Financial Accelerator projects are making a positive impact on Connecticut companies, both large and small

This article first appeared in the UConn Business magazine, Volume 3, Issue 3 (Summer 2013)

A common theme among School of Business experiential learning accelerators is to provide opportunities for students to apply classroom concepts to solve real business problems. On the other end of the spectrum are the immense benefits to participating Connecticut businesses, particularly those facing shortages of resources such as time, skills, and technology.

Founded in 2002, the SS&C Technologies Financial Accelerator was created as a critical element of the business school’s experiential learning initiatives. Today, the long-standing partnerships between the accelerator and Connecticut businesses are excellent examples of the many ways the School of Business helps develop a skilled workforce and create job opportunities within the state.

“Through these corporate partnerships, the School of Business provides our students with active learning opportunities, confronting real decisions about live business issues, while helping Connecticut companies address significant business challenges,” says John A. Elliott, School of Business dean.

Sponsoring clients for projects have included Alpha Equity Capital, Collectic Media, Conning Asset Management, CTHFA, Discover RE, Hartford Steam Boiler, ING, Nortel Networks, Northeast Utilities, Pitney Bowes, SS&C Technologies, Thomson One, United Healthcare, and United Technologies Corporation. “We are grateful for the support of these companies and also for those executives who serve on the Financial Accelerator Advisory Board,” says Professor Chinmoy Ghosh, head of the finance department and executive director of the Financial Accelerator and Student Managed Fund. “Interaction with business executives involved in these projects is an integral part of experiential learning.”

“Mutual dedication on behalf of the students and on behalf of the client is what enables us to move these types of projects forward and make a positive impact for Connecticut businesses and the state economy as a result,” adds Ron Licata ’63, 1998 Hall of Fame inductee and adjunct professor at the School of Business, the faculty advisor for a long-standing project with Northeast Utilities.

A Positive Impact

David McHale, executive vice president and chief administrative officer at Northeast Utilities and co-chair of the Financial Accelerator Advisory Board, has seen the positive impact of deliverables produced by UConn teams. The company has employed the expertise of UConn graduate students for projects on topics such as risk management, inventory planning and warehouse expansion, internal training, and mentorship.

In a two-phase project last year, teams led by associate professor of finance Michel Rakotomavo evaluated selective hardening options (microgrids, undergrounding, and backup generation) for strengthening the infrastructure of utilities throughout the state, which could make it less vulnerable to damage from extreme weather events. Students analyzed relative cost and benefit estimates of different options and provided recommendations on which application works best under what circumstances.

Led by faculty advisor Licata for seven semesters to date, the most recent endeavor with Northeast Utilities began with determining why diverse small regional businesses supply a disproportionately low volume of goods and services to major corporate buyers. Graduate students conducted three focus groups and detailed interviews to determine the resources that diverse businesses owned by ethnic minorities, women, and disabled veterans would need to successfully compete and bid on deals with large enterprises such as Northeast Utilities. Findings led to the ultimate recommendation of establishing an academy to provide three essential resources: one-on-one mentoring, education in core business principles, and hands-on support.

The outcome of the project is a Diverse Supplier Development Academy (DSDA), established to empower diverse business enterprises and elevate their competitive presence in the market. Student teams created the business plan, marketing material, curriculum for six workshops, and the systems needed to operate the academy. “This entire student-led effort,” says Licata, “emerged as a collaboration between the School of Business, SCORE (Service Corps of Retired Executives), a national organization of mentors, and Northeast Utilities. The goal of the program is that upon graduation, each diverse enterprise owner will leave the academy with a briefcase full of work that they have completed for their own business with immediate application and benefit.”

“With the help of UConn student Matthew Farley ’13 JD/MBA, I now have a modeling tool to estimate my costs of doing business which helps me determine if my pricing is adequate,” shares Diane Winston, principal of Winston Strategic Partners, LLC, who participated in a test pilot for the program.

Northeast Utilities is just one example of the partnerships and successful projects coming out of the financial accelerator. With an exciting fall project planned, United Healthcare has also seen the positive results produced by student teams, who have developed models and tools to address critical business issues such as ensuring compliance with new industry rules and enhancing the consistency of information and reports in underwriting activities and pharmacy plans.

