24th October 2017, was the fourth successful day of the current academic year’s Research Colloquium series at MICA. The day could be well called the day of Analytics for MICA. The credit for it goes to the illustrious speaker, Prof. Arindam Banerjee from IIM, Ahmedabad who spoke on the topic “Weaving Data Analytics into Decision making”. This session was flagged off by a humorous and engaging introductory note by the President of MICA., Dr. Shailender Raj Mehta who was formerly an academic colleague of Prof. Banerjee at IIM-A. It was an insightful session with a distinguished academician and practitioner with nearly 30 years of experience with academia & corporations like AC Nielsen and Mitchell Madison group.
Prof. Banerjee started the talk with a global perspective pertaining to the fundamental change that needs to be ushered in the academics and industry practise scenarios in India and evolved nations. Here, the speaker held forth on the transition of the organisation to algorithm driven organisations. Prof. Banerjee stated quite efficaciously that analytics at its heart is a scaled-up analysis process. Thus, this scaling up requires higher end infrastructure in terms of data. According to the speaker, data can become further nuanced with practical experience, greater knowledge from discussion, executive development and research. He emphasised on the need for an ‘India Input’ that reduces the uneasiness of access to market data.
At this point, the speaker offered a unique insight that could only come from years of wisdom and rich experience. He stated that most Indian business in the top bracket were influenced by the West Coast business format of the United States of America. The speaker offered a unique insight in terms of imbibing the approach of the data scientist without being influenced by them. In the concluding phases of this very engaging discourse by the speaker, he shared with the audience the importance of learning to apply the organisation’s data science resources judiciously to provide factual support for decision making. He also created the highpoint of this address by stating that visualising the structure of data in order to develop models is more important than just being proficient with statistical tools and software. This was followed by an extraordinary summary in the form of a highly revelatory formula; Decision = scientific + clarity + contextual familiarity.
The session culminated with an intriguing round of Q&A and a gratitude note by the Dean of MICA, Dr. Preeti Shroff. On the occasion, Prof. Banerjee also shared the author autographed copy of his latest book “Weaving Analytics for Effectives Decision Making” (SAGE Publication: New Delhi)
Established in 1991, MICA-The School of ideas, is India’s premier Management School in Strategic marketing, Branding and Communication in a design and digitally enabled world. MICA focuses on creativity, innovation and business. Its spirit lies in addressing the needs f an ever-changing environment.
Today, it is the alma mater of professional serving in leadership position in the some of the best-known companies in India and the world. They are well represented in marketing, brand management, research and analytics, advertising, media, digital and other fast-changing dynamic and creative domains.
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