Analytica September 2022

About Us

Organon, the Analytics Club of IIM Rohtak is a student driven initiative whose basic idea is to generate and cultivate student interest in Analytics and technology. Our primary goals and responsibilities include conducting seminars and webinars covering on demand topics, skills and tools that will help students of IIM Rohtak fraternity gain expertise in various analytical tools. These skills will help students apply analytical tools in their respective fields during placements. We conduct Analytics related events, competency builder events, Case Study Competitions, Quiz questions

WHAT DO (A) I THINK ?

Symbiosis Centre for Management and Human Resource Development (SCMHRD), Pune

Artificial Intelligence and Automation tools & services are assisting in the transformation of everything, from marketing data collecting and processing to HR onboarding. While AI and automation have huge value in terms of internal time and cost savings, there is one area where Al may deliver even greater, more meaningful results: customer experience

We live in the twenty first century, and technology has taken control of both our professional and personal life. The millennial age is addicted to technology because it allows them to obtain what they want, when they want, and from wherever they want it It has caused businesses to reconsider their strategy and embrace a new era of service quality

Artificial Intelligence in Marketing

Al marketing is a technique for enhancing the consumer experience via the use of technology It can also be used to improve marketing campaigns' return on investment To obtain insight into their target audience, organizations use big data analytics, machine learning, and other procedures They establish more effective client touch points with these insights. Al eliminates most of the guesswork involved in client interactions, whether it's for email marketing or giving customer service

Artificial Intelligence continues to rise in popularity among marketers as well as business executives, and has become an indispensable tool for brands that want to create a hyper personalized, extraordinary customer experience. Al customer relationship management and customer data platform software’s have made it accessible to businesses without the exorbitant expenses traditionally associated with the technology

But what about the customers? Benefits for Customers

#1: Convenience Customer satisfaction is based on convenience, as any customer will tell you Many brands are moving to Al technology that can provide proactive service that saves customers time and effort Amazon, for example, uses interactive Chatbots that helps in providing real time assistance The chatbot delivers information such as current state of a customer's order(s) or estimated time of arrival and even register complaints via the portal on the application with pre set options to choose from Michelin, meanwhile, utilises Al to predict when a customer's tyres need to be replaced As a result, one of Al's primary advantages is its ability to properly use data to provide proactive service

Vasu Maheshwari

#2: Personalized Services

Hyper personalization blends Al and real time data to deliver information tailored to a customer's individual needs It enables tailored experiences that are also considerably faster and more convenient than traditional methods of dealing with businesses, such as sitting on hold for a call or scrolling through pages to locate the information you need. Ai is helping to minimize pain spots in the client journey, in addition to providing a more personalized experience

#3: Targeted offers

When big data and behavioral psychology are integrated, Al can successfully target customers and drive them to purchase using the knowledge obtained from these sources

Artificial intelligence (AI) has the potential to predict human behavior

Marketers may use behavioral psychologists' personality measures to better understand the underlying causes behind people's decisions. Brands can send customized communications that motivate and persuade people to act by combining demographics collected on potential customers with psychological profiles produced through behavioral research This helps the customers find either exactly what they we ’ re looking for or what they would've needed. It helps save effort and time and also gives a feeling of being understood by a brand

#4: Deeper engagement

Once a brand has gained a customer, it must make every effort to keep that customer engaged. Running exciting social media competitions, providing clients with intriguing video content, or keeping them

interested throughout a customer experience are all ways to increase customer engagement.

For example, TGI Fridays, a multinational restaurant and bar business, has improved its customers' experience by investing heavily in AI. When someone tweeted about TGI Fridays, booked a reservation online, cancelled a reservation, or paid with a credit card, the restaurant chain has attempted to use that information to improve an individual's experience with the brand This type of interaction allows customer reviews to get through using NLP

#5: Answers on all platforms

It's predictable that people choose to interact via instant messaging or their preferred social media platform. Organisations must be able to respond to them whether they contact brands via Instagram Messenger or WhatsApp audio. By using Conversational AI to automate customer support across all channels, brands can provide a tailored and comprehensive experience for each engagement while remaining true to their voice and tone. Additionally, the replies can be made more interesting by including complements such as movies, carousels, buttons, or forms

#6: Perpetual Availability

Because of the increasing speed and connectivity of the Internet, we now expect everything to be 'immediate' Millennials don't have a lot of patience. As a result, organisations must assure high availability in order to provide support

Chatbots powered by Al are quite useful. They have sophisticated talks nonstop, 24 hours a day, seven days a week. Customers can talk to chatbots at any time, and there are no time constraints on how long they can talk to them. With Chatbots, there are no provisions for vacations, sickness, or frustration

