The transformative potential of generative AI in the modern business landscape cannot be undermined. As organizations seek to break free from traditional creative constraints, generative AI emerges as a powerful tool that fosters innovation by generating fresh ideas, design concepts, and marketing strategies. Keeping this in perspective, KIIT School of Management (KSOM) hosted its 5th National Business Analytics Conclave on the theme – Navigating Business Frontiers through Generative Artificial Intelligence on 21st September 2024.
The context of the conclave was set by Prof. Piyusa Das, Conclave Convenor. Prof. Das presented a comprehensive overview of generative AI elucidating its transformative potential in Business Analytics. He elaborated on the various courses offered by KSOM in Business Analytics, emphasizing the importance of collaboration with industry stakeholders.
Prof. Suva Kanta Mohanty, Director, KSOM gave the welcome address, and introduced the corporate dignitaries. He said that Data Scientists and Data Analysts with the help of generative AI are consistently creating an advantage for organizations in terms of taking faster and better informed decisions, enhanced customer service and constant development of new content.
Prof. Saranjit Singh, VC, KIIT DU in his address talked about the various initiatives that KIIT is undertaking to strengthen industry academia in order for education to stay relevant. Dr. Singh emphasized the importance of this conclave in fostering discussions among world-class leaders and providing valuable insights into real-world business challenges. He expressed hope that students from KSOM would be benefitted from the knowledge shared during this event, facilitating a flow of insights from experienced professionals to emerging talent.
Mr. Aurobinda Nanda, COO of Happiest Minds gave the keynote address. Mr. Nanda articulated the concept of AI as a companion that enhances personal and professional growth. He emphasized on its potential to revolutionize learning and operational practices in real-world scenarios. He discussed the interdependence of mental, physical, and financial wellness, highlighting how generative AI can contribute to each aspect. Mr. Nanda shared his personal experiences with AI, illustrating how it aids in gaining insights and prepares businesses for a changing landscape.He elaborated on the capabilities of generative AI to create new contexts, such as images, text, and music and stressing on the importance of large datasets for training models to achieve accurate outputs. He talked about key technologies like neural networks and GPT models, alongside practical examples such as storytelling through AI-generated narratives. He also highlighted the transformative impacts of generative AI on revenue generation, cost efficiency, and risk management opportunities.
Furthermore, he emphasized the necessity for ethical practices in AI development to mitigate biases and protect personal information. Mr. Nanda concluded by urging participants to leverage AI tools for innovation and competitive advantage in their respective fields, underscoring the importance of strategic thinking in navigating the complexities of modern business landscapes.
Prof. Sumita Mishra, Dean, KSOM, proposed the Vote of Thanks to all the guests, faculty members, students & support staff for their time & effort in making this conclave a success. Prof. Mishra reiterated that KSOM & KIIT always prioritize industry collaborations and it is an imperative parameter for any global University.
The inaugural session was followed by LSIP (Large Scale Interactive Processes) headed by top Analytics professionals. Ten such closed group interactions happened between the students and the corporate leaders on various themes. The topics ranged from Innovation with Generative AI, Supply Chain Management and Logistics Optimization using Generative AI,Deep Learning Architectures for Generative AI to Financial Forecasting and Investment Analysis with Generative AI, Ethical considerations and Responsible AI development.
The conclave was preceded by a National Level Business Analytics Simulation Competition designed by Optix – The Operations and Analytics Club of KSOM. It saw participation from over 650 teams from across top B Schools of India.
The Business Analytics conclave provided students with an opportunity to interact with business leaders from the industry. The conclave created a platform to connect industry professionals, academia and students.