“While our heritage has continuously grown, Over the years to the world, we have shown,
This year despite the obstacles we continue our flow. Conventus’20 is here with a new glow”.
2020 will be remembered as the year where everything halted. Many institutions, corporations, and governments faced the wrath of the COVID pandemic and faced challenges never seen before.
Adapting to this new normal and innovating with the ongoing times became the need of the hour and as it is said ‘the show must go on’, in that very spirit, for the first time, Conventus was held online.
This year, Conventus was structured around the theme “Survival and Growth in the VUCA world: Adaptability, Agility & Sustainability”. In the light of the main theme, IMAC decided on the sub-theme “Opportunity in Crisis: Embracing Intelligent Innovation and Digital Transformation”.
Understanding how a VUCA environment can be effectively managed in the field of Analytics to achieve growth and sustainability was the key issue to be addressed.
The summit began with a short video explaining our main theme, followed by a crisp presentation touching on some of the interesting points for discussion.
After a short presentation showing the student’s perspective, the panel discussion moderator, Mr Nishant Pandey, EVP – Product, Analytics, SEO & Design, led the foundation by highlighting the key agendas of the discussion. He emphasized that analytics does not mean by fancy software. Digital is a way of thinking. Every human interaction is followed by information being passed upon. Different kinds of information stored in various databases should be brought together to bring value. He elucidated that all major companies like Asian paints, Bajaj Finance, HDFC bank, etc have always been Data Intelligence Companies storing data and using the information to sell just different kinds of products.
Dr Sheetal Jain, CEO and Founder of Luxe Analytics, highlighted that the pandemic has acted as a catalyst for the digital revolution. Companies are becoming less complacent and more vigilant post-pandemic. Agile and proactive organizations using a digital approach is helping to generate revenue in the pandemic. She stressed the point that data in the form of numbers would mean nothing but insights from those numbers will help us understand consumer behaviour. Reconstructing the journey taken by consumers and solving the pain points should be the strategy for all the companies. Crisis creates opportunities to think beyond the obvious and removing silos existing in organizations.
Mr Anish Agarwal, Director- Data & Analytics, India, NatWest Group, then initiated the discussion by focusing on how we all wish this pandemic to end but this should never end the wheel of innovation accelerated by this pandemic. There has been skewness in all the industries. He underlined that Robotic Process Automation (RPA) has grown exponentially to reduce manual and repetitive tasks. Professionals will be required for process automation and service handling. Data Analysts, Risk Analyst, and Data Scientists will be the popular roles of the post-pandemic world. Data Visualization, Machine Learning, and Artificial Intelligence will be in great demand after the pandemic as well. Cloud Computing has a lot of potentials to explore together with understanding the risks associated with it.
Mr Utpal Chakraborty, an industry expert on Artificial Intelligence, shared that change is the only constant in life and encouraged the students to jump into any field and do the innovations. He shared his industry insights on Artificial Intelligence by discussing how Chatbots has taken over in all the industries. He highlighted Digital healthcare is the most prospective industry right now by describing how the pandemic has exposed the weakness of healthcare industries and the shortage of doctors. The tourism and hospitality industry is the worst impacted industry by the pandemic with many immediate solutions but no permanent solutions.
Mr Satyamoy Chatterjee, Executive Vice President at Analyttica Datalab Inc., then spot-lighted that Innovation should become the DNA in all organizations. Innovations should not be a reactive approach but a more proactive approach for the growth of all the companies. He also highlighted the importance of speed of execution and eliminating manual work. Critical thinking, the ability to apply, and embracing changes are celebrated in all organizations. He also explained the use of Analytics and the business decision-making process has created various sub-categories of analytics such as Descriptive, Diagnostic, Predictive, and Prescriptive Analytics.
Mr Piyush Chowhan, Group Chief Information Officer at Lulu Group, highlighted that pandemic created Globalization as a new challenge, and the lines between the different industries are blurring. In 10 years, we will not understand which company belongs to which sector. His metaphor of Digitalization sitting on the Rafale and every organization should keep up with the speed of Rafale rightly demonstrated how the pandemic has accelerated the process of digitalization. He further explained the key differentiator for the growth of organizations would be customer-focused decisions by giving the example of Amazon. In his final words, he predicted that post-pandemic strong companies will become stronger and small companies will become smaller.
After the panel discussion, Mr Nishant Pandey requested all the panellist to recommend some relevant books or videos which can help students broaden their perspective and help them on their MBA journeys. Recommendations are as follows –
- Power of the Marginal.
- Artificial Intelligence for all
- Hit Refresh
- Deep Thinking: Where Machine Intelligence Ends and Human Creativity Begins
The session concluded with some very thoughtful questions posed by the students on the value being derived from analytics, advance analytics and how can analytics merge in various fields.
The summit was concluded with vote of thanks for the panel members, along with heartfelt gratitude. The response of attendees was enthusiastically positive about the whole summit. The panel members also left with smiling faces and encouraging words for us.
Our mentor, Prof. Himanshu Joshi gave us kind words of appreciation and concluded the whole discussion.
All in all, it was a memorable event for everyone involved. There were a lot of challenges and constraints as everything was virtual but we can proudly say with the level of dedication and teamwork showcased by every member of IMAC the event turned out to be a grand success.