Business Analytics conference 2013
The 3rd International Business Analytics conference held at Great Lakes Institute of Management, Chennai on December 24, 2013 with an objective to nurture business leaders in taking decisions based on statistics and data, has proven a great success. The conference began in an auspicious way by lighting of the Kuthuvilaku by Dr. Bala V Balachandran along with the key note speakers Prof. John F Dickson, Mr. Naveen Kumar and Mr. Uday Bhate.
In his inaugural speech, Prof. Bala laid emphasis on the need of analytics for the present and future Managers for effective decision making. While quoting N R Narayana Moorthy’s “In God we trust, for everything else bring me data”, Prof. Bala said he would replace the word data with information in this quote. He also accentuated the importance of Business Intelligence in today’s competitive scenario. “Due to its relevance and futuristic character of the subject, Great Lakes in addition to providing a major in Business Analytics, will soon be launching executive programme in Business Analytics in collaboration with many renowned industry organizations”, Prof. Bala announced.
Prof. John F Dickson, University of Texas, U.S, spoke on the topic “Data Analytics – Success and Future”. He explained about the various statistical methods and tools used in today’s corporate world. He quoted true examples like Money Ball and Amy Webb-TED and briefed how they became successful in Business through Analytics. Prof. Dickson explained how Data has worked in favor of businesses real time. “For instance, in the retail industry, implementation of business analytics has become so prominent that it is almost unimaginable to sustain strategic advantage without business analytics. The better you know your customer the better is your sales”, he added. He also did touch base upon the future trends in Analytics and Big data.
The presentation by Mr. Naveen Kapoor, Global Practice Head, Inter Globe Technologies on the topic “Business and consumer analytics- linking customers with profit” provided insights on some of the use cases on airline Industry. He quoted, “By 2016 most of the companies will manage the businesses using analytics. Business analytics changes the entire customer experience, data gathered based on customer behavior helps in modeling entirely new selling strategy which helps in addressing the likeability of the customer which in turn increases the probability through rapid selling. With business analytics in the picture, we sure have a winner.”
Speaking on the occasion, Mr. Uday Bhate, Founder and Principal Partner, nmore said, “Analytics is not about statistical formulae, it is about results of statistical analysis.” He highlighted on the importance of connecting the dots to combine insights from various analyses to draw conclusion. “In the real business scenario there is no clear cut answer to a problem, it is all about intuitions. Analytics is not going to take decisions on its own, but it is managers who will do. You are all managers of the future and your rational thinking is going to add value to the entire world of analytics”, he told the students.
Following the key note addresses, International Journal of Consumer & Business Analytics (IJC&BA) Vol1 Issue 2 was released by Mr. Paul Prabhakar and Gravity Magazine Issue 20 was released by Mr. Naveen Kapoor. Dr. Tapan K Panda proposed the vote of thanks, following which the paper presentations started in parallel sessions and continued till the end of the day.
The third International Business Analytics Conference had very interesting and thought provoking presentations from faculty, members of the industry and students. The conference included faculty members from US, UK and UAE presenting on topics such as Application of Descriptive and Predictive analytics, Customer Relationship Management tools and process enhancement tools that help in increasing the profitability of the organization.
Research papers from companies like Robert Bosh, SBI, Steelwedge, IGT and nmore were also presented during the conference. Great Lakes was represented by three full time faculty papers (Prof Bharadwaj, Prof Easwar, Prof Vaidy Jayraman, Prof. PK Viswanathan), and one student group (Mainak Sankar Maiti, Paripurna Nand Pandey, Ranjaboti Ghosh).