Taking stock of the progress that has been made over the past several years, companies are placing big bets on data and analytics. But adapting to an era of more data-driven decision making has not always proven to be a simple proposition for people or organizations. Many are struggling to develop talent, business processes, and organizational muscle to capture real value from analytics. Amidst this environment of disruption and chaos, there are some leaders who have managed to understand the pulse and are doing exceptionally well to leverage these changes.
Some of these shrewd business leaders were invited by ‘Anasys’ – the Analytics and Systems Club of IIM Raipur for the Annual Analytics Symposium ‘SYNCHONOS’ to share their success stories and the way they are still tackling endless challenges so as to provide the students some valuable insights on the topic: ‘Changing Business Dynamics in the Age of Big Data, Analytics and AI’.
The esteemed panel consisted of Mr. Mukesh Saharan, Director Analytics Consulting, BRIDGEi2i Analytics, Mr. Kartik Patel, Head Analytics, LexisNexis Risk Solutions and Dr. Ankit Chaudhary, Assistant Professor, Department of Computer Science, University of Missouri, USA.
The moderator of the day, Dr. Ankit Chaudhary started the discussion by introducing the topic and mentioning the intricacies that would be covered in the session while encouraging the student to participate actively.
This was followed by Mr. Kartik Patel telling the students about his experience in the industry and the importance of learning about tools and algorithms to become the manager of the future. As per him for handling situations, the attitude of the manager matters the most. He also quoted the problem of unstructured data and how various platforms are available to organize such data and generate insights from them.
Mr. Mukesh Saharan, then explained that the learning curve for any successful manager should be continuous and indicated that the managers should learn to code to get a better understanding of how business workflow integrates with the information systems. According to him, a prior understanding of the data and theoretical knowledge is a must to apply a model for the data analysis. He also pointed out that in the short-term Manual Analytics is more useful than searching for an algorithm and that most of the models are just improved versions of the traditional methods like Linear regression.
The event helped students gain knowledge about the tools and algorithms that should be mandatory for a manager of the future. They learned about the benefits which they can reap by using these tools and how they can become capable to generate insights from the unstructured business data prevalent in the business world. The students enthusiastically put up questions to the panel about big data and data analytics.
The event concluded with Dr. Manojit Chattopadhyay, Assistant Professor in the area of Information Technology, IIM Raipur presenting mementos to the panel members and extended his thanks for enlightening the audience on such a crucial topic.
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