State Rep. Andrew Goodell, County Executive P.J. Wendell, and Dr. Gustav Misra flanked IBAC dinner keynote speaker Linda Powell.
If you ask a random person on the street if they can explain the purpose of business analysis, you can expect to get a blank stare. However, that person’s actions will be analyzed every time they happen. They just don’t realize this is happening.
We provide data to businesses in a myriad of ways. For example, when we use a business loyalty card to access our sales, the store tracks everything we buy and uses that information to analyze our spending patterns. It helps you decide what and how much to stock. When people search for something on Google or click on your Facebook Reels, they’re more likely to see more ads about those topics. When we go to a large amusement park and wear a plastic armband around our wrist to give us access to rides and entertainment, data about every choice we make can be collected there. The same goes for entering and exiting highways. These are just a few examples of how our movements and actions are tracked and analyzed.
Companies collect and analyze this data to identify areas for improvement. This helps identify trends, patterns, and correlations. They use it to make better decisions and improve business performance. This is called business analysis.
Companies have been analyzing their customers since the first businesses were established. For example, the first farmers had to decide what and how much to plant. They made decisions based on which crops grew well, how much was used, sold, or traded during the previous year, and to whom they were given.
Today, technological capabilities are advancing rapidly, leading to concerns about data and calls for caution. With each passing day, collecting and analyzing large amounts of data about people is becoming dramatically easier and faster. This raises many questions and poses ethical dilemmas.
Fortunately, businesses and data scientists from around the world gathered at the First International Business Analytics Conference for Academic and Industry Professionals, held May 3 and 4 at the State University of New York at Fredonia. We shared strategies and discussed concerns. Attendees heard about the latest research, learned from world-renowned experts, benefited from the experience of leading business professionals, and left with fresh inspiration and new connections.
From Toronto to Miami, Texas to Missouri, people from all over the world came together to share and learn. Participants chose from 45 specialized sessions on topics ranging from fraud detection to machine learning, stock market forecasting, sports analysis, wine quality, predicting changes in the local economy, and more. Interspersed between sessions were highlights such as panel discussions, roundtable discussions, fireside chats, and other presentations. The IBAC team did a great job putting this conference together and making sure it ran smoothly. That was an unusual event.
Featured keynote speakers included Karl Holtz, a 22-year veteran leader at Disney, who previously served as executive vice president of operations at Walt Disney World and is president of the Disneyland Resort in Paris. , served as Chairman and CEO of Disney Cruise Line. He also graduated from New York University at Fredonia. Holtz said the purpose of data analytics at Disney is to continually improve the customer experience so that customers keep coming back and recommending Disney to others. He stressed that all data collection needs to tell a story, but cautioned that some data is just a symptom, which is why both quantitative and qualitative data are needed. did. He also pointed out that simply tracking people’s movements and actions is not enough. Companies need to talk to people in forums or one-on-one to get the exact picture. Mr. Holtz also talked about the good times he had as a student at the State University of New York at Fredonia, and said he had such a good time that his GPA for his first three semesters was his 2.2. He used that fact to explain that anyone can become successful in business once they put their mind to it.
Microsoft Technology Strategist Chris Seferlis discusses how data shows the MS350 isn’t being used as much as Microsoft expected, and how it’s helping Microsoft figure out why. I did. He said that whenever an innovation occurs, the prophets and the ignorant make headlines, but history has shown that in the end the economy grows and more jobs are created instead of fewer. He pointed out that he was doing so. This, he explained, is why everyone should expect that as technology evolves, so too will careers. Those who complain that cashier jobs are disappearing due to self-checkout systems need to look back and ask how many people are currently working as telephone operators, corset makers, wagon manufacturers, etc. There is. Times change, and with them so do jobs. He suggested that there is no reason to fear the Fourth Industrial Revolution as we become more interconnected with machines every day. Who would have thought just 25 years ago that we would be carrying computers, calculators, and phones in our pockets, all in one small device? Think about how quickly it became natural for most of us. People need to learn skills appropriate to the times. The combination of advanced robotics and AI is automating many menial tasks. That way we can do more exciting work. It is already leading to more rapid advances in areas such as biotechnology, perhaps helping us live longer and healthier lives, and potentially helping to solve some of our climate and environmental problems. .
Business leaders from Fastenal Industrial Supplies Co. talked about a web-based analytics system that uses inventory and purchasing dashboards to improve customer efficiency. They showed how his Fast Vend vending machine for manufacturing tools saved companies time and money.
The dynamic Dr. Ernest Fokove explained the Seven Wheels of Statistical Machine Learning, a subset of AI in which computers learn from data and improve over time. This has led to advances in many of the technologies we use today, including voice assistants such as Siri and Alexa, and promising future technologies such as self-driving cars. He hopes that AI will help us better understand humanity and embrace the importance of working together.
Linda F. Powell, Head of Enterprise Data Governance and Deputy Chief Data Officer at Bank of NY Melon, spoke about data standards, strategy, and metadata. She discusses data hallucinations, which are inaccurate or misleading results that AI models can produce, and discusses ethics, respect for intellectual property rights, and the difference between what humans can and should do with data. I emphasized learning. As Albert Einstein pointed out, “Not everything that is important is important, and not everything that is important is important.” It’s important to know the difference.
Many experts explained that the role of artificial intelligence is to collect and organize data, recognize patterns, solve problems, and assist people in making decisions. At the same time, it also raised concerns about the future of AI and many data sources, including locations such as TikTok, Facebook, and wristbands. They pointed out that ChatGPT consists of many things that can generate fake data and fake news.
However, there is no point in acting as if AI is not real or as if it will disappear. If the United States does not accept this, there is a risk that other countries will surpass our capabilities. That’s because many companies outside the United States are pursuing, and will continue to pursue, new uses for AI. As a result, as the use of AI expands, issues such as privacy rights, ethics, and intelligence classification will need to be considered, and government regulation will be needed to protect us all.
The Northern Chautauqua Community Foundation is one of the many conference sponsors. That’s because NCCF’s Regional Economic Development Committee recognizes the importance of bringing world-class knowledge and expertise to our small corner of the globe. Events like this solidify our position at the forefront of progress.
Patti Hammond is the Economic Development Coordinator for the Northern Chautauqua Community Foundation. The Local Economic Development (LED) Initiative is a standing committee of the Northern Chautauqua Community Foundation (NCCF). Please send comments and suggestions to Patty Hammond at phammond@nccfoundation.org.
