IFIM Institutions, in partnership with the Government of India and NASSCOM, hosted their Digital Innovation Conclave, which aimed to bring out the importance of a Public-Private Partnership [PPP] for improving the employability quotient of a skilled India. Prof Sadagopan, Director [President] of IIIT-Bangalore, Sanjeev Malhotra, CEO, IoT, NASSCOM, Dr Ramesh U representing AICTE, Government of India and Sanjay Padode, Secretary, Center for Developmental Education [IFIM Institutions] together inaugurated the session.
As per Analytics India Industry Study 2016, Analytics Market in India currently stands at $1.64 Billion annually in revenues, growing at a healthy rate of 28.8% CAGR. Though analytics is still largely considered a part of broader KPO industry, increasingly analytics is now being considered a separate industry of its own.
Understanding the role of analytics in shaping the career of future professionals, previously, IFIM institutions with NASSCOM had sketched out unique model of ‘Train the Trainer’ in three courses- Associate Analytics, Junior Data Analytics and Recruitment Associate. The program was Level 7 and intended to skill 10,000 Post Graduate students across state.
The Chief Guest for the occasion, Dr Sadagopan, Director, IIIT Bangalore inaugurated the event by stressing the need to upgrade the curriculum of technical and management education in India. He said
India is a magnet of talent and it is high time we nurtured this by providing them the right assistance. With the advent of technology, students, especially in the higher education segment, need to be trained to acquire the right skillsets. The country has a bright future in the space of Analytics, and therefore it is important for a greater focus on data and a good scope for businesses to grow in this space. This should be reflected right from the stage of curriculum design, to help nurture the right talent at the right time. A partnership of the government, along with the educational institutions and the IT sector, is crucial to help catalyze the growth in data analytics.
According to an independent research report, the $155-billion Indian IT sector employs around 3.9 million people, and McKinsey estimates that the skill-sets of half of the existing workforce will be irrelevant as they are not skilled to be in tune with the changing market needs.
Sanjay Padode, Secretary, Center for Developmental Education [IFIM Institutions], said
The event is organised as an acknowledgement of the need to re-skill the workforce in Analytics and AI as this technology is being adopted across industries. As data becomes the new fuel in running industries, the need for a professional knowledge of analytics and utilising it in artificial intelligence gains in importance. Largely, it will define how the existing businesses upgrade to incorporate AI and use analytics. Also, this opens up the gates to many more new business opportunities for young professionals.
IFIM Institutions has been working towards holistic development of the students who would be continuously employable. While automation has entered market like a storm, it is essential for our workforce to be in line with the requirement of industry. With Digital Innovation Conclave we have taken initiative to bring all industry stakeholders at one platform and brainstorm towards ensuring a better future for our society.
The Conclave culminated with the formation of a Think Tank in Digital Business chaired by Prof Chandrasekhar, Chairman of Centre of Excellence for Business Analytics at IFIM Business School. Sameer Dhanrajani, Chief Strategy Officer, Fractal Analytics announced the names of the invited members of this Think Tank and handed over the invitation letters. Members of the Think Tank are below
- Prof Chandrashekhar, Chairman
- Mr Sameer Dhanrajani, Chief Strategy Officer, Fractal Analytics
- Mr. Prithvi Raj Roy, CEO, Bridgei2i Analytics Solutions
- Mr. Vijaya Kumar Ivaturi, Co-Founder, Crayon Data Systems
- Mr. Nitin Sareen, Head Analytics, Walmart Labs
- Mr. Pankaj Rai , SVP- Strategy, Wells Fargo
- Ms. Rohini Srivathsa, SVP Analytics, Fidelity Investments
- Mr. Sameer Dhanrajani, CSO, Fractal Analytics
The Think Tank will be supported by a research group consisting of students and faculty, led by Prof Chandrashekhar, the renowned name in Data Analytics in country. This Think Tank shall develop a well-researched white paper for consumption by the Industry and Academia at large. The paper shall endeavour to outline the curriculum changes and development of coursework to align the present programs with the digital needs of the industry in the future. This paper would be presented to the Chairman of AICTE, UGC and would be circulated to the academic heads of all universities and institutions in the country.