Presentation on theme: "INSIDE THIS ISSUE NEWSLETTER ANALYTICS Q2, 2015 2 A Word from the Managing Director 3-5 A Call to Analytics in Marketing 6-10 Making A Case for Online."— Presentation transcript:
INSIDE THIS ISSUE NEWSLETTER ANALYTICS Q2, 2015 2 A Word from the Managing Director 3-5 A Call to Analytics in Marketing 6-10 Making A Case for Online Education 11 Imarticus Recommends: Good Reads 12 Corporate Offerings & Benefits to You Edition II
Dear Reader, 2014-15 was a Rubicon moment for Imarticus Learning as we set out to strengthen our product and regional portfolio as well as our corporate relationships. Looking back, we have achieved more than we aimed for. Our revenues have doubled, both on the back of a thriving retail business which saw a 120% increase in our student base, as well as our Corporate Training business which saw us build mutually beneficial relationships with many of you. I thank you for continuing to believe in us, as well as our exceptionally talented team of over 100 professionals who make it possible. The next notch on our goal post is Online Education, and in this issue, Amit Ratanpal tackles the growing space of Online Education and eLearning. Globally, eLearning is a $56.2 billion business and that figure is expected to grow exponentially to $107 billion by 2015. With good reason: eLearning offers cost savings, flexibility and repeatability in training. In this issue, we explore the learning options you can now add to your arsenal to train your employees. In line with our aim to provide targeted and relevant training to our youth to fill the ever increasing shortage of skilled professionals in the Analytics industry, we are very excited about the recent launch of own online training programs on R and SAS—watch this space! Analytics, of course, has countless applications in the business world. Marketing analytics is a hot field and by all estimates demand for professionals will soon be very strong. In this edition, we are pleased to have Sujoy Bhattacharya, Assistant Professor, VGSOM, IIT Kharagpur, explore the many facets of marketing analytics including usage and key trends that are driving demand for marketing analytics. On the thought leadership front, we hosted our very first Analytics conference in Bangalore in February, 2015. This was attended by representatives from leading firms such as Accenture, KPMG, Deutsche Bank, Dell, Target, Cognizant, HP and more. Please visit our Youtube page to view the highlights reel. We look forward to more such industry gatherings with all of you in the future, with our next Analytics conference being planned for September, 2015.Youtube page We are very excited about what 2015-2016 will entail and, as always, I look forward to hearing from you and hosting you at our offices in Mumbai, Bangalore and Chennai. Please do get in touch with us at email@example.com for any requirements or suggestions to serve you better. Regards Nikhil Barshikar Founder & Managing Director A WORD FROM OUR MANAGING DIRECTOR 2
A CALL TO ANALYTICS IN MARKETING Sujoy Bhattacharya Assistant Professor, VGSOM, IIT Kharagpur ABOUT THE AUTHOR: DEMAND FOR MARKETING ANALYTICS Forbes proclaimed 2014 to be the Year of Digital Marketing Analytics and the spotlight continues into 2015 – and rightly so. Marketing analytics is the optimization of marketing efforts through measurement and data analysis to help firms improve their return on marketing spend. Marketing efforts and returns are often intangible and it is difficult to quantify the precise impact of a firm’s marketing strategies and spend. In spite of the Big Data explosion, 89% of marketers use their intuition rather than data driven models to take key decisions 1. Gut- feel is neither scalable nor process-oriented and, if wrong, can be expensive. But there’s a growing demand from both top management and marketers’ value chain to graduate from the murky and intangible decision making to a more precise and quantifiable data-driven approach that would aid and facilitate better decision making. Emphasizing the value of Big Data, McKinsey rates Data just as important a factor of production as capital or labour. NASSCOM and CRISIL Global Research and Analytics predict the global Big Data market to grow exponentially from $5.3 billion in 2011 to $25 billion in 2015 $ 5.3 Billion 2011 $ 25 Billion 2015 Global Market $ 200 Million 2011 $ 1 Billion 2015 Indian Market 500% increase McKinsey analyzed over 250 customer engagements spanning a five year period and reported that companies that based their sales and marketing decisions on Data improved their Marketing Return On Investment (MROI) by 15-20 percent. Increase MROI by 15-20% with Analytics The global annual marketing spend amounted to $1 trillion. This would mean companies using data for marketing decisions would create an additional value in the order of $150–$200 billion! 2 Of the $6.2 billion in deals that have occurred in the last four months in the marketing technology space, more than two-thirds came from funding, acquisitions, or mergers of businesses operating in the intelligence and data domains. 3 3 Dr Sujoy Bhattacharya is a PhD from Indian Institute of Information Technology and Management, Gwalior. He has ten years of Teaching and Research experience. He has taught at Mudra Institute of Communications, Ahmedabad, Goa Institute of Management, Goa and S P Jain Institute of Management, Singapore Campus. He is a "R" Evangelist and is willing to conduct workshops on R anywhere, free of charge.
