Business Analytics – Science of Data Driven Decision Making Executive Education Open Programme
Programme Directors : Prof. U Dinesh Kumar
Programme Dates : 1 – 6 July 2019
Programme Venue : M-21, IIMB Campus
Programme Overview :
The theory of bounded rationality proposed by Nobel Laureate Herbert Simon is evermore significant today with increasing complexity of the business problems; limited ability of human mind to analyze the alternative solutions and the limited time available for decision making. Introduction of Enterprise Resource Planning (ERP) systems has ensured availability of data in many organizations; however, traditional ERP systems lacked data analysis capabilities that can assist the management in decision making. Business Analytics is a multidisciplinary field that uses expertise such as statistical learning, machine learning, artificial intelligence, computer science, information technology and management strategies to generate value from data. Business Analytics is likely to become one of the main functional areas in most companies. Analytics companies develop the ability to support their decisions through analytic reasoning using variety of statistical and mathematical techniques. Thomas Davenport in his book titled, “Competing on analytics: The new science of winning”, claims that a significant proportion of high-performance companies have high analytical skills among their personnel.
In a recent article1 based on a survey of nearly 3000 executives, MIT Sloan Management Review reported that there is striking correlation between an organization's analytics sophistication and its competitive performance. The biggest obstacle to adopting analytics is the lack of knowhow about using it to improve business performance. Business Analytics uses statistical, operations research and management tools to drive business performance. Many companies offer similar kind of products and services to customers based on similar design and technology and find it difficult to differentiate their product/service from their competitors. However, companies such as Amazon, Google, HP, Netflix, Proctor and Gamble and Capital One uses analytics as competitive strategy. Business Analytics helps companies to find the most profitable customer and allows them to justify their marketing effort, especially when the competition is very high. There is a significant evidence from the corporate world that the ability to make better decisions improves with analytical skills
Programme URL:
Business Analytics – Science of Data Driven Decision Making Executive Education Open Programme
Programme Directors : Prof. U Dinesh Kumar
Programme Dates : 1 – 6 July 2019
Programme Venue : M-21, IIMB Campus
Programme Overview :
The theory of bounded rationality proposed by Nobel Laureate Herbert Simon is evermore significant today with increasing complexity of the business problems; limited ability of human mind to analyze the alternative solutions and the limited time available for decision making. Introduction of Enterprise Resource Planning (ERP) systems has ensured availability of data in many organizations; however, traditional ERP systems lacked data analysis capabilities that can assist the management in decision making. Business Analytics is a multidisciplinary field that uses expertise such as statistical learning, machine learning, artificial intelligence, computer science, information technology and management strategies to generate value from data. Business Analytics is likely to become one of the main functional areas in most companies. Analytics companies develop the ability to support their decisions through analytic reasoning using variety of statistical and mathematical techniques. Thomas Davenport in his book titled, “Competing on analytics: The new science of winning”, claims that a significant proportion of high-performance companies have high analytical skills among their personnel.
In a recent article1 based on a survey of nearly 3000 executives, MIT Sloan Management Review reported that there is striking correlation between an organization's analytics sophistication and its competitive performance. The biggest obstacle to adopting analytics is the lack of knowhow about using it to improve business performance. Business Analytics uses statistical, operations research and management tools to drive business performance. Many companies offer similar kind of products and services to customers based on similar design and technology and find it difficult to differentiate their product/service from their competitors. However, companies such as Amazon, Google, HP, Netflix, Proctor and Gamble and Capital One uses analytics as competitive strategy. Business Analytics helps companies to find the most profitable customer and allows them to justify their marketing effort, especially when the competition is very high. There is a significant evidence from the corporate world that the ability to make better decisions improves with analytical skills
Programme URL: