Harnessing the power of data analytics to shift the realm of performance management
Data science is transforming the way businesses evaluate their operations, allowing for reliable assessments and real-time decision-making. SMU MSc in Accounting (Data & Analytics) student and Siemens performance controlling intern Nilakshi de Mel decided to delve deeper into the world of data, determined to harness its power and unlock its full potential.
As the business world shifts to become more data-driven, financial professionals must develop an understanding of data science and upskill themselves or risk being left behind.
Data science has emerged as one of the most important foundations for decision-making, with its ability to interpret large amounts of diverse and complex datasets in order to generate actionable insights. Developing expertise in data science isn’t just a skill reserved for those in tech – it has become a game-changer for folks thriving in finance and business management to supercharge their organisations.
SMU Master of Science in Accounting (Data & Analytics) (MSA) student Nilakshi de Mel recognised the potential of data analytics as far back as 2018, while working as an investment research intern at Moody’s in Sri Lanka. Following the completion of her undergraduate studies, she worked as an equity investment research analyst, supporting asset managers and investment banks.
During that time, she published several award-winning research reports and won multiple awards for her work within the investment research space.
“I witnessed first-hand the power and impact of proper data collection and processing on financial forecasting which piqued my interest in strengthening my skills within the data analytics sphere,” says Nilakshi, who received the SMU MSA Global Excellence Scholarship.
“I believe that data science techniques provide new opportunities to demonstrate investment trends that better encapsulate the complexity of the sector.”
Levelling up with the power of data
Besides being a pivotal tool in finance, data science also has a key role to play in the future of performance controlling and key performance indicator (KPI) management, revolutionising the way businesses evaluate their operations.
With the power of data-driven insights, companies now have a reliable source for objectively assessing their performance indicators compared to benchmarks across competitors and industries, allowing them to make real-time decisions on how they can further improve their practices.
Nilakshi was therefore eager to understand the inner workings of performance controlling and KPI management. Having made equity investment recommendations by assessing business performance, generating forecasts, and carrying out company valuations for four years, she wanted to capitalise on her knowledge and gain a further understanding of this process from a corporate standpoint.
“As big data rapidly transforms the landscape of investment research, I believe it would be key for all incoming research analysts to be equipped with data analytics skills,” she explains.
“Being able to handle large volumes of data, make sense of it all, and leveraging the insights gained will aid in better forecasting, valuation and understanding of investment trends and market behaviour.”
Working in capital markets, she was on the constant lookout for trends with disruptive potential. The accounting and finance graduate adopted a similar mindset towards choosing an optimal postgraduate education pathway, which led her to pursue an MSc in Accounting at SMU School of Accountancy.
As big data rapidly transforms the landscape of investment research, she believed that the MSA programme added immense value through its emphasis on data technology in the accounting and finance domain.
“The MSA programme will undoubtedly be a valuable complement to the skills I have acquired during my undergraduate degree and my four-year career,” adds Nilakshi, who is currently undergoing a performance controlling internship at Siemens.
Living, learning and growing in the Lion City
A city university with a multinational student body is the ideal setting to foster personal growth, expand one’s network, and nurture global citizenship. Beyond the standard textbook education available in more traditional academic settings, the blend of cultures present on campus provides a unique opportunity for students to learn through real-life experiences.
At SMU, the constant interplay between diverse perspectives promotes an environment of debate and constructive criticism — encouraging individual development of critical thinking skills.
“I was eager to share in the perspectives of other finance professionals in my cohort at SMU as well as enjoy contributing my keen analytical skills during classroom discussions and team activities, thereby enriching the SMU experience for both myself and others,” shares Nilakshi.
“Singapore’s positioning as a leading financial hub in Asia and Singapore’s proximity to my home country, Sri Lanka, were also motivating factors to come to study in Singapore.”
In addition, moving to a foreign country as an international student, especially one as cosmopolitan and vibrant as Singapore, can be intimidating. But by embracing the opportunity as a challenge and capitalising on the city-state’s inimitable advantages, thriving in this new environment can be truly rewarding.
Among the many highlights of the MSA programme for Nilakshi were the events organised by the SMU Office of Postgraduate Professional Programmes. Established in 2011 to support the growth of SMU Masters programmes and its students, the events provided multiple opportunities to meet and build a sense of community with masters students from other programmes.
“Moving to a new country, away from family and friends, can be a daunting process,” admits Nilakshi.
“Having SMU provide free medical insurance coverage really helps ease any anxiety as you know that you can receive medical support, should a need arise.”
The SMU Mrs Wong Kwok Leong Student Wellness Centre (MWKLSWC) also provides useful resources to students to support their physical and mental well-being, which she believes was instrumental in helping students navigate the challenges that come with pursuing post-graduate studies.
Besides tapping upon her scholarship to ease the financial commitments of self-funding her education while taking a career break, Nilakshi shares that the key to being prepared as an international student is to budget for rent, food, and transportation, with the latter being “a lesser burden, thanks to Singapore’s strong and far-reaching public transportation system”. She adds that, with a little effort, it is possible to find reasonably priced and conveniently located accommodation in Singapore. She also urges prospective students to budget for enjoying fun experiences and visiting attractions to make the most out of their time in Singapore.
Ultimately, the SMU MSA sets the standard when it comes to equipping future financial experts with the tools they need. Through this specialised Master’s programme, students gain skills in data-driven decision-making that leads to more informed strategic business solutions.
“I aim to supplement my current expertise by gaining experience in a data-driven finance role over the next five-year time horizon,” asserts Nilakshi.
“The MSA programme has been critical in building upon my current knowledge and honing my skills to keep up with the demands of the fluid and everchanging data analytics landscape.”