The ready availability of faster and more powerful computers and software that is able to analyze huge amounts of data, filter it through super-sophisticated models to help marketers gain efficiencies and make highly targeted offers. CONVERGING TRENDS Clients are increasingly turning to technology to help make more informed decisions. That is enabled by four converging trends, as outlined by Forbes: 1.The Internet of Things: With sensors embedded in everyday objects, marketers now have unprecedented access into customer behaviors and preferences, and thereby can trigger targeted actions and customized offers. 2.Automated Engagement: A push towards “automated engagement” where technology has effectively replaced humans in tasks from information gathering to actual buying. 4.Technological Advances: The easy availability of faster and more powerful computers and software is able to analyze huge amounts of data by filtering it through super-sophisticated models, to help marketers gain efficiencies and make highly targeted offers. 3.Improved “anticipatory” analytics: Technology that can accurately deliver on customer needs even before they are expressed by the customer. This is based not just on past behavior but on real time information that could alter your choices in real time. In 2014, for example, Amazon was granted a patent for “anticipatory shipping” software that, based on sophisticated analytics, starts packing and shipping products before customers have even ordered them. ALGORITHMS TRUMP ANTHROPOLOGY Marketing has become more analytical and model oriented. The earliest models in marketing were based on applications of optimization methods followed by the use of game theory and markov models to complex contextual marketing problems. $2.2 Billion 2013 $3.4 Billion 2018 Predictive Analytics SW Market Today, stochastic models, conjoint analysis, expert systems, customer choice models, neural nets, customer lifetime value models, CRM models and many more are being used in marketing. The predictive analytics software market is expected to grow from $2.2 Billion in 2013 to $3.4 Billion in 2018. The total spends on Big Data hardware, software and service is expected to be $114 Billion by 2018. A PUSH TOWARDS “AUTOMATED ENGAGEMENT” WHERE TECHNOLOGY HAS EFFECTIVELY REPLACED HUMANS IN TASKS FROM INFORMATION GATHERING TO ACTUAL BUYING. ” “ 4
KNOWING HOW TO TAP INTO THE RIGHT BIG DATA WILL DEFINE THE DIFFERENCES BETWEEN BUSINESSES THAT EXCEL AND BUSINESSES THAT CHOKE. ” “ DATA DRIVEN VS GUT FEEL However, the human element is not redundant just yet – and nor will it ever be! “Big data creates a deluge of numbers, and knowing how to tap into the right big data will define the differences between businesses that excel and businesses that choke,” says Rex Briggs, the bestselling author and founder of Marketing Evolution. “Big data is actually the confluence of three forces: real-time data, big data, and automation. Taken together, the change is the ability to discover, in real-time, which messages are working best with which people, in which context, in which media, and optimize accordingly.” 5 USES OF MARKETING ANALYTICS Data from customer touch points is being used for promotion customization, new product development, distribution channel optimization, improving customer satisfaction scores and enabling a recommender system for changing customer needs. For example, sports marketing for IPL franchisees has used Analytics and delivered content via social media to increase their fan base. The Economist reports that Citigroup Inc. in Singapore uses the customer’s credit card data to recommend discounts at restaurants. It also reports that Santander Bank in Spain uses analytics to generate weekly list of prospects that are predicted to have a likelihood of buying the bank’s offers. MARKETING ANALYTICS IN INDIA Big Data Analytics is still in its nascent stage in India, according to Amit Khanna, partner, Analytics at KPMG India, with most companies just learning to store data, better known as data warehousing. However things are changing rapidly with companies— especially retail—looking for a competitive edge over their rivals. Telecom services providers such as Bharti Airtel Ltd and Vodafone Business Services, for instance, use predictive analytics to analyze usage and charging patterns of customers. “Every single decision that we make internally is based on analytics - 31% of the company’s orders come through our analytics-driven systems.” We also see marketing analytics being harnessed by: Banks: ICICI, HDFC, Axis, Yes Bank, Kotak Mahindra Automotive companies: Tata Motors, Mahindra & Mahindra ECommerce companies: Flipkart, Snapdeal, and Jabong In conclusion, marketing analytics is here to stay and promises good rewards for those who choose to harness its power. SOURCES: 1. hbr.org 2. Forbes.com 3. venturebeat.com 4. Forbes.com 5. Entrepreneur.com 5
