{"678814":{"#nid":"678814","#data":{"type":"news","title":"Employing Business Analytics for Social Impact: A Partnership Between a Colombian Nonprofit and Scheller\u0027s Business Analytics Center","body":[{"value":"\u003Cp\u003EOver the past few years, Antioquia, a department located in the northwest region of Colombia with a population of about 6.9 million, has seen an influx of people, not only from other parts of Colombia, but from all over the world.\u003C\/p\u003E\u003Cp\u003EWhile this has stimulated economic growth, especially in Medell\u00edn, Antioquia\u2019s capital and largest city, it has also introduced challenges such as rising costs and gentrification, with certain neighborhoods becoming less affordable.\u003C\/p\u003E\u003Cp\u003E\u003Ca href=\u0022https:\/\/www.comfama.com\/\u0022 rel=\u0022noopener\u0022 target=\u0022_blank\u0022\u003E\u003Cstrong\u003EComfama\u003C\/strong\u003E\u003C\/a\u003E is a nonprofit organization that strives to grow the middle class by providing social and economic services to families. The organization has begun a groundbreaking project in collaboration with the \u003Ca href=\u0022https:\/\/www.scheller.gatech.edu\/centers-and-initiatives\/business-analytics-center\/index.html\u0022 rel=\u0022noopener\u0022 target=\u0022_blank\u0022\u003E\u003Cstrong\u003EBusiness Analytics Center\u003C\/strong\u003E\u003C\/a\u003E (BAC)\u0026nbsp;at the Georgia Tech Scheller College of Business to enhance its ability to forecast and meet the needs of the population.\u003C\/p\u003E\u003Cp\u003E\u003Cstrong\u003EDetermining the Future of Compensation Funds\u003C\/strong\u003E\u003C\/p\u003E\u003Cp\u003EComfama is a \u201ccompensation fund.\u201d In Colombia, these private, nonprofit organizations have been created to improve the lives of workers and their families. They provide social services for recreation, culture, education, preventive healthcare, housing assistance, loans, and more. There are 42 compensation funds across the country that play a vital part in the country\u0027s social security system, according to \u003Ca href=\u0022https:\/\/www.linkedin.com\/in\/santiagogarciarb\/\u0022 rel=\u0022noopener\u0022 target=\u0022_blank\u0022\u003E\u003Cstrong\u003ESantiago Garc\u00eda Rivera\u003C\/strong\u003E\u003C\/a\u003E, head of the Information and Analytics Laboratory at Comfama.\u003C\/p\u003E\u003Cp\u003EFor companies in Colombia, participation in a compensation fund is mandatory. Each fund collects a 4 percent payroll tax from affiliated companies to provide monetary subsidies to workers and their families. \u0022We have about 121 thousand companies affiliated with Comfama, which includes about 1.4 million workers. When you take into account their families, that\u0027s around 2.7 million people we serve, plus a large group of non affiliated people that use our services,\u0022 said Garc\u00eda Rivera.\u003C\/p\u003E\u003Cp\u003EFor Comfama, economic and demographic shifts have complicated the prediction of how many people will use its services. \u0022Recognizing these challenges, Comfama is embracing data-driven solutions. We want to build a robust prediction model to help us forecast what will happen to our affiliated population in the future,\u0022 he said.\u003C\/p\u003E\u003Cp\u003E\u003Cstrong\u003EThe Georgia Tech Connection\u003C\/strong\u003E\u003C\/p\u003E\u003Cp\u003EThis is where Georgia Tech comes in. One of Garc\u00eda Rivera\u0027s colleagues at Comfama, \u003Ca href=\u0022https:\/\/www.linkedin.com\/in\/juan-david-penagos-a85282149\/\u0022 rel=\u0022noopener\u0022 target=\u0022_blank\u0022\u003E\u003Cstrong\u003EJuan David Penagos\u003C\/strong\u003E\u003C\/a\u003E, head of Ventures and New Business Development, knew about the \u003Ca href=\u0022https:\/\/gtmedellin.org\/\u0022 rel=\u0022noopener\u0022 target=\u0022_blank\u0022\u003E\u003Cstrong\u003EGeorgia Tech Enterprise Innovation Institute Medell\u00edn Innovation and Entrepreneurship Center\u003C\/strong\u003E\u003C\/a\u003E and suggested they reach out to see whether they could put a project together with business analytics students. \u003Ca href=\u0022https:\/\/www.linkedin.com\/in\/sara-araujo-santos-878946129\/\u0022 rel=\u0022noopener\u0022 target=\u0022_blank\u0022\u003E\u003Cstrong\u003ESara Araujo Santos\u003C\/strong\u003E\u003C\/a\u003E, managing director of Development for Latin America for the Center, contacted \u003Ca href=\u0022https:\/\/www.scheller.gatech.edu\/directory\/staff\/von-behren\/index.html\u0022 rel=\u0022noopener\u0022 target=\u0022_blank\u0022\u003E\u003Cstrong\u003ESherri Von Behren\u003C\/strong\u003E\u003C\/a\u003E, the BAC\u0027s corporate engagement manager, about possibly creating an \u003Ca href=\u0022https:\/\/www.scheller.gatech.edu\/explore-programs\/mba-programs\/evening-mba\/curriculum\/practicums.html\u0022 rel=\u0022noopener\u0022 target=\u0022_blank\u0022 title=\u0022MBA business analytics practicum project\u0022\u003E\u003Cstrong\u003EMBA business analytics practicum project\u003C\/strong\u003E\u003C\/a\u003E to help Comfama.