Guest lecture on “Future-Business Analytics”
Guest lecture on “Future-Business Analytics
PGDM department had organized a guest lecture on “Future-Business Analytics” by Mr. Abhishek, Leader HR Analytics, Amazon on Tuesday, 15th January 2020 to speak about how Data Analytics and Data science works in an organization.
In this session, the PGDM students got clarity on how Data Analysis is carried out from data sets accumulated from business transactions and how it could provide insights on the business trends.
Mr. Abhishek explained that Data science is inter-functional data that uses methods, processes, and systems to extract knowledge and insights from structured and unstructured data. Data science is related to data mining and big data.
He spoke about methods like Normal distribution, forecasting is essential and then he explained about RFM (Recency, Frequency and Monetary) – How recently did the customer purchase? How frequently do they purchase? How much do they spend? and CLTV (Customer Lifetime value) has become the standard method for measuring the success of Customer Relationship Management programs. Return on investment (ROI) is used for campaigns, and profitability is used to take a snapshot of the performance of existing customers and how they work on it.
He also reiterated the importance of strong knowledge on regression analysis, co-relation analysis and should be able to solve many puzzles to solve any problems arise in business ecosystem.
The students were driven with most important point which helps in life is that no matter how many times the individual fail, as a professional should acquire, gain the knowledge and move forward in life and should not give up on things easily.