MAKING A CASE FOR ONLINE EDUCATION GROWTH IN THE ONLINE EDUCATION MARKET The worldwide market for E-Learning is growing exponentially from $35.6 billion in 2011 to an estimated $51.5 billion in 2016 at a five-year CAGR of around 7.9% 1. While the US and Europe dominate the eLearning consumption landscape currently (at 70%), it is Asia-Pacific which is the fastest growing market with eLearning revenues expected to grow at an annual rate of 20% 2. Amit Ratanpal Founder and Managing Director – BlinC Zenobia Sethna L&D Manager – Imarticus Learning Growth Rate: 7.9% (2012-2016) $51.5 Billion (2016) Closer home, the eLearning industry in India was valued at $3.06 billion (Rs. 18.41 trillion) in 2010-2011 3. Increasing Internet penetration, low-cost existing coverage and rising demand are expected to help develop this market in the near future. Estimates suggest that the Indian market is likely to grow at a CAGR of 17.4% for the period 2013-18 3 as it transforms itself into a knowledge economy. THE WORLDWIDE MARKET FOR E- LEARNING IS GROWING EXPONENTIALLY FROM $35.6 BILLION IN 2011 TO AN ESTIMATED $51.5 BILLION IN 2016. ” “ Global eLearning Market With technological barriers reducing and priorities shifting away from traditional classroom training, online education or eLearning has become an accepted training medium across the world. There seems to be universal agreement that the worldwide E- Learning market will show fast and significant growth over the next three years. Corporate Training: $ 200 Bln a Year The Corporate-training market, among the most cyclical within the education industry, is a $200 billion a year industry, of which $56.2 billion is attributed to eLearning 4. Since 1995, the percentage of US corporations using eLearning has grown from 4% to 77% in 2011 4. We are already seeing a drastic shift in learning delivery in the corporate training market. While roughly 45% 5 of all corporate training is still conducted using instructor led classroom training, we can see a drastic increase in the incorporation of eLearning in its various forms into the corporate training calendar. 6
The business case for eLearning gets stronger in direct proportion to the number of employees to be trained. Source: Trainingmag.com REASONS FOR GROWTH General L&D budget constraints appear to be the main drivers of the shift towards using eLearning. However, eLearning is not merely an attractive proposition during an economic downturn. It is also an efficient and cost-effective solution when employees—especially those in organizations with a geographically dispersed workforce— need to be brought up-to-speed quickly on relevant knowledge and skills. When used right, eLearning can used to drive competitive advantage, increase revenues and capitalize on new market opportunities. EFFICIENT AND COST-EFFECTIVE SOLUTION WHEN GEOGRAPHICALLY DISPERSED WORKFORCE NEEDS TO BE BROUGHT UP TO SPEED. ” “ Self-paced eLearning allows learners to assimilate content at their own speed — often 20% to 50% faster than in a classroom. ELearning also offers the benefits of flexibility (24/7 learning) and is less disruptive to normal operations of a company than traditional classroom trainings that block many hours of employee’s time at a stretch. ELearning also ensures consistency and repeatability in training delivered, thereby ensuring your learning objectives for your trainees and the resultant outcomes are more likely to be met. According to a report released by IBM, companies who utilize e-Learning tools and strategies have the potential to boost productivity by up to 50%. For every $1 that the company spends, it's estimated that they can receive $30 worth of productivity 6. $1 Spent on eLearning $30 worth of Productivity Finally, we have shifts in demographics which impact the way training is delivered. The work force is now seeing the integration of technologically savvy Generation Y or Millennials; who by 2025, will make up 75% of the global workforce 4. To cater to this target audience (with Baby Boomers fast catching up – Boomers are the second highest users of the Internet 7 ), we see a rise in demand for interactive eLearning – be it games, simulations, videos etc. Other drivers of growth for e-learning in India include the large base of English language speakers as well as the acute shortage of brick- and-mortar educational institutions for higher education. ROI Watch 7
ONLINE EDUCATION 2.0 Online training today has moved beyond traditional, self-paced eLearning modules known as web based learning (WBTs) that focused more on learner “seat time” – the time spent by the learner to read through the WBT. Today, seat time matters very little and instead the focus is on proficiency based learning that delivers performance on the job. Online education today encompasses not only the traditional WBT model, but also includes newer learning paradigms such as Flipped Class Model. Due to changing demographics, we see a dramatic rise in demand for video-based learning, gamification, simulations, mobile learning, and social or collaborative learning. FLIPPED CLASS MODEL: Educators increasingly look to the Flipped Class Model to deliver learning that is effective and cost-efficient. The Flipped Class Model essentially reverses the traditional classroom setup and redefines seat time. Knowledge is imparted as homework while class time is utilized for application of knowledge learnt. Learners view short video lectures or have access to lecture content at home before they arrive in class; while class time is used for discussions, exercises and projects. The results, as tested on a batch of high school students, are quite astonishing! LEARNING NUGGETS: One size does not fit all! ELearning is not “One size fits all”–Adult learners need to be put in the driver’s seat and control what they learn and how they learn. Accordingly, trainings need to have personalized and flexible competency-based learning paths. Shorter attention spans also mean learning is compressed into bite-sized nuggets of shorter duration for easier consumption. BY 2025, TECHNOLOGICALLY SAVVY GENERATION Y WILL MAKE UP 75% OF THE GLOBAL WORKFORCE. ” “ GAME BASED LEARNING: Game-based training solutions have become popular in organizations on both a stand-alone basis and as part of a blended learning strategy. It is particularly useful to equip staff with knowledge and skills related to functions such as human resources management, marketing, customer relationship, etc. 8
VIDEO BASED LEARNING: BUSINESS SIMULATIONS: Working professionals need learning that is immediate, relevant, and contextual. Business simulations fill this gap by focusing more on application of knowledge. Simulations are complex training interventions that simulate, or mock up, real business scenarios or issues to promote strategic thinking, decision making, and problem solving. For instance, a role-play sales encounter with customers is the perfect training ground for your sales executives before they pitch to real clients. VIRTUAL LABS: You can now virtually connect to a PC that has pre-configured software installed, via a remote desktop connection, for product training that requires lab time. This eliminates the need for learners to acquire expensive software licenses or install heavy or expensive software on their personal computers at home. Students use a remote desktop connection to log in to virtual lab. 4500+ Video Lessons on Khan Academy With broadband availability no longer a constraint, videos are an excellent way to impart learning in a more dynamic fashion. Studies have shown that video-based learning can be a more effective medium than text to enhance learner satisfaction and motivation during the learning process 6. THERE IS ALSO THE REALIZATION THAT ONLINE LEARNING DOES NOT ALWAYS REPLACE TRADITIONAL CLASSROOM TRAINING SETUPS. ” “ The Best of Both Worlds There is no doubt that online learning does not always replace traditional classroom training setups. But it is an excellent way to complement your classroom training –this is where blended learning comes in. Blended learning, also called Hybrid learning, mixes emerging technologies with classroom or instructor-led training based on what’s most appropriate for particular content. For example, a WBT can be used as a precursor to classroom training for familiarization with subject matter, and also as a refresher many months after the classroom training. A leadership course might start with a self-paced eLearning module on leadership basics with some instructor-led virtual classroom sessions to discuss concepts, followed by a two-day classroom session to practice leadership skill scenarios and get feedback. A MIX OF ONLINE AND CLASSROOM TRAINING 9
