Executive Dean of the Bond Business School Terry O'Neill (left) and Bond University Council member Victor Hoog Antink open the Centre for Data Analytics.
With big data in high demand, Bond University has opened a Centre for Data Analytics as it aims to become a global leader in the field.
The centre was launched on Friday and brings together researchers, top students and businesses such as KPMG to collaborate on real-world problems.
Bond University Vice Chancellor and President Tim Brailsford said the project had gone ahead despite COVID-19 lockdowns and a tough economic climate.
“Despite the many challenges of 2020, it is important that universities continue to look to the future, and for many business and our students, that future is the world of data analytics,” said Professor Brailsford.
“Bond’s program in Actuarial Science is an exemplar as to how to prepare students for a world wherein the synthesis, analysis and understanding of large data sets will be essential graduate attributes. Businesses that hire such graduates will have a competitive advantage.”
Data analysis is rapidly becoming one of the hottest post-pandemic professions due to the huge amounts of data being collected and stored by businesses.
“A recent study by McKinsey estimated organisations are 23 times more likely to acquire customers through data analytics than traditional techniques,” Professor Brailsford said.
“And the multiplier in terms of bottom line profit is up to 19 times.”
Executive Dean of the Bond Business School Terry O’Neill said Bond University had a rich history in data analytics stretching back to one of the University’s four foundation deans, Richard Tweedie.
Professor Tweedie was an Australian expert in applied probability and statistics known for his research on Markov chains.
More recently the University launched Queensland’s only accredited degrees in Actuarial Science.
“Fast forward to 2020 and we are at another watershed moment on this campus for data analytics,” Professor O’Neill said.
“We carefully chose the name Centre for Data Analytics because we want to signal we're multidisciplinary across the University.”
Professor O’Neill said the centre’s current research partners included Gold Coast City Council, KPMG and the Frizelle Sunshine Automotive Group, the largest privately owned car dealership group in Australia.
Senior Executive with the group, Greg Strydom, said it was collaborating with the centre on applying data analytics to the customer life cycle.
“We have an amazing amount of data coming our way and almost you don’t know what to do with it sometimes,” he said.
“For us in business we are always looking to how we can solve problems and run a better business.”
The 350 sq m open plan building features Helidon sandstone to tie it to the rest of the campus and was built by the University’s longstanding construction partner ADCO.