After completing his Business Administration degree in Boston, USA, Zhenghong Qiu came to the UK to study the MSc Business Analytics programme. For his Business Analytics project, Zhenghong worked with WoolOvers, a British lifestyle brand, designing and selling quality natural knitwear. Since completing his programme, Zhenghong now works as a consultant. Read on as he tells us about his business project experience.
Using data analytics, the project aimed to look at WoolOvers’ distribution model at a local level. The company partners with a third-party warehouse in Australia to handle the entire stock and delivery services for Australia and New Zealand customers. They wanted to understand whether it was beneficial to continue operating a separate warehouse in Australia, or to move to a model of despatching these orders out of the UK. The project included considerations from a monetary and non-monetary perspective, investigating the short-term and long-term impact of such change.
I was always interested in business supply chain problems. The scope also required me to consider the environmental aspect, which is extremely relevant in the current business world, with companies operating on a global scale. I considered myself lucky in getting this project and working with such a well-known retail company.
After comparing earnings before interest and taxes (EBIT) in different scenarios, I recommended the company keep the third-party warehouse due to anticipated decreasing demand and the increased shipping costs associated with a centralised inventory system.
Firstly, this project consolidated my data analytical skills such as Python clustering, Excel modelling and most importantly, my business problem- solving mindset. Approaching this real business problem and communicating with someone from the company made the whole learning process much more engaging. Secondly, the project helped me improve greatly in terms of my skills and academic abilities.
Zhenghong was excellent. He was proactive in arranging discussions, approaching me with questions and was very logical and well thought out in his approach to the project. He clearly put a lot of time and effort into the project and that showed in his output.