Brandscapes Seminar On Advanced Analytic Methods & Applications
29th and 30th April, 2011 saw professionals from the analytics industry come together to be part of a refresher workshop on the various techniques used for Advanced Analytic methods and their applications. The workshop, organized by the Marketing Science Practice at Brandscapes Worldwide, was attended by market research and consumer insight professionals from marketing companies such as Kraft, Standard Chartered, and The Times of India. The only requirement for participants to be eligible for the workshop, was knowledge of basic statistics. The seminar faculty for the first day was Prof. Arvind Sahay and for the second day, Prof. Arnab Laha, both from IIM Ahmedabad.
Prof. Sahay joined IIMA in June 2004 from London Business School where he had been teaching since his Ph.D. in 1996 from the University of Texas at Austin. His areas of interest include marketing strategy, pricing, high tech marketing, international trade and investment, brand valuation and tracking organizational performance. He has been the recipient of many awards such as the University Wide Outstanding Dissertation Award from the University of Texas at Austin, the Dewang Mehta Best Teacher Award in Marketing Management in India and others.
Prof. Laha is a member of the faculty of Indian Institute of Management, Ahmedabad. He has wide ranging interest in statistics and its applications to various disciplines. His current research interests are in the areas of Robust Statistics, Analysis of Directional Data, Analysis of Rank Data, Business Analytics, Statistical Quality Control, Quantitative Finance, and Risk Modeling. He was featured among India’s best business school professors by Business Today in 2006.
The two professors held an interactive workshop and exposed the attendees to a series of case studies to demonstrate the practical application of Advanced Analytical techniques, from Linear Regression to Logistic Regression, and from SCM to Time Series Modeling. This session helped the participants not only to understand the methodology of various techniques but also interpretation of the respective results.
Advanced Analytics offers us many tools and techniques to work with. But as S. Viswanathan, Associate Director – Analytics, Brandscapes Worldwide, aptly put it, “It is important to first identify the correct analytical technique to be used to address a particular business situation, before one gets into any sort of analysis. The choice of technique often depends on the variables or the format in which the data will be available.” Hence, it becomes imperative to know the limitations of each technique before-hand. The refresher workshop was not only helpful for the members of the Analytics industry but also for other related department managers, as it gave them an overall perspective of these techniques and the deliverables associated with each.