The training requirements in the Analytics sector are particularly gruelling. Organizations must typically deal with geographically dispersed staff and rapidly changing knowledge requirements as new technologies and tools are getting launched to make analytics and visualisation thereof more simpler. The current speed of change means that employees need to be trained constantly in order for companies to avoid the dangers of being out-thought and out-maneuvered by competitors. SOURCES: 1. Docebo Report, 2014 2. Sh!ft Learning 3. Docebo report, 2014 4. Shift Learning 5. Trainingmag.com 6. eLearningindustry.com 7. Deloitte Millennial Survey, 2014 8. Choi and Johnson, 2007; Shyu, 2000 THE CURRENT SPEED OF CHANGE MEANS THAT EMPLOYEES NEED TO BE TRAINED CONSTANTLY IN ORDER FOR COMPANIES TO AVOID BEING OUT- THOUGHT AND OUT-MANEUVERED BY COMPETITORS. ” “ Online learning, particularly as a stand-alone learning strategy, works best when the training need is to impart knowledge on processes or standards or to disseminate information widely and quickly. When Online is Best? Online instructor-led trainings are gaining momentum with the growth of Big Data and new tools and technologies getting adapted by various organizations. Participants across the globe are looking to pursue courses online specially over the weekends. In fact, in our own market research spanning global Analytics training firms, we found that roughly 60% of all Analytics training programs were purely online courses, followed by another 24% of courses which were blended courses, employing a mix of classroom and virtual training. These short courses, of 30-40 hours in duration, are most appropriate for business professionals looking to leverage data to make better decisions and analyst looking to pick incremental skills. On the other hand, some trainings are not suited for eLearning and will require human intervention–for example, Soft Skills training or those requiring live demonstrations or group interaction. It is, therefore, vital that we evaluate the training need and the target audience before zeroing in on the medium of training delivery. An imperative question one needs to ask is: “Which is the correct mode of training to promote an effective solution for a specific training requirement?” Knowing your available options and analyzing suitable solutions for a learning need will help in delivering cost-effective, goal- oriented and skill-enhancing learning solutions. 10
Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future Ashlee Vance In this exciting book, Ashlee Vance explores the life of one of the most dynamic and innovative entrepreneurs of our generation– Elon Musk, famously one of the the co-founders of PayPal. Far be it from resting on his laurels, Musk with his unrelenting work ethic (100 hours a week for the past 15 years!) and vision for a cleaner and brighter future, went on to start three other companies – Tesla, SpaceX and SolarCity – Each completely different from the last, unexplored and in their infancy and thereby highly risky ventures. Read the book to trace his journey from his hardships in South Africa to becoming one of the most celebrated entrepreneurs with a net worth of $11 billion! Predictive Analytics: The Power to Predict Who Will Click, Buy, Lie, or Die Eric Siegel Everything you’re going to do – the book you’ll buy, the movie you’re going to watch, the clothes you’ll buy - has all been predicted by companies. How? Good question! Welcome to the powerful field of predictive analytics – where every move you make, or are going to make – has already been predicted before even you knew it, through advanced analytical techniques. This book is a must read for everyone – irrespective of whether you’re an expert in the field or the average guy next door who’s never heard of this field before. Keeping Up with the Quants: Your Guide to Understanding and Using Analytics Thomas Davenport and Jinho Kim How to utilize Big Data and its potential? This book serves as a handy primer, going into fascinating detail about how Intel and