Date: 7 April 2021
Time: 12:00pm – 1:15pm
Institution: Singapore University of Social Sciences – School of Business
The Brown Bag Series aims to inspire working professional to develop a passion for lifelong learning. We are excited to bring to you a series of free workshops that would help you learn new skills and gain competencies to level up your career.
The Critical Core Skills Workshops (Apr – Jul 21) are part of a 16-part series organised by HeadHunt in collaboration with the Lifelong Learning Institute and the Autonomous Universities (NUS, NTU, SMU, SIT and SUSS) to help Singaporeans.
For our Brown Bag session on 7th Apr (Decision Making), Dr Liu Wenting from SUSS will be sharing on the topic of Analytics-driven Pricing Strategy in Big Data Context.
Analytics-driven Pricing Strategy in Big Data Context
Dr Liu Wenting
Senior Lecturer, Business Analytics Programme (School of Business)
Singapore University of Social Sciences
Critical Core Skill :
Pricing strategy plays a critical role in gaining competitive advantage. Brands’ image and market position are largely reflected by price messages which directly link with consumers and build long term bond. Consumer focused companies – be it online/offline retailers, hotels, restaurants or airlines – regard pricing as a key competency. In the era of big data, advanced analytics technology enables companies to better understand their consumers, who they are, what they like and at which price level they feel comfortable.
This session lays out the foundation by introducing how to leverage industry knowledge, big data richness and analytics capabilities to best support companies in their financial, marketing and branding goals. Topics cover pricing strategies, price sensitivity modeling, machine learning techniques and the potential business implications to address pressing interest of predictions, customer segmentation, suggestive selling, etc. Case study would be provided to help audience better understand the principles and practices in industry.
Missed our session? Watch the full Brown Bag session below:
Facebook Video URL Link – https://www.facebook.com/14885049750/videos/492697408569451
Brown Bag Workshop Schedule
In the upcoming six workshops (7th April to 6th May), we will be examining the Thinking Critically Cluster that consist of the following 5 Critical Core Skills :
- 7th April – Decision Making
- Demonstrating how big data decision making tools can help us make more informed decisions.
- SUSS School of Business will be sharing on the topic of “Analytics-driven Pricing Strategy in Big Data Context”
- 15th April – Transdisciplinary Thinking
- Examining the challenges of the workforce of the future and the need to adapt and integrate economic, societal and technological trends to remain relevant.
- NTU Nanyang Business School will be sharing on the topic of “Innovating HR for Future Work and Careers”
- 20th April – Creative Thinking
- Introducing the concept of speculative design and help kickstart conversations about possible futures.
- Singapore Institute of Technology will be sharing on the topic of “Designing a Future”
- 22nd April – Sense Making
- Demonstrating how one can use data to spot opportunities and infer trends to make better decisions
- Institute of Systems Science, NUS will be sharing on the topic of “Harnessing the Power of Data”
- 29th April – Problem Solving
- Using an example to introduce Problem Solving Techniques.
- Centre for Healthy & Sustainable Cities (CHESS), NTU WKWSCI will be sharing on the topic of “Problem Solving – Using Health Coaching as An Example”
- 6th May – Decision Making
- Examining how one can automate decision making to help identify patterns to make faster and more accurate decisions.
- SMU School of Accountancy will be sharing on the topic of “Using Machine Learning to Detect Financial Fraud”
What are Critical Core Skills ?
The Singapore economy and business environment are rapidly transforming, with increasing digitalisation and adoption of technology at the workplace. As such, there is a need to redefine the key skills to keep up with the future economy, including an increased emphasis on soft skills as part of the future work in the digital era.
SSG constantly scans the horizon to keep skills updated to ensure continued relevance and currency of Generic Skills Competencies (GSCs) for different groups of stakeholders.
GSCs are common, transferable skills that enable individuals to be employable and employed, facilitate their career mobility, and enable the acquisition of Technical Skills and Competencies (TSCs) relevant for specific job roles in the sector. They were developed and introduced as part of the Singapore Skills Framework (SFw) in May 2016.
In August 2019, SSG embarked on a review of the GSCs to formulate the new Critical Core Skills (CCS), which comprises a total of sixteen (16) competencies grouped into three (3) clusters of skills that workplaces deem most essential. They are:
- Thinking Critically – These are cognitive skills that are needed to think broadly and creatively in order to see connections and opportunities in the midst of change. Cognitive skills are the root of technical skill development and progression.
- Interacting with Others – Learning from other people is one of the most effective ways to acquire new skills and ideas. Being effective at interacting with others means thinking about the needs of other people, as well as being able to exchange ideas and build a shared understanding of a problem or situation. Increasingly people need to be able to combine their technical skills with those of others to succeed.
- Staying Relevant – Managing oneself effectively and paying close attention to trends impacting work and living provide the strategies, direction and motivation for technical skill development.
For more information on the 16 Critical Core Skills – https://www.skillsfuture.gov.sg/skills-framework/criticalcoreskills
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