Envision’15 the flagship Business Conclave of XSYS, the Systems Association of XIMB, was held at Xavier Institute of Management, Bhubaneswar, on August 29.
The theme of the conclave was “Transforming Financial Services with Big Data Analytics.” The speakers of the day were Mr Vinay Kumar, CEO, Datawise, a consulting, research and analytics firm; Mr Ashok Dash, Senior Business Leader, Microsoft Business Solutions, India; Mr Nitin Goyal, Head, Big Data, COE, British Telecom, Bangalore; and Mr Srinibas Pattnaik, Senior Director, SAARC.
The discussion was moderated by Prof Dipak Mishra of XIMB, who opened the conclave with his talk on how big data will benefit numerous industry domains across various sectors. He gave examples of how companies such as Citi Group, JP Morgan, Walmart and the IBM-Twitter collaboration have successfully implemented big data and are reaping immense benefits from it.
Interconnected world
Referring to last week’s devaluation of the Chinese currency and its effects worldwide, Mr Vinay Kumar spoke about the interconnected world and how the repercussions from an event in one country influence the economies of many other countries.
Coming to the FSI domain, he talked about fraud management, how the Indian economy is human-driven and that it needs to become more algorithm driven and said: “The only good money in the world is what is not in the bank.” He also touched upon the application and challenges of big data and its many benefits in the foreseeable future.
Going deeper into the subject, Mr Ashok Dash, an XIMB alumnus, talked about the huge market potential and evolution of Big Data. Highlighting the fact that the business functions that would benefit most were sales, marketing and HR, he touched upon topics such as risk management, operational efficiency, regulations and compliances.
Mr Nitin Goyal, another XIMB alumnus, spoke on self service analytics, customer experience analysis, operational excellence and security analysis. Citing the example of PayTM, he added that a 360 degree view of the customer, his wallet size, needs, tastes and preferences should be taken into account to target individual consumers better. He also spoke of the work of data scientists and useful tools such as Tableau R, OBI and SME Engagement. “To know the problem before the customer does, is the key to success”, he said.
Recognise patterns
The final speaker of the day was Mr Srinibas Pattnaik, who enlightened us with concepts of geospatial big data, its applications in Google maps, the challenges faced and the efforts to address them. “In this world of data abundance, it’s necessary to learn to find patterns to foresee problems and work on solutions,” he said.
The panel discussion was followed by an insightful question and answer session. The session was summarised by Prof Dipak Mishra and winners of various competitions organised by XSYS were announced. The delegates were presented with mementos and the annual magazine of XSYS was presented. The summit was finally concluded with a vote of thanks by Prof Sanjay Mohapatra of XIMB.