other successful companies—including Verizon Wireless, TD Bank Group, and Merck—help managers and data scientists understand each other well enough to collaborate effectively. Even if you know nothing about this topic, this book promises to be your guide to quantitative literacy. Data Smart: Using Data Science to Transform Information into Insight John W. Foreman Data Smart talks about the all-too-familiar domain of Spreadsheets and a detailed look at the math and the magic behind how data science runs. Data mining, Clustering via k-means, Monte Carlo simulation and R-programming language are just some of the interesting topics you’ll learn as you take the journey of becoming a master in the field of Data Science. Automate This: How Algorithms Came to Rule Our World Christopher Steiner The rise of machines and algorithms has meant that humans are rendered redundant for the most part. Discussing the Flash Crash of Wall Street in 2010 is just the tip of the iceberg, as this book goes on to explore the application of algorithms in various domains. But what happens when machines take over and completely eliminate human judgment and instinct? For all we know, there is a bot learning how to do your job better than you, while you’re reading this review! Imarticus Recommends: Good Reads 11
SCALED & TRAINED RESOURCES The collaboration between Imarticus Learning and our clients has created a highly skilled pool of over 2,000 job ready candidates who have an in-depth understanding of the product and processes. JUST IN TIME Our solutions enable clients to hire skilled resources just in time with their business needs. In addition, the training we provide ensures that the employees are productive from day 1. PARTNERING IN YOUR GROWTH Our ability to comprehend their requirements and implement appropriate solutions means we are venturing into niche areas such as bespoke learning solutions where we can contribute to the dynamic needs of our clients. MOVING UP THE VALUE CHAIN We are able to cater to recruitment needs and provide our clients with highly skilled resources for complex functions and transitions. This scaled capability building helps our clients to offshore functions in India that were never considered possible or viable before. BENEFITS TO YOU CORPORATE OFFERINGS AGILE HIRING Ready Placements at No Cost Key clients include majority of the large Investment Banks and Financial Services firms in relevant domains SOURCING TO PLACEMENT 2-3 month programs targeted towards onboarding specific trained resources in large numbers Key clients include Deutsche Bank, eClerx, Goldman Sachs, HSBC, Polaris, HDFC Bank among others TEMPING 6-9 month resource staffing in Investment Banking Operations Key clients include Goldman Sachs and Morgan Stanley CORPORATE TRAINING 2-10 day programs targeted towards employee skill development trained resources in large numbers Key clients include BNP Paribas, Deutsche Bank, CLSA, Northern Trust, HSBC 12
ABOUT IMARTICUS LEARNING Imarticus Learning is formed to bridge the gap between Academia and the industry. The firm provides a range of Corporate Solutions designed to assist firms in meeting their skillset requirements. Headquartered in Mumbai, Imarticus has delivery capabilities across India with dedicated centres at Mumbai, Bangalore, Chennai, and satellite centres at Pune and Jaipur. HIGHLIGHTS Range of customized delivery methods such as instructor led training, e- learning, workshops and seminars for optimal training effectiveness. Training and content delivery capability, across the areas of Investment Banking, Finance & Treasury, Capital Markets Operations, Business Analytics, Technology and Consulting. Preferred sourcing and corporate training delivery partner for leading Global Banks, Consulting, KPO, Technology and Analytics firms. CONTACT US HEAD OFFICE Imarticus Learning Pvt. Ltd. 5th floor, Raaj Chambers, Old Nagardas Road, Andheri (E), Mumbai - 400 069 Tel: 022-40792314 / 40792315 BANGALORE Imarticus Learning Pvt. Ltd. No.143, B 1st Floor, 60 feet road, 5th Block, Koramangala Bangalore - 560 095 Tel: 080-45129914 / 45129924 Mob: +91-9008668548 / 8971729953 CHENNAI Imarticus Learning Pvt. Ltd. 2nd floor, East West Centre, 128, Nelson Manickam Road, Chennai – 600 029 Tel: 044-43558466 / 45642104 Mob: +91-9789879741 EMAIL: firstname.lastname@example.org WEBSITE: www.imarticus.org
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