While a human agent may become frustrated or give up trying to solve a problem, this will not happen with technology A company may rely on trained Chatbots to serve

consumers regardless of time or other constraints

#7: Increased Privacy and Security

On digital channels, ensuring secure transactions and protecting clients' data is an essential component of the service A security incident management policy, data isolation, and data protection in conformity with privacy and auditing standards are all important components of providing effective service

When it comes to ensuring the detection and proper handling of risks, incorporating Artificial Intelligence becomes critical Brands that incorporate the feature have an upper hand in customer retention and increased brand reputation

CONCLUSION

With artificial intelligence and machine learning, it's time for a reality check. There's no going back to the old ways of providing customer service. Businesses want AI enabled solutions to anticipate client needs before they ask. For those that use Al in their customer care, it will undoubtedly improve the game. It is no longer an option, but rather a requirement for a customer centric organisation

Al assisted customer service will boost efficiency, boost engagement, minimise reliance, and pave the door for new ways to outperform the competition

Consumers that deal with Al more frequently are more positive about it. According to a Genpact study, customers are more than three times as likely to think that Al is improving their rather than making it worse with younger consumers more than twice as likely to say it's having a positive influence.

As a result of technical advancements and younger consumers who are expected to prefer more involvement with Al rather than less, Al is poised to transform the consumer experience.

So, What are you waiting for?

Prescriptive Analytics - A Business Enabler

Symbiosis Institute of Business Management (SIBM), Pune

Have you ever wondered how the Mahabharat would have spanned sans Lord Krishna advising the Pandavas about their course of action at every turn?

Aren’t data and analytics playing a similar role in our lives today?

With the information revolution, and the recent pandemic accelerating digital transformation, there has been no better time to achieve impact with data, which has gained a strategic role. While data generation, driven by IoT, and storage capacities has increased multifold, data analytics in decision making has proved to be the gold dust

UNDERSTANDING DATA ANALYTICS WITH AN ANALOGY MOCK TESTS

Entrance tests have been the norm for admissions to reputed institutes in India. With the evolution of IT, the paper pen exam formats have been replaced by online tests. So have the preparations, particularly mock tests A typical mock test provides sectional, overall scores as well as percentile. This function can be viewed as descriptive analytics. The feedback that a mock test provides represents descriptive data analytics. Diagnostic analytics, here, entails diagnosing the causes of current performances on the part of test taker

Vishal Maurya

The tests also predict the potential “AIR” based on performance and test level This can be viewed as predictive data analytics.

However, as any top ranker or coaching institute would suggest, the heart of mock tests lies in the feedback, which typically suggests strong, weak areas and course of action, akin to a doctor prescribing medicines for symptoms.

The advice that is provided, refines, builds up on the descriptive and predictive data analytics, and provides the most value to aid the user in exercising further actions rationally and effectively This tool at our disposal is prescriptive data analytics

Prescriptive analytics determines possibilities and recommended actions using statistical models and machine learning, often finding patterns in big data that would have escaped human analysts

UTILITY OF PRESCRIPTIVE ANALYTICS

The ubiquitous applicability of prescriptive analytics can be understood by its potential utility across the value chain by providing decision optimization and sparing a decision maker’s “guts” for digestion, to achieve organizational goals.

Name any activity in an industry, and chances are that one would find abundant deployment or immense scope for prescriptive analytics.

Let us look closely as to how prescriptive analytics is used in some of the functional areas

I SUPPLY CHAIN

Ask any Supply chain manager about their focus area, and the answer would certainly be minimizing costs while maintaining appropriate service levels, with added dimension of resilience in the face of disruptions, in line with the firm’s business strategy

As we saw in 2020, the supply chain is a volatile aspect of any business, and several factors such as fuel prices, raw material prices, disasters, consumer demand, service expected etc come into play for its proper functioning. Needless to say, prescriptive analytics would play a huge role throughout the Supply chain.

While predictive analytics provides extra visibility, with near zero delay in interpreting any type of data, prescriptive analytics solutions go even further by helping managers optimize the entire supply chain at once, instead of focusing on specific value chain process

Prescriptive analytics uses various statistical modelling techniques to develop a flawless supply chain model in order to predict future supply chain challenges Thereafter, it evaluates various scenarios in which supply

chain cycles may be impacted using various forms of structured and unstructured data

The RESCUE (Reinforced Supply chain under emergency) system, deployed by Toyota in the aftermath of 2011 earthquakes in order to prepare for future natural disasters is one such example. Having realized the paucity of component and supplier data, Toyota collected data corresponding to 13,000 firms, 4,000 component types and 30,000 production sites.

The goal of RESCUE is to prevent supply chain disruptions by maintaining information and visualizing potential problems generated by high risk components.

Moreover, in the event of a disaster, the system facilitates quick response to developing situations in a predetermined order of priority.

