A business analytics lab would be soon set up at IIM Ranchi following a MoU between the institute and IBM Corporation. The company would provide IIM with COGNOS and data mining software to analyze and evaluate vital information. The development took place at a daylong seminar on business analytics themed “Redefining learning paradigm with business analytics”.
IIM Ranchi director M J Xavier said relevant information is scarce even with abundant data. “We need enhanced and specialized analytical tools to process and transform data into useful knowledge, rules and pattern,” he added.
Dwelling on the importance of information and statistics, speakers at the seminar said data could be used to make strategic management decisions. “Basically business analytics are mostly used in the domains of finance. It should be used to analyze tools for developmental purposes as well,” said a professor at the seminar.
The conclave also witnessed industry experts from IBM and other organizations sharing their insights about the recent developments and best practices in the field of analytics.
Kunal Dureja of IBM also dwelt upon the importance of data analysis. Pradip Kumar Bala from IIM Ranchi said, “We need to focus on holistic development and aim at using business analytics in the social sectors like education and also healthcare,” Bala added.
News sourced from Times of India