\u003C\/p\u003E\u003Cp\u003EVon Behren contacted \u003Ca href=\u0022https:\/\/www.scheller.gatech.edu\/directory\/faculty\/fan\/index.html\u0022 rel=\u0022noopener\u0022 target=\u0022_blank\u0022\u003E\u003Cstrong\u003EJonathan Fan\u003C\/strong\u003E\u003C\/a\u003E, a faculty member of the Information Technology Management group in the Scheller College. Fan leads students in transforming data into business solutions through the Business Analytics Practicum course, which is offered in the fall for graduate students and in the spring for undergraduates.\u0026nbsp; Fan immediately saw the value of the opportunity for his MBA students and set up a practicum in which they are developing predictive models using time series data and macroeconomic variables.\u003C\/p\u003E\u003Cp\u003EThere are two teams assigned to the project: Team Data Paisa Squad with \u003Ca href=\u0022https:\/\/www.linkedin.com\/in\/aaron-payne4\/\u0022 rel=\u0022noopener\u0022 target=\u0022_blank\u0022\u003E\u003Cstrong\u003EAaron Payne\u003C\/strong\u003E\u003C\/a\u003E, MBA \u201826 (team lead), \u003Ca href=\u0022https:\/\/www.linkedin.com\/in\/lissette-chavez\/\u0022 rel=\u0022noopener\u0022 target=\u0022_blank\u0022\u003E\u003Cstrong\u003ELissette Chavez\u003C\/strong\u003E\u003C\/a\u003E, MBA \u201825, and \u003Ca href=\u0022https:\/\/www.linkedin.com\/in\/boristaganov\/\u0022 rel=\u0022noopener\u0022 target=\u0022_blank\u0022\u003E\u003Cstrong\u003EBoris Taganov\u003C\/strong\u003E\u003C\/a\u003E, MBA \u201825, and Team The Growth Gurus of Antioquia, with \u003Ca href=\u0022https:\/\/www.linkedin.com\/in\/justin-siegel1120\/\u0022 rel=\u0022noopener\u0022 target=\u0022_blank\u0022\u003E\u003Cstrong\u003EJustin Siegel\u003C\/strong\u003E\u003C\/a\u003E, MS in Analytics \u201925 (team lead), \u003Ca href=\u0022https:\/\/www.linkedin.com\/in\/srinjoy-dasmahapatra\/\u0022 rel=\u0022noopener\u0022 target=\u0022_blank\u0022\u003E\u003Cstrong\u003ESrinjoy DasMahapatra\u003C\/strong\u003E\u003C\/a\u003E, MBA \u201925, and \u003Ca href=\u0022https:\/\/www.linkedin.com\/in\/vinaya-venigalla-3a03a597\/\u0022 rel=\u0022noopener\u0022 target=\u0022_blank\u0022\u003E\u003Cstrong\u003EVinaya Vinigalla\u003C\/strong\u003E\u003C\/a\u003E, MBA \u201924.\u0026nbsp;\u003Ca href=\u0022https:\/\/www.scheller.gatech.edu\/directory\/phd\/qin\/index.html\u0022 rel=\u0022noopener\u0022 target=\u0022_blank\u0022\u003E\u003Cstrong\u003EHaofei Qin\u003C\/strong\u003E\u003C\/a\u003E, Ph.D. candiate at Scheller helped mentor students along the way.\u0026nbsp;\u003C\/p\u003E\u003Cp\u003EThey meet weekly with the Comfama team, which includes analysts and data scientists \u003Ca href=\u0022https:\/\/www.linkedin.com\/in\/alejandra-bernal-pati%C3%B1o-679ab710b\/\u0022 rel=\u0022noopener\u0022 target=\u0022_blank\u0022\u003E\u003Cstrong\u003EAlejandra Bernal\u003C\/strong\u003E\u003C\/a\u003E, \u003Ca href=\u0022https:\/\/www.linkedin.com\/in\/slondo50\/\u0022 rel=\u0022noopener\u0022 target=\u0022_blank\u0022\u003E\u003Cstrong\u003ESusanna Londo\u00f1o\u003C\/strong\u003E\u003C\/a\u003E, and \u003Ca href=\u0022https:\/\/www.linkedin.com\/in\/wbeimarossa\/\u0022 rel=\u0022noopener\u0022 target=\u0022_blank\u0022\u003E\u003Cstrong\u003EWbeimar Ossa\u003C\/strong\u003E\u003C\/a\u003E. The teams discuss their progress and address any challenges they face that week. With less than two months to go, they\u0027re seeing results.\u003C\/p\u003E\u003Cp\u003EFan has been pleased with the results so far. \u201cThis cohort was truly outstanding,\u201d he said, speaking of his students. \u201dThey approached complex topics with clarity and creativity, and their collaborative spirit led to innovative ideas and enlightening discussions. They handled challenging subjects effortlessly, always coming up with fresh and interesting perspectives.