ABOUT THE CENTER FOR ANALYTICS AND DIGITAL TRANSFORMATION
Availability of digital technologies has empowered organizations to capture data at granular level. Hence, data-augmented decisions are now a crucial part of every business. However, 70% of the data collected by every organization goes unused. Coupled with the data abundance is the need for scientific techniques that can analyze the data and support business decisions. In this front, data analytics have solved many complex problems by the application of appropriate scientific techniques on the generated data. Analytics is the application of statistical and mathematical techniques that generate insights and recommendations about a problem.
The exponential increase in the size of data and the business problem arising thereof, necessitates constant evolution of newer and faster digital technologies – popularly termed as ‘digital transformation’. Digital transformation is the evolution of business models driven by enhanced ‘technologies, processes, analytics, and talent capabilities’ — to create value for the stakeholders2. As data explosion has set out profound challenges, analytics is now regarded as a competitive weapon for digital transformation across industries.
Aims and Objectives
The proposed center aims to make business sense of the enormous data available, and create value for the involved stakeholders through the dissemination of critical information and knowledge as insights. In this direction, the center sets off with the following objectives:
“ To foster and disseminate professional competencies in the area of Business Analytics and Digital Transformation ”
To aid the objective the following purposes are established:
Plan of Action:
With the aim of giving hands on training in the analytics and digital transformations front, FDPs and workshops on the same will be conducted for the academicians. The target audience will be faculty members across the XUB schools and other institutes.
Skills Building for Managers: Classroom interventions facilitating the use of analytics in managerial decision-making. The center will also provide a platform for both the institute and the organization to bridge the academic-practitioner gap
3. Research collaboration
In order to encourage inter-disciplinary research, a platform shall be created for collaboration by collating faculty members’ research interest and matching them with prospective research partners. The platform will also enable researchers to invite research proposals on across areas and result in knowledge creation through high-impact research publications.
The center looks forward to contributions across disciplines. Contributions can be through (but not
limited to the below):