Skip to main content

Tips from Top: Business Intelligence and Analytics, Mr Manish Menon (Manager, Business Technology, ZS Associates)

Mr. Manish Menon, Business Technology Manager at ZS Associates, visited IIT Kanpur campus on 11th September. The topic of the seminar was Business Intelligence and Analytics.
The seminar began with how analytics affects every walk of our life: from taxi aggregating service Ola, e-commerce giant Amazon, superstores like Walmart, to healthcare services such as Apple Health Kit. Mr. Menon elaborated on the shifting focus of analytics over the years from “what to do with data and where to get the data from?” to “how impactful can we make it?”
Mr. Menon talked about the evolution of analytics from centralised passive reporting, periodic monitoring and data warehouse to decentralization, active experimentation, advanced use cases and data lakes.
He also emphasized on a pragmatic saying – “fail fast so as to recover quickly, learn the lesson, and move on to other projects”.
Mr. Menon discussed how the growing trend of cloud computing and storage of huge quantities of data on remote locations might not be as much of a fail-safe and fool-proof idea as the general perception was turning to be because of varied concerns like security.
He also briefed us about what stages or steps advanced analytics entails to arrive at a solution. These include- descriptive, diagnostic, predictive, and prescriptive analysis. Descriptive analysis deals with “what has happened” and thus includes business intelligence and dashboards, Diagnostic answers “why it has happened” using model fitting and data mining, Predictive helps us to formulate “Will it happen” through forecasting and statistical prediction and last is Prescriptive which mentions the future course of action or “what should we do” using optimization models.  Mr. Menon emphasised on the role of analyst’s intellect and intelligence on each and every stage of analytics, using certain pragmatic examples. The icing on the cake was a case study task for the students, which invoked active participation from the enthusiastic audience. It gave hands-on experience on using appropriate analytic analysis’ stages while approaching the problem.
There was also a brief introduction about the various analytics tools available that are also being used in corporate. He emphasised on how the key to a successful analytics project is to ask the right question! Furthermore he gave guidance on approaching an analytics problem. He also recommended certain books that he reckoned would help in streamlining the thought process. 
Mr Menon ended the enlightening session with-
“If you don’t pursue your passion as your work, you will end up in a job and not a career!” 

Comments

Popular posts from this blog

Reflexions'19 - A Reflection on "Tackling challenges of the VUCA World" !!

The Department of Industrial Management and Engineering, IIT Kanpur presented the flagship event of Prabandhan – Reflexions on Sept 28th, 2019. The 3rd edition of the event on ‘Tackling challenges of the VUCA world' was concluded with a promising and on a cheerful note. With thunderous applause and riveting questions, the event opened to bridge the corporate world with the real world. Reflexions 3.0 saw the participation of 6 eminent industry leaders and management gurus to share their experiences from their respective trades. They were Karan Marwah, Partner – CFO, Advisory Services, KPMG, Harshavardhan Chauhan, Head-Marketing & digital transformation, DLF Shopping Mall, Neelesh Talathi, CFO, Pepperfry, Hari T N, CHRO, Big Basket, Raj Gupta, General Manager, HR, TCS and our very own Professor, Devlina Chatterjee, Managerial Economics, Applied Econometrics. The talk focused on "How well, can the industries predict the results of their actions in a world of Volatility, Unc

An Introduction to the batch of 2019-21

“ It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change. "                                   A new zeal, vigour, and an unquenchable thirst for proving oneself is what describes MBA batch of 2019-21. 52 of us set foot on the pavement of a new journey and needless to say it has been unprecedented. Be it the early morning presentations, the stark midnight deadlines, or the never-ending case studies covering the gamut of concepts and context, each one of these activities can vouch for it. It has hardly been a month, yet the batch has acclimatized well with the life of one the most coveted institutes in the country, IIT Kanpur. For most of us, this is the desired path, and for the rest, it is an opportunity to relive their school days. Since we are in a place that has no norm and instead offers endless diversity, there will always be something that entertains and challenges us. It is time we took this op

Mr. Praveen Tripathi, CEO of Magic 9 (Media and Analytic)

Mr Praveen Tripathi began the seminar by giving a brief introduction about the classification of households in India. Sir mentioned about the New Consumer Classification System (NCCS) in which there are 12 grades of classification varying from A1, A2, A3, B1, B2, C1, C2, D1, D2, D3, E1, E2, and E3. He contrasted it with the old classification system in which there were 8 grades only. The basic theme behind all this classification is the life score which is assigned to all the households. Life score is calculated based on the education of chief owner and consumer durable. And the discrimination is measured by the Larenz Curve and Gini coefficient. The major drawback of this system as mentioned by sir was that the consumer durable penetration changes faster than education or occupation level. “Inside every transaction there is a knowledge, you need to decode it.” With this quote sir gave a brief about television audience metrics in India which started with Doordarshan Audien