banking, and capital markets for over 22 years since 2001. He has been involved in a wide range of consulting tasks, including business and IT implementation, possessing specialized knowledge not only in business intelligence but also in IT technology, Corporate Performance Management (CPM), and analysis services. He has also implemented a social data mining system in collaboration with the Korean government agency ETRI in the field of analysis. PwC has been a collaborating institution for the Business Analytics program in the university’s graduate school of business, providing significant assistance in capstone projects. 

During the lecture, Park explained △ the role and importance of data analysts △ real cases and importance of data analysis △ and practical applications of data analysis for enhancing competitiveness. He highlighted the essential qualities for data analysts, including △ proficiency in various areas such as data analysis, coding, and architecture, △ a mindset for business and statistics and analysis, △ and the ability to empathize with others. He mentioned, “The utility of the profession of a data analyst itself is becoming increasingly extensive, and the extent to which an individual analyst can contrite to a company varies more based on their capabilities and characteristics rather than the identity of the profession.” 

Regarding real cases of data analysis, Park emphasized the importance of ‘human psychology’ in data analysis, stating that “Since people are not always logical, even if statistical figures are presented, they might not consider them if they are not persuasive.” He added, “More important than data analysis itself is the ability to empathize with people and utilize their psychology.” For instance, he cited insurance enrollment, mentioning that “When people enroll in insurance, they tend to decide to purchase based not just on information gathering but on the recognition of the necessity, following the recommendation of an insurance planner.” 

Park continued by highlighting the gap between theoretical target marketing and understanding customer psychology, stressing the importance of understanding the context and comprehending human-to-human behavior in data analysis situations. 

Finally, as qualities of a data analyst, Park stressed the importance of always possessing common sense and cultivating the habit of questioning to become a good data analyst. He conveyed that for data analysis to drive decisions such as purchases, it is crucial for data analysts to approach with a high level of empathy and a business mindset. He concluded the lecture by stating, “Organization takes precedence over data analysis,” and advised not to forget that understanding people and accurate situational understanding should be prioritized in data analysis.