Power of big data discussed at student-led Business School conference

Alumni, students and industry experts discussed the future of big data this month at a Business School conference organised by students.

The total amount of data captured and stored by industry is doubling nearly every year, and the Business School is a leader in data analytics research. The event, called “Big Data – Destination Unknown?” welcomed an array of industry experts to discuss their experiences with big data, and provide insights into the future. Discussions covered topics such as the opportunities and questions about how big data will affect the future of business, and how businesses are already leveraging the power of data.

During the day, Alwin Magimay, Partner at McKinsey & Company, emphasised the power and potential of data for business, saying: "Data Scientists are today what programmers were in the early 1990s. Turning data science into a discipline is what is required to truly create value." He argued that it is only a matter of time before the true value of data is realised: "There is soon to be an inevitable battle over data ownership. Data is destined to become so valuable that I predict that not so far in the future it will be included on balance sheets in the same way tangible assets are."

Magimay’s emphasis on the importance of big data permeated into practical career advice for attendees. He said: “If your CEO doesn’t believe that big data is a top-3 business issue, you need to help bring the potential.”

Julia Booth, Big Data & Advanced Analytics Business Manager from BCG, further explored the practical uses of data as she led one of the day’s workshops. “Data, analytics and digital are the future - understanding the key drivers of these phenomena and how to get value from them will differentiate organisations the world over,“ she said.

The day included hearing from some well-known industry leaders. The new opportunities for big data were explored by data scientist Noa Tamir from King, who spoke about King’s well known app Candy Crush. She revealed how the organisation has leveraged insights into how players use the app to enhance the game’s success. She said that users are categorised based on how they play the game, with Candy Crush’s designers regularly analysing the changing player base to redesign levels and make improvements.

Chloe Lianos, Talent Associate, and Savitri Tan, Programme Director from Entrepreneur First, one of Europe's leading pre-seed investment programmes for technical founders, led the afternoon’s panel, which saw Imperial alumnus and Permutive Co-Founder, Joe Root, joined by a host of young, technical entrepreneurs who shared their experience and knowledge as young professionals whose careers are immersed in the analysis and use of big data.

Joe Root stressed the importance of sharing data within a business, saying: “It is a problem that people don’t have access to the data that they need. There is huge value in data being made more accessible within organisations. ” Rashid Mansoor co-founder of Hadean, then likened big data to somewhat of a teen trend, saying: “Everyone thinks everyone else is doing it, so everyone says they're doing it."

Following the event, Professor G ‘Anand’ Anandalingam, Dean of the Business School said: “I am incredibly proud of our students for leveraging their networks and harnessing their organisational skills to be able to hold this event. Our students realise the power of staying at the forefront of matters that affect not only business, but greater society. I hope all who attended the conference will be able to apply what they have learned here today to make a difference to their workplaces and studies.”

Julia Booth of The Boston Consulting Group said of the conference: “This seminal event on data at Imperial sets the university apart from its peers in its approach to equipping students with skills and real world evidence of the major trends impacting today and the future.  I was delighted to be invited to speak at the event, and to represent The Boston Consulting Group's work on Data and Analytics with leading business and top executives from around the world.”

The inaugural annual student-led conference was arranged by 17 Business School students, and with the support of the School’s Careers & Professional Development service, the event aimed to highlight the Business School’s focus on the fusion of business and technology.