IIM Visakhapatnam organized its first ever business conclave ‘Conflux 2017’ with the theme “Analytics as a source of Business Innovation”. The event saw participation from students across various institutes from Visakhapatnam. The day-long event had various Industry stalwarts bringing out valuable insights form their sector and how the use of Analytics has disrupted the norms and will eventually shape the different aspects of business.
Delivering the welcome address, Director Chandrasekhar said, “It is easy to acquire data, but extracting the insights out of data is important and that is what exactly analytics does.”
Mr. Srinivas Sriramdas, VP Deloitte, spoke about marketing analytics especially the business aspect of it. He shared how analytics in marketing helps create better customer relationships, revenue enhancement and reinforcement of reputation.
After that we had Sharmishta Biswas, India Make Excellence Leader, Johnson & Johnson Consumer products, who spoke about optimality in supply chain being a myth and how flexibility is the key to decision making in supply chain and also react to disruptions.
Next, we had Mr. Utkaarsh B Somaiya, Head – Customer Analytics, Aditya Birla Group, who spoke on how you need relevant data to know your customer and build stronger relationships with the help of customer analytics.
Anshuman Ghosh from Ernst & Young, predicted that connected healthcare and the marriage between man and machine is going to revolutionize the healthcare industry.
The next speaker was Mehul Bhagadia, Head – Global Analytics Center, J P Morgan Chase & Co., who gave insights about how data is unbiased and the need to take decisions based on it to avoid risks. He also spoke about predictive analytics vs the new trend of prescriptive analytics.
The final speaker for the event was Himadri Ganguly, Associate Director, PWC, whose discussion revolved around introduction of analytics in smart manufacturing and introducing analytics as a culture in manufacturing.
This was followed by an invigorating panel discussion on the topic “Does the growth of data analytics spell the death of judgment and intuition?” with Shireen Ali from Citi bank, Rajiv Kumar Singh from HSBC, Ritesh M Srivastava of Yatra, Sandeep Chatterjee from ISCEA as panel members and Prof. M.S.Rajagopalan as moderator. It was finally settled that Data Analytics does not translate into diminishment of Judgement and Intuition, but it acts as an essential complement. It was also argued that over past decade, what has increased is the scale of manufacturing. For investing in such large scale, one cannot go just by intuition. Yet, decision making is a complex scientific process and it essentially involves data analyzing.
Proposing the vote of thanks, Mr. Anup Mohapatra, President of SAC, thanked every attendee including the eminent speakers who took out their valuable time of their tight schedules to interact with the student community of Visakhapatnam.