First, before a disaster strikes, the database serves as a means of storing component information and visualizing potential disruption risks along the supply chain. Also, the geographical distribution of the risk associated with each component and facility can be seen on a map. This function incorporates an existing hazard map database.

Thus, owing to prescriptive analytics, it is now possible to greatly accelerate first response to disasters, making the supply chain agile and resilient, which was well demonstrated when during the recent pandemic, Toyota was least affected by the chip shortage, and performed better than competitors owing to its foresight and deployment of prescriptive analytics in the form of RESCUE.

Similarly, prescriptive analytics is being utilized by almost every part of supply chain network, namely logistics, procurement, production, inventory management, transportation etc. for example E commerce, Manufacturing, Services to optimize and produce best results.

I.MARKETING AND SALES

Prescriptive analytics in sales and marketing,

can help firms improve their ROI, enhance conversion and win rates, and increase profit. It takes three forms namely marketing, pricing, and selling guidance to arrive at actions that produce better outcomes

Prescriptive data analytics is playing an important role in every industry, particularly supply chain, enabling data transformation, and predictive solutions into real, fact based, unbiased courses of action. Firms that make the best use of analytics, especially prescriptive, stand to gain huge competitive advantage, and turning a blind eye towards it would most definitely prove to be a fatal mistake for firms.

The current hesitancy in its adoption is due to the complexity and accuracy, however technology will surely evolve sooner than later to resolve impending issues

Lord Krishna could only advice Arjuna to visit Bhishma, and ask him about the secret of his defeat in battle. But it was Arjun, who fired the arrows that liberated Bhishma from his worldly vows. Similarly, the effectiveness of prescriptive analytics rests finally on the shoulders of the decision makers, and their ability to utilize, interpret, and implement the recommendations given by prescriptive analytics.

Drones: Taking off into the future

Tanvi Vaidhyanathan

Thanks to our constant exposure to social media, we've all heard the term "drone" at some point of time in our lives, and we're not talking about the low buzzing sound, but an astonishing technical development that is creating a buzz throughout the world. Drones, or Unmanned Aerial Vehicles (UAVs), are quickly gaining popularity, from movies showing spies using them to carry out their daring missions to social media influencers snapping high altitude photographs with them.

Apart from their ostentatious characteristics, drones can be quite useful in an economy Countries are adopting this gadget to replace their outdated systems.

The question on the horizon is, is India ready to jump on to this new trend?

Drones, as previously mentioned, provide several critical advantages that may aid in the smoother and more sophisticated running of a country The same applies to the Indian economy. If used wisely, drones can provide a boost to various sectors of our economy. In agriculture, sowing crops, distributing fertilizers and pesticides, soil and crop analyses, surveillance, land demarcation, and other jobs may all be done using these devices Drone planting system doesn't only reduce costs by almost 85% but also increases consistency and efficiency. They

can also help farmers by determining crop height and automating several crucial tasks that would otherwise be subject to human error, resulting in soil depletion. Because of the current bureaucratic red tape in India, these activities normally take a long time to accomplish.

Shri Ram College of Commerce (SRCC), University of Delhi (DU), Delhi

Drones, on the other hand, can circumvent this, benefiting the 58% of the workforce engaged in the sector Further, drones can also be used to provide healthcare to rural inhabitants, who make up a significant portion of our population.

They make medications and time sensitive transplant organs more accessible and faster These gadgets also assist in the modernization of e commerce company procedures It can be a monumental undertaking to manage warehouse inventory and track big amounts of orders. Drones can considerably minimize the burden of these factors.

For instance, Indian food tech unicorn Zomato acquired TechEagle innovation, a drone startup in December 2018, leading to their experiments with drones, and just announced a successful test delivery

Deepinder Goyal, founder, and CEO, of Zomato, claimed that the average 30.5 minutes of the delivery time can be reduced to 15 minutes, simply by taking the aerial route

Another sector where drones can play an important role in disaster management and assessment. They might be utilized as a social rescue device, identifying and guiding people who are stranded, to safe areas. Even inaccessible sites may be captured in high resolution, real time photographs using drones. These photos may then be utilized to create realistic danger maps, allowing for the proper planning of disaster relief.

The Indian defense forces have been using drones since 1999, so they are not new to the system These UAVs may serve as our eyes in the sky, providing vital surveillance and information collecting capabilities

.The scope of drones in the military is massive being unmanned. The US military has been actively using drones in its combat stations in Afghanistan and Iran.

It is evident that drones can be very helpful Unfortunately, it is not free of flaws Privacy is the primary concern Drones make it much easier to monitor individuals It may also collect personal information about each individual in addition to surveillance

Drones come in a variety of forms and sizes, allowing them to slip into places discretely and invade personal space. Any individual's identity is jeopardized when a drone is used. Concerns about the weaponization of drones and their permits remain. Taking into account these major shortcomings, legalizing drones is a challenge. In the past, their use was limited due to the aforementioned security concerns and the absence of a robust UAV ecosystem in India

It was in 2018 when drones were legally allowed to fly for business purposes.

