Monday, March 12, 2018

Half-Way Through: Taking Time to reflect on My Experience So Far

By Erin Thibodeau, ESSEC Global MBA Student Ambassador 2017-2018 | Luxury Brand Management Major

As a student ambassador for the Global MBA, I get the chance to speak with many incoming students, be it via ESSEC Talk, in one-off conversations, or at open houses and MBA fairs. One of the questions I get most often is a simple, “how are you enjoying the program so far?”. So, I thought I would tackle this general and yet complex question in a post!

Six months into the program allows me to take pause and be excited for all of the adventures to come and to look back and take stock of all we’ve already learned.

The first four months – September to December – saw us learning a lot of the fundamentals. Finance, accounting, an entrepreneurship course (see George’s post here!), and general strategy prepared us for a new year of tackling complex business challenges and challenged us to creatively seek answers. We dove into the new year with management accounting, operational management, and focused luxury courses that encourage us to build on the knowledge we’ve already gained to inform how we seek answers.

Tuesday, March 6, 2018

How Big Data is Driving Luxury Growth

This article is a summary of a report published in Luxe Digital by Global MBA students Vaibhav Jain, Jonathan Bernal, and Pranaay Gupta. Their research provides an in-depth understanding of how big data is transforming the business of luxury and how brands that are able to leverage big data will gain a competitive advantage in the future.

Big data, a concept that refers to the technologies and processes used to collect, organise, and generate insights from large amount of customer information, is transforming the business of luxury. 

The IDC, a market-research firm, predicts that 180 zettabytes of data will be created per year by 2025. To manage that amount of data, global tech companies are rapidly building new data centers around the world. In 2016 alone, Amazon, Alphabet, and Microsoft spent over $32bn in data management, up 22% from the previous year.

The quality of available data is changing as well. According to The Economist, the new economy is about analysing real-time flows of unstructured information such as consumer social media comments, influencers’ feeds on Instagram, or customers’ purchase funnel across multiple channels.

The market for data analytics is thus massive. The big data opportunities for luxury brands that are able to successfully take advantage of them will prove critical in the coming years.