\u0022\u003C\/p\u003E\u003Cp\u003E\u003Cstrong\u003EManaging the Present and Predicting the Future\u003C\/strong\u003E\u003C\/p\u003E\u003Cp\u003ERegarding the work of Team Data Paisa Squad, Aaron Payne remarked, \u0022One of our key successes has been developing a model framework that provides accurate forecasts and adapts to changes in external economic indicators. By integrating machine learning techniques alongside traditional time series models, we\u0027ve increased our forecasts\u0027 robustness. Additionally, the collaboration with Comfama\u0027s internal team has been highly productive, enabling us to align our technical solutions with their business needs. The early feedback on our findings has been positive.\u0022\u003C\/p\u003E\u003Cp\u003EPayne stated that one of the main challenges they\u0027ve faced has been combining data from multiple sources, as each source has different levels of detail and accuracy. Ensuring these data sets are consistent and reliable has been difficult, especially for economic factors that may not directly match Comfama\u0027s internal data. Another challenge is adapting standard forecasting models like SARIMAX\u2014\u003Cstrong\u003ES\u003C\/strong\u003Eeasonal \u003Cstrong\u003EA\u003C\/strong\u003EutoRegressive \u003Cstrong\u003EI\u003C\/strong\u003Entegrated \u003Cstrong\u003EM\u003C\/strong\u003Eoving \u003Cstrong\u003EA\u003C\/strong\u003Everage with e\u003Cstrong\u003EX\u003C\/strong\u003Eogenous variables\u2014 to account for external influences like government policies or unexpected economic changes.\u003C\/p\u003E\u003Cp\u003E\u0022This experience has reinforced the value of experiential learning in advancing my business analytics skills. Working with real-world data, especially in a dynamic organization like Comfama, has provided a deeper understanding of how to apply advanced analytical methods to solve practical business problems. The practicum has helped bridge the gap between theory and practice, giving me confidence in using these tools to drive decision-making in real business environments,\u0022 said Payne.\u003C\/p\u003E\u003Cp\u003EThe practicum is more than just about numbers, though. It\u0027s about understanding the lives behind the data points. As Fan reminds his students, \u0022A model is just a model, but those data points represent individual lives. We want to understand the mechanism or the story behind the data.\u0022\u003C\/p\u003E","summary":"","format":"limited_html"}],"field_subtitle":"","field_summary":[{"value":"\u003Cp\u003EA team of MBA students from the Scheller College of Business is partnering with data analysts at a Colombian compensation fund as part of a business analytics practicum course with the Business Analytics Center. Their work focuses on predicting the future economic and social needs of workers and their families.\u003C\/p\u003E","format":"limited_html"}],"field_summary_sentence":[{"value":"Through a business analytics practicum course, a team of MBA students at Scheller is working with data analysts at a Colombian compensation fund to help anticipate the future economic and social needs of workers and their families."}],"uid":"28082","created_gmt":"2024-12-10 20:25:39","changed_gmt":"2024-12-19 21:32:33","author":"Lorrie Burroughs","boilerplate_text":"","field_publication":"","field_article_url":"","location":"Atlanta, GA","dateline":{"date":"2024-12-10T00:00:00-05:00","iso_date":"2024-12-10T00:00:00-05:00","tz":"America\/New_York"},"extras":[],"hg_media":{"675811":{"id":"675811","type":"image","title":"Colombia","body":null,"created":"1733858916","gmt_created":"2024-12-10 19:28:36","changed":"1733859184","gmt_changed":"2024-12-10 19:33:04","alt":"Colombia","file":{"fid":"259481","name":"Colombia_0.jpg","image_path":"\/sites\/default\/files\/2024\/12\/10\/Colombia_0.jpg","image_full_path":"http:\/\/hg.gatech.edu\/\/sites\/default\/files\/2024\/12\/10\/Colombia_0.jpg","mime":"image\/jpeg","size":373262,"path_740":"http:\/\/hg.gatech.edu\/sites\/default\/files\/styles\/740xx_scale\/public\/2024\/12\/10\/Colombia_0.jpg?itok=ahoD_4A2"}}},"media_ids":["675811"],"groups":[{"id":"1188","name":"Research Horizons"},{"id":"1274","name":"Scheller College of Business"}],"categories":[{"id":"139","name":"Business"},{"id":"42901","name":"Community"},{"id":"131","name":"Economic Development and Policy"},{"id":"8862","name":"Student Research"}],"keywords":[{"id":"174245","name":"Business Analytics Center"},{"id":"187915","name":"go-researchnews"}],"core_research_areas":[],"news_room_topics":[],"event_categories":[],"invited_audience":[],"affiliations":[],"classification":[],"areas_of_expertise":[],"news_and_recent_appearances":[],"phone":[],"contact":[{"value":"\u003Cp\u003ELorrie Burroughs\u003C\/p\u003E","format":"limited_html"}],"email":[],"slides":[],"orientation":[],"userdata":""}}}