The farewell of our dear Head of the Department of Business Economics, Professor Suresh Aggarwal, on 31st January, 2017 was a teary eyed event. It began on a positive note with students reciting the guru mantra and guests and faculty lighting the auspicious lamp. The entire faculty paid their respects, first by individually speaking a few words on stage in order of seniority and then presenting Professor Suresh Aggarwal with gifts. Many in the audience also took to the stage to pay their respects and wished sir on new beginnings. The students put up a lively show with music (group and individual singing with the audience singing along one of the songs “Lag ja gale ke phir ye haseen raat ho na ho..”) and a video presentation which made most in the audience emotional. A peppy quiz by students was also conducted with questions on Professor Aggarwal’s life and career e.g. his favorite economics quote, the number of his car, his mobile number, the date he joined the department etc. and the audience battled it out for chocolates which were given whenever a question was answered correctly. In his humble and emotional last speech in the capacity of the head of department, Professor Aggarwal proved that he was worthy of all the praise that was showered on him. The ceremony of bidding adieu to one of the most hardworking and selfless professors at the department ended by the cake cutting ceremony and high tea for all guests, faculty, staff and students.
Experience is the only prophecy of wise men – Alphonse de Lamartine
The latest edition of Philomathes : the knowledge sharing, which is a speaker session series of Department of Business Economics, took place on 15th September. The event started with a speech by the Head of Department, Dr. SC Aggarwal where he welcomed the guest, Dr. Deepak Pental and requested him to enlighten the budding minds of students with his words of wisdom. Dr. Pental is a noted researcher in the field of Genetics and an eminent academician, who also served as the Vice Chancellor of University of Delhi.
He started off by shedding some light on the concepts of hermaphrodites, somatic cells, golden rice, dwarfs and hybrids. Based on his research experience, he very well explained ‘the basis of life – DNA’. He efficaciously generated a link between Genetically Modified crops and its interdependency with the country’s population, GDP, health and agricultural sectors. He also expressed his views and shared his knowledge regarding the nutritional value of genetically modified crops.
Based on the experience he possesses, he emphasized on the need to inculcate in Indian minds the openness to change and development. He also stressed upon the relevance of good and sensible management.
It was exciting to see the present faculties sit among students & as students during the session by the respected personality. All in all, the session was a great value addition and attempted to change the perspective of students towards learning.
Vinayak Pai is the Program Director, Data and Analytics Solutions in Mindtree.
Mindtree Limited is an Indian multinational information technology and outsourcing company. Mr. Pai was an honored speaker who was present to speak on the topic of ‘Crucial Steps in Data Science’.
Mr. Pai explained the Lifecycle of data Science. The first step is Data Collection. The first task is to collect data from both internal and external sources. The various data sources could be –logs from webservers, social media data, data from online repositories like Census datasets, web scraping or data could be present in an excel or can come from any other source. The next task is to identify the variables which should be very clear before starting any operation on the collected data. Data acquired is usually not in a usable format to run the required analysis and might contain missing entries, inconsistencies and semantic errors. Now, by manual editing, the data scientists clean and reformat the data by writing codes or in the spreadsheets. This helps the data scientists in making assumptions and selecting the models they can apply to get analysis results. Now comes one of the most important steps in any data analysis i.e. having the right questions. It should be very clear at this stage the purpose for which the data is being collected and the results which is to be derived from it. Everything done right, if this step goes wrong, the whole analysis will be of no use. After that comes the analysis of data. This step includes the selection of models which will be used in the analysis. Using the right models and tools the data the analysis is done and all of the above steps are iterated as data is acquired continuously and business understandings become clearer. The final step is to visualize the obtained result and apply it in operations.
Then Mr. Pai explained the how these all steps have an impact on the business. Data collection, data storage, data tagging, data linking, asking the right question, data analysis, visualization all these steps lead to the business impact which is the main concern for any organization- what impact the results will have on the profit or functioning of the organization. Ultimately the goal of all of these is to optimize profit and to ensure the smooth functioning of the organization. Data scientists play an inevitable role in ensuring this goal.
Mr. Pai delivered a flawless speech and the keen audience benefited a lot from his valuable session. He concluded by saying that “Solution is more important, not the tools”.
Miss Madhumita Ghosh : “ Delivering Science in a very artistic way.”
It is said that, “In God we Trust, all others must bring data.”
Miss Madhumita Ghosh must have known the importance of such a statement and that is why she was well equipped with examples to substantiate her arguments.
When Miss Madhumita Ghosh started working in the Accelya Kale Solutions Limited she was introduced to her peers as someone who “prepares graphs and charts”, and that’s where she knew how misguided people were about analytics.
According to her data Analytics is made up of 4 C’s.
The First C is curiosity and yes curiosity killed the cat but here it works kind of the opposite. Not questioning as to what’s happening leads people to an abyss where there is only data churning and no business sense is made.
The Second C is capturing which simply means understanding the essence of the data which in many case scenarios the client never has and it’s the analyst’s job to make the client understand the data.
The third C is Curation.After the cause has been found out its important that we create, manage and maintain activities to validate the business sense that we made in the previous step.
The Fourth is Crunching and after the crunching of the number is done you churn and churn and churn.
In her 20 minute address never does she mentions the importance of any statistical tool which the entire world and many management graduates are going ga-ga over. She believes that the key lies in the core fundamentals. She quotes examples of our grandmothers and how they were better analysts that many of us since they made financial budgets for their families day in and day out and that too for years.
Miss Madhumita Ghosh’s words were backed up with logic and sense, her belief that data is not important data sense is now what we believe in DBE and more importantly making sense out of Data, isn’t it what Analytics is all about?
Dipayan Chakraborty, Director – Category Analytics, Flipkart
Topic: Re-shaping logistics using Analytics
Mr. Dipayan Chakraborty, Director–Category Analytics at Flipkart discussed how Analytics can help Re-shape logistics. He began by talking about Demand Planning, where he explained what ‘Train and Test’ methodology is and how effective and accurate forecasting can help the organization meet the customers’ needs. He primarily focused upon the role of Supply Chain Management in various businesses and specifically the E-commerce sector. He covered various entities such as Marketplace, retail hub, last mile delivery, warehousing, Capacity Planning to say a few. Inventory Planning and network design were also few of the areas where he interested the keen audience.
Students also learnt how various Analytical tools and concepts have solved the problem of these modern businesses and where there is still scope of improvement. In an Industry such as E-commerce where there is a constant challenge of keeping delivery time as low as possible, it is of utmost necessity for such businesses to apply the latest available solutions in order to stay ahead in the competition. Mr Chakraborty stressed upon all of these propositions with great depth.
The session was very informative and the students found it to be very engaging and intriguing. Mr. Chakraborty also shared his personal experiences with Flipkart and the Industry which helped students get a better understanding of the same.