An insightful workshop on Data Analytics by Dr. Sandipan Chattopadhyay, Founder and CEO of Xelpmoc Design & Tech, was organized at Unitedworld School of Business Ahmedabad campus for the students of PGDM and BBA.
The workshop talked about the two fundamental subjects: Mathematics and Statistics as the basis for data analytics. It also shed a light that when mathematics focuses on absolute fixed answers to a problem, statistics predict the probability of certain events occurring, commonly known as patterns also highlighting the errors.
Dr. Sandipan Chattopadhyay also discussed the importance of gut feeling while using data as an analytical tool i.e. we can easily have data available but it requires a human mind and heart to use it in an effective way. The data that is generated today is mind-boggling. The data that was produced in a year’s time in the 1990s, today it is generated in an hour’s time. Interestingly, the big data was coined by the NASA for its astronomical explorations and research.
Certain interesting examples such as Walmart store’s use of data analytics to predict the inventory that needs to be stocked during natural disasters such as a hurricane, storm etc were discussed. Also, how Netflix’s famous soap House of cards used data analytics to predict the storyline and theme of the show. When one talks about the benefits, the issues are never given a miss. Since infinite data are floating across mediums, it also brings issues of data wastages, security, and bad data. The example of Google was a hot topic as it records each and every personal data. The biggest concern today relating to data is that as a person I should have a control on the data which I may or may not want to share and companies need to strike the balance in it while collecting and analyzing data. With all the data that is available today only 0.8% of data is actually utilized by us. Data analytics is also a topic that is discussed as a contemporary specialization but in fact, it has always been present but never used. With so much of data in hand, manipulation of data to influence customers and privacy is a big concern today and the biggest focus of the workshop was how the required data has to be made available for the public for their benefit. For e.g. as a customer, I also need to know what a company knows about me and what is my buying pattern, which I may have never observed before. If the data analytics is efficiently used in areas of education, healthcare, agriculture, and the lifestyle it can reap huge benefits not only for a customer but for the country as well. It ended on a thoughtful note that data analytics helps to find a logical reason in every illogical situation and if used correctly can help consumers and country alike. It was followed by a very interactive round of question and answers.