In this episode of Making Better Decisions, host Ryan Sullivan speaks with Nikhar Shah, VP of Data Analytics and Forecasting at LPL Financial. Nikhar shares his academic background in computer science, management information systems, and data science and recounts his extensive experience in the data industry. He discusses crucial skills for making data-driven decisions, emphasizes the importance of combining technical skills, problem understanding, and communication, and delves into the differences in working in data analytics between India and the United States. Nikhar also touches on current challenges in the field and the impact of AI and ML on business processes.
Key Takeaways:
- Develop a Balanced Skill Set: Emphasize the importance of technical skills, problem-understanding, and communication in your team.
- Embrace AI and ML Applications: Leverage your company’s internal data to create personalized GPT models to enhance decision-making and productivity.
- Foster Mathematical Intuition: Provide resources for team members to develop these skills, which are crucial for making better decisions using data.
- Implement Forward-Looking Analytics: Move from historical BI reporting to integrating forecasting and predictive analytics in your business intelligence tools.
- Promote a Culture of Learning and Adaptation: Encourage curiosity and the exploration of new technologies and methodologies relevant to data science and analytics.
Quote of the Show:
- “ It's fundamental to have a quantitative mindset and outlook to any problem. If you have that, I think you will be better equipped with making better decisions using data and having a little bit of more foresight on what you're trying to solve.” - Nikhar Shah
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