The Central Government on August 26, 2021, announced the new Drone Rules 2021 The Drone Rules, 2021, will facilitate investments in drone technology in India and will aid in simplifying the process of registration

The abolishment of restrictive practices and stringent license regime under these rules by the government will offer flexibility to players in the sectors

Furthermore, an airspace map on the digital sky platform will provide access to real time updates for drone operations in India in various zones. This shows the increasing interest of the government to digitize the Indian economy, thereby opening new opportunities in the technology sector

In addition to increasing government support, the COVID 19 pandemic played a significant role in spiking their demand. Keeping the protocols of social distancing and minimal human contact in mind, drones were seen as a key player to help with the delivery of essential services like medical equipment, food, goods, or for seeing things beyond general visibility (BVLOS beyond visual line of sight), etc

Despite the challenges India might encounter in incorporating drones into the economy, we have witnessed a tremendous increase in the popularity of drones

There is enormous potential for UAVs in the growing IT centered Indian economy

After the drone laws in India were relaxed, various drone start ups in the country secured contracts worth more than Rs 500 crore, from multiple sectors including defense.

It is clear that these gadgets will find a way into our economy

Apart from a few minor hurdles, the runway is clear for drones to take off

Data analytics and AI solutions provider

Sigmoid has raised $12 million in its primary and secondary funding. The startup will use this capital to expand its market offerings, hire new talent, and expand its delivery centers for better customer success. The latest round was led by Sequoia Capital India.

The FIFA Player App will allow all the players from the 32 teams to access their performance data and information To account for the quick assessment of the key match moments, the data will be synced with the match video.

Public sector banks (PSBs) will be creating specialized verticals for big data and data analytics

This move is in response to the government's order for financial institutions to improve data driven, integrated, and inclusive banking. In addition to introducing these verticals, PSB's will also introduce digital only products and services in the next one year with minimal data entry requirements, automated checks, and underwriting for individual consumers and micro, small, and medium sized businesses. These metrics will be part of the banks' reform agenda, Enhanced Access and Service Excellence (EASE 5.0).

NEWSBITS

At Cypher 2022, the Analytics India Magazine hosted the fourth edition of Data Science Excellence Awards where awards were presented to companies and individuals in various categories, recognizing the innovation and hard work of achievers in the field of analytics, data science, and artificial intelligence. The winners list includes:

Best AI/ML product of the year AB InBEV GCC, Colgate Palmolive, Tredence and Phillips India

Best AI/ML Implementation Accenture, CitiCorp Services India, Tiger Analytics, and Unilever

Data Science/ AI for social good Capgemini, Ernst & Young, and Genpact Best Data Science Project of the year Course5, FIS, Kotak Mahindra Bank, Merck Group, Merkle, and MiQ

Top Domestic Firms using AI/ML Data Labs, Dr. Reddy’s Laboratories, HDFC Bank, Max Life Insurance, and TVS Motor Company

Tech Mahindra has announced its dedicated Google Cloud Telco Smart Analytics Lab in Milton Keynes, UK The Lab will focus on developing data analytics solutions on Google Cloud to help Communications Service Providers (CSPs) across the globe to modernize their data ecosystems and encourage analytics driven operations

1

Managed and who will be responsible for it during the stage of the data life cycle.

analyse manage plan capture

2. The data life cycle deals with the stages that data goes through; data analysis involves following a process to analyse data

Quiz

6 An online gardening magazine wants to understand why its subscriber numbers have been increasing. A data analyst discovers that significantly more people subscribe when the magazine has its annual 50% off sale. This is an example of what?

Analysing consumer preferences using artificial intelligence Analysing customer buying behaviours Analysing the number of customers by calculating daily foot traffic Analysing social media engagement

3 A company takes insights provided by its data analytics team, validates them, and finalises a strategy They then implement a plan to solve the original business problem This describes the share step of the data analysis process

7. Fill in the blank: A doctor’s office has discovered that patients are waiting 20 minutes longer for their appointments than in past years. To help solve this problem, a data analyst could investigate how many nurses are on staff at a given time compared to the number of

4 Fill in the blank: A formula is a set of instructions used to perform a specified calculation; whereas a function is .

True False True False a computer programming language a particular value a question written by the user a predefined operation

5. Structured query language (SQL) enables data analysts to communicate with a database

True False

negative comments about the wait times on social media doctors on staff at the same time doctors seeing new patients patients with appointments theme question business task breakthrough

8 Fill in the blank: A problem is an obstacle to be solved, an issue is a topic to investigate, and a is designed to discover information