Future of Analytics in the next five years
“Data Privacy and Analytics: Setting Legal Boundaries for Machine Learning and Artificial Intelligence"
Analytics Club at Symbiosis Centre for Management and Human Resource Development (SCMHRD) organized its first event for the academic year - Colloquium 2018. This was a one of a kind panel discussion where eminent speakers and stalwarts from different industries shared a common platform to enlighten the 2 year MBA Business Analytics students about the various facets of Data and Business Analytics. The event turned out to be a huge success as it saw enthusiastic participation from both the audience and the panelists.
Utkalika Badu, VP,Quantitative Research,Analytics, from Gartner moderated the first panel discussion and its topic – “Future of Analytics in the next five years” made it all the more intriguing and interesting for both audience and panellists.The discussion started with how data and analytics has impacted the lives of the common man in the recent years due to huge silos of data being generated everyday. She drove the discussion towards topics related to technologies that are being used presently to collect and refine data to make it usable for gaining insights and how it is going to evolve in the near future.
Varun Rajwade, GM, Loyalty & Analytics at Aditya Birla Fashion & Retail Ltd. mentioned how analytics can be classified into having both depth and width. He shared his experience of dealing with analysts in his team who use analytics to predict sales and customer experience as retail industry is more focused on “consumer needs” than anything else.
Nimilita Chatterjee, Senior VP, Data Analytics at Equifax spoke about how the company uses predictive analytics to deduce insights from their repository of 400 million customer records of whom who had ever taken a loan.
On the same note we heard Gunjan Gupta, Senior VP & Head, Analytics at Bajaj Allianz Life Insurance who spoke about how customers are increasingly becoming aware of healthy lifestyles through adoption of technical gadgets/wearables like FitBit which in a way helps them become aware about the person behind the wheels who is taking an insurance.
Srinath Jangam, Global Head, Advance Analytics at L & T Construction Inc carried forward the same idea saying there would be a time when technology and analytics would be able to predict heart attacks.
Keeping in mind the Indian context, all the panelists were of the opinion that India was a laggard for analytics and there is tremendous scope to improve and adapt to changes. The panelists made the session all the more interesting by bringing up daily challenges that they had faced in their respective domains. The discussion ended with some interesting questions from the audience which were logically and systematically answered by the panelists.
The second half of our panel discussion was about “Data Privacy and Analytics: Setting Legal Boundaries for Machine Learning and Artificial Intelligence” which was moderated by Prashant Kumar, Manager at Deloitte. He opened the panel by speaking about how data leak and data privacy is a growing concern in the Indian context.
Vivek Shrivastava, Consulting Partner at Deloitte spoke about Facebook being a platform where data is readily available and hence often misused, specially by the younger generation. He also shared his personal experience about how data is shared among telecallers and agents due to which one is bugged with numerous calls for credit card or car insurance offers.
Puneet Sharma, Lead Analyst at The Boston Consulting Group brought forward the topic of Aadhar data leak in India and how that is a kind of identity theft.
Utkalika Badu who was among the speakers in this panel rightly pointed out that sharing of confidential data and information with third parties could also lead to breach of privacy.
The discussion concluded with the notion that data privacy and data security is a global challenge that all industries face and can be regulated only by strict regulations and stringent laws. Both the discussions provided the audience with a whole new way to look at data analytics, as summed up by Utkalika saying- “Analytics has woven many dreams into the minds of people,but in reality it’s a lot more difficult to deal with”.