Future insights and challenges in data analytics with Aksinia Chumachenko

The global data analytics market is forecasted to increase by USD 234.4 billion from 2023 to 2028. This rapid increase will accelerate the growth of jobs in the field.

To learn more about the trends of data analytics fields, their prospects, and their challenges, we talked to Aksinia Chumachenko, Product Analytics Team Lead at Simpals, Moldova’s leading digital company. In this interview, Aksinia will share her journey, approach to leadership and mentorship, and vision for the future of this rapidly evolving field.

Your journey from a university student to a Product Analytics Team Lead is inspiring. Could you share the key milestones that have shaped your career in data analytics?

My journey began at NUST MISiS, where I studied Computer Science and Engineering. I studied hard and was a very active student, which made me eligible for an exchange program at Häme University of Applied Sciences (HAMK) in Finland. This experience has led to my first real IT job ― an internship at Renault in 2019. It was my first job as a data analyst. It helped me to become familiar with popular tools such as Excel and SQL and to develop my analytical thinking.

The time I spent at Renault helped me realize that data analytics is something I would be interested in pursuing as a full-time career. After my time at Renault, I joined Sberbank, one of the largest banks in Eastern Europe, as an intern analyst through their highly competitive Sberseasons program. The competition was intense, with over 50 applicants per position. However, three different teams within the bank were interested in hiring me, and I ultimately chose to work with Sberbank CIB, which is responsible for the corporate investment business.

At Sberbank, I worked as an analyst for major B2B clients. This experience helped me to improve my Python skills and get more practical experience working with big data.

In 2020, I transitioned to product analytics at OZON Fintech ― one of the leading marketplaces in Russia. This pivotal role allowed me to double my salary and gain extensive experience working on fintech products. At OZON, I worked with four financial products, and through my data-driven research, we significantly increased key metrics such as usage, number of new customers, returns, and revenue.

In November 2020, BCS Investments, named “Investment Company of the Year” by an authoritative financial online platform, approached me. They were looking to hire their first product analyst and build a new department from scratch. That opportunity fitted with my goals, as I wanted to gain new leadership skills. During my time there, I implemented numerous impactful initiatives. One of the most significant was introducing the A/B testing process from scratch, which improved user experience and product metrics. Thanks to the company-wide implementation of this A/B testing process, we increased the onboarding conversion rate in our app by several percentage points, ultimately impacting the number of customers using the app and, consequently, our revenue.

About a year later, I transitioned to Simpals in Moldova, where I still work as a Product Analytics Team Lead. I manage a team of top-notch data analytics experts and work on one of the most visited websites in Moldova.

Recently, I have been highly involved in giving back to the community. I organized a meetup in Moldova in 2023 and was also a speaker. One of the speakers was a colleague whom I mentored from scratch ― it was a huge pleasure to see how much she’s grown quickly.

I am also a judge in several international hackathons, including the United Nations Big Data Hackathon, where I evaluated 18 different teams based on their solutions’ innovation, quality, and applicability.

Other hackathons to which I was invited as an expert are the MLH Web3Apps Hackathon and MLH Data Hackfest.

As a leader in your field, how do you approach mentoring your team members, and what impact do you hope to have on their careers?

I started mentoring as soon as I had my team. Today, I mentor not just within Simpals but also external organizations such as Women in Tech and Women in Big Data. These are free international programs that help women progress in their careers. As a mentor, I’ve helped several women achieve significant success by leveling up or starting a new career.

Every mentee is different, which is why I create individual development plans based on their goals, strengths, and weaknesses. We also meet regularly for one-on-one meetings to discuss how things are going.

Seeing my impact on colleagues is very rewarding. Moreover, by helping others, I also help myself grow as a professional and a human being.

Aksinia, as the Product Analytics Team Lead at Simpals, a company that has a significant impact on Moldova’s digital ecosystem, what role does data analytics play in the success of digital platforms like 999.md?

999.md is visited by more than 2 million unique users every month, giving us much data to work with. I was responsible for building a team from scratch and leading them to ensure the growth of key metrics and optimize existing processes. Thanks to the adjustments to the key features, we have achieved a 13% revenue increase.

Thanks to our work, the platform can gain more revenue and reduce spending where possible. This is what analytics does: not only does it help to make more money, but it also prevents unnecessary spending, which, for large projects like this, can be significant.

The field of data analytics is constantly evolving. What are the biggest challenges facing product and data analytics today?

Data accumulates fast, and it’s challenging to collect and analyze it. However, even more importantly, the insights generated need to be aligned with the company’s overall strategy and goals. Ask a question: will completing this task drive you to achieve your business goals? Sometimes, data analysts forget to ask themselves this question. But I think it’s crucial to have a business mindset.

Also, many IT professionals find it hard to stay up-to-date with rapidly changing technologies. To stay up-to-date, I regularly attend conferences (sometimes as a speaker). My mentor also helps me constantly grow and explore new things.

You mentioned the importance of aligning data analytics with business strategy. Please give us an example of how this alignment has worked in your role at Simpals.

My team’s task was optimizing the user experience on 999.md. We needed to increase user engagement and conversion rates by making the platform more intuitive and user-friendly. Here is what we did:

• identified pain points in the user journey;
• used user segmentation to understand better how different groups use the platform;
• conducted A/B testing to compare different platform versions and see which changes led to better outcomes.

I discussed earlier how important it is to align data analytics with business goals. The insights we gained allowed us to increase revenue and boost customer satisfaction.

The integration of AI and machine learning into analytics is a hot topic right now. How do you see these technologies shaping the future of data analytics?

AI and machine learning are basically omnipresent. There isn’t a single field where these technologies aren’t used. These technologies also allow us to automate complex data processes. This saves time on ‘manual labor’ and allows us to dedicate more time to problem-solving and creativity.

In the future, we’ll see AI and machine learning becoming even more integral to data analytics, with more sophisticated models and tools that can handle increasingly complex tasks. These technologies work best in synergy with human creativity, not as a replacement. A deep understanding of the data and the business context is still essential for making the most of what AI and machine learning offer.

Given your experience and recognition in the field, including judging international hackathons and the UN Big Data Datathon, how do you see the global data analytics landscape evolving in the coming years?

The role of analysts will gradually change and expand. For example, a trend that I see right now on the market is that analysts must have product management skills, as they need to have a deep understanding of working with data and product knowledge to make decisions.

Another important change is that the new technologies are greatly accelerating the work with data. What used to take days or weeks can now be done in a few hours. For example, Google’s BigQuery cloud data warehouse, which many companies use, is already introducing new tools that make life easier for analysts, such as searching for insights based on a specific table and monitoring data quality.

However, it is important to realize that AI will not replace analysts completely. On the contrary, it will become a powerful tool that will allow you to focus on more complex and strategic tasks. The role of humans in analytics is still very important. Soft skills such as critical thinking and the ability to communicate and negotiate with different people are some crucial things that AI can’t replace.