KIIT School of Management (KSOM) organized its 3rd National Business Analytics Konclave on 20th August 2022. The conclave was also the first physical conclave to be held at the institute post-pandemic.
Prof. Manoj Jena, Convenor of the Konclave set the context by presenting a brilliantly conceived AI-based video explaining the importance of AI in the sector of agriculture, sports and healthcare industry.
Prof. Saroj Mahapatra, Director, KSOM, continued by sharing how during the pandemic, he envisaged hosting a Business Analytics conclave physically , after witnessing how students, despite being confined to their homes during the pandemic, were so deeply involved in business analytics and associated areas. Taking inspiration from the words of the Honourable Prime Minister of India, Shri Narendra Modi Ji, Prof. Mahapatra mentioned that this is the Amrit kaal of India, when India is emerging as a stronger nation and the use of Analytics and AI based strategy will help businesses grow paving the path for a robust economy.
Prof. Saranjit Singh, Pro Vice Chancellor, KIIT DU shared that he was overwhelmed by the extent to which the current generation is involved and curious about business analytics. He further mentioned the importance of the role of business analytics in entrepreneurship.
Prof. Sasmita Samanta, Vice Chancellor, KIIT DU stressed on the importance of inclusiveness of the young generation to boost national growth and development. She also added that many top-notch corporate names are using data and analytics to boost productivity and business.
Mr. Srikanth Velamakanni, Co-Founder, Group Chief Executive, and Executive Vice Chairman, Fractal in his keynote address explained how AI works: building machines that can perceive, process, act & learn. He elaborated that machine learning is a subset of AI, a set of mathematical methods to learn automatically from data. He enlightened the audience about career opportunities in the area of AI, and assured that MBA students can build careers in data by learning basic algorithms and being strong in quantitative analysis.
The second keynote address was given by Mr. Debasish Panda, MD (Asia Pacific), Trans Union. He spoke about his company and emphasized that one must not only understand the nuances of data analytics but also understand the concepts of technology and business strategy. If one doesn’t understand the usage of the analyzed data, it will have little impact on business.
Prof. Sumita Mishra, Dean, KSOM gave the vote of thanks.
The inaugural session was followed by two panel discussions. The first panel discussion was on the topic – “IT and Analytics – Dissecting the Difference.” The panel discussed about how the internet has changed the ways of doing business in India. They agreed that data analytics helps in giving insights into all kinds of businesses and without analytics, organizations cannot evolve. The panel concurred that business analytics makes the company understand how to extract data, analyze their patterns, relations and connections, categorize them, gain insights from them and then strategize basis these insights.
The second panel discussion on the topic – “Overcoming the Demand-Supply Gap between the Academics and Analytics Industries.” The panel spoke about how data is “the new oil” and the imperative need to mine it. They agreed that coding is not a prerequisite to enter the analytical world and that bridging the gap between academic and industry is critical. The panel discussed the gap between the demand and supply of data scientists. They stressed on the need for the new generation to be employable as business analysts or data scientists as the future is in this domain.
The second half of the conclave consisted of seven interactive workshops on topics related to Analytics in Financial Markets and Fintech domain, Pre-sales and Marketing Analytics, People Analytics – Applications in HR Management & Supply Chain Analytics – Applications in Operations Management. The Business Analytics conclave provided students with an opportunity to interact with business leaders from the industry. The conclave created a platform to connect industry professionals, academia and students.