Business Analytics Symposium
Date – 21 Nov 2013 | Venue – Bala V Balachandar Campus, Manamai, ECR
Information in the present day’s scenario is available in form of huge chunks of data. With data storage taking its new form in the name of Big Data, it is going to revolutionize the traditional business approaches with analytics coming into the play, offering more logical and accurate statistics. The arrival of big data has catalyzed the emergence of business intelligence and analytics. Managers are drawn towards taking aide of business analytics to cull out data in order to understand the unnoticed slacks and address them with more logical approach.
To help understand Business Analytics better, Great Lakes Institute of Management hosted a conference which saw leading data analysts from top organizations namely Virtusa, IBM, NTT Data and Bharat Matrimony taking part in the discussion on future of business analytics. Great Lakes is the first business school in India to promote subjects with future relevance such as Business Analytics.
In his address Prakash Arunachalam, VP & Head – Chennai & Pune Delivery Centers, Virtusa Software Services said, “The evolution of the data can be classified into three generic divisions namely Pre-internet, Internet and Internet of things.”
In the pre-internet age, database architects were constantly buzzed with questions such as,
- How much data can be stored?
- Should so much of data need to be stored?
The internet era made people realize the importance of data. Managing and storage of data appealed its relevance among database architects. Internet of Things is the current age where everything is available online, remotely monitored and people are brought closer in connection with constant communication with brands. Since most of the communication and transaction is taking place online, immense amount of data is being stored and is available for business analysis.
According to Ajay Kashyap, Product Manager, Crayon Data, “Big data can be further defined into 4 V’s; Volume, Velocity, Variety and Veracity. Volume defines the size of the data, Velocity reports the time at which the data is stored in form of batches, Variety classifies the nature of data for example audio, video, unstructured, refined/raw data and numerical etc and Veracity defines the factuality and accuracy of the data.”
Sathya Venkatraman, Associate Partner & Director of IT Strategy & Design, Consulting Services Business, IBM India added, “Business analytics helps in formulating the necessary data into statistical reports that are encompassed with sentimental analysis, predictive analysis, mobile data, digital data and consumer segmentation. Business analytics highlights the unnoticed components which play vital role in driving the business towards better revenue, reach or sales.”
Prof Bharadwaj presented the Vote of Thanks to the distinguished guests for taking time out of their schedules to discuss the current happenings in Analytics with our students.
In today’s scenario, business planning with mere fundamentals will only act as blunt axe. Business analytics gives a necessary grip to leverage better business results. Organizations will receive wide range of benefits through business analytics, improving efficiency in business operations by performing more with more data. With growing social media network, social identity resolution has helped many businesses to understand customers better with mere textual analysis of comments and attributes such as share and like on the social media pages. Consumers are turning remote, and understanding them with limited face to face interaction may pose challenge but business analytics helps in building up intelligent data that prepares decision makers in better consumer understanding. Business analytics is rapidly changing the business scenario and it will certainly impact the future of business.
Click here to view the Symposium Album