In a recent two-phase project, students established an information base for development of a financial model to evaluate Health Insurance Exchange (HIE) options and strategies. They then used the information to consider the impacts of HIEs on the company’s business model, helping United Healthcare to make informed decisions around the newly created exchanges.

Faculty advisor Dennis Heffley, professor of economics, notes that, “Students in the United Healthcare projects have been drawn from the MBA program, actuarial science, statistics, and the MD program. The mix of skills and various perspectives have enriched students’ experiences and enhanced the product for project sponsors.”

The Student Experience

When asked about his personal experience at the Financial Accelerator, Lance Rambush ’13 MBA remarks, “I had several takeaways from this project. First, I was able to oversee the development of a sophisticated program from start to finish (given that the preliminary market research was already complete). I learned to view a project through the perspectives of all stakeholders, foresee potential difficulties for different parties, and design mechanisms in the project that would alleviate those problems. I also got experience in defining the mission and vision for an emerging organization, setting goals and planning how to reach them, and measuring the impact of a program by defining quantifiable success metrics.”

Ankheet Bhatt ’10 (CLAS) who is currently working towards a combined MD/MBA at UConn adds, “The Financial Accelerator allowed me to work for a large, national organization while interacting with a core group who was dared to think differently, push the status quo, and solve real problems facing real companies. This is an incredible opportunity for young professionals.”

“Financial Accelerator projects allow students to acquire experience, skills, connections, and possibly jobs at sponsoring companies,” adds Rakotomavo. “Businesses which sponsor these projects have… the full attention of knowledgeable faculty advisors, the stamp of quality from UConn… and a wide range of deliverables that may include analysis, research, software and more.”

This article first appeared in the UConn Business magazine, Volume 3, Issue 3 (Summer 2013)

Excitement.

That’s the word used by Karla Fox, special assistant to the Provost and professor emeritus, to describe the overall feeling around the university after legislative approval of Next Generation Connecticut – an impressive $1.5 billion investment to significantly expand educational opportunities, research, and innovation in the science, technology, engineering, and math (STEM) disciplines at UConn over the next decade.

“With the previous support of UConn 2000 and 21st Century UConn, UConn has undergone a major transformation in the last 20 years – and Next Generation Connecticut (NextGenCT) is another step in significantly elevating our reputation,” says Karla Fox, who helped to develop and advance the initiative.

A large part of NextGenCT includes building new scientific laboratories, purchasing advanced equipment, constructing new classrooms, and adding housing. Another facet of the plan calls for increasing operating funds to hire hundreds of new faculty and to expand the student body in STEM fields.

“This critical funding is one of the most ambitious state investments in economic development, higher education and research in the nation,” says UConn’s vice president for economic development, Mary Holz-Clause.” Next Generation Connecticut expands the university’s critical STEM activities that drive innovation, enhance job creation and economic growth state-wide.”

STEM Investment

In the past decade, STEM jobs grew three times faster than non-STEM jobs, a trend that is expected to continue in the foreseeable future.

Unfortunately, previous investments only brought UConn facilities up to date and, at best, on par with other leading institutions. UConn faculty members are still at a significant disadvantage both in competing for major research grants and effectively teaching students. Therefore, the targeted, strategic investment in UConn facilities, faculty and students in STEM disciplines is vital to ensuring Connecticut’s competitive position in the future.

“Next Generation is a game-changer for our state in that it provides long-term funding to bring together state-of-the-art equipment, expertise and the necessary facilities to fuel Connecticut’s economy with new technologies, highly skilled graduates, new companies, patents, licenses, and high-wage STEM jobs,” says Holz-Clause.

The Business of STEM

“Connecticut’s investment in science, technology, engineering, and math is critical and appropriate,” says John A. Elliott, dean of the School of Business. “But if that investment doesn’t generate goods, services, companies, or jobs, then it has failed in its purpose to provide a return to the investor. That’s where business comes into play.”

The business school’s involvement in NextGenCT goes well beyond facilitating the success of traditional STEM disciplines though. The information age has generated the need for high capacity computing, often referred to as “big data.” Though already tackling the issue, the Operations & Information Management (OPIM) department is poised to play a greater role in the field, given essential resources.

Additionally, the convergence of digital arts, science, technology and business has driven a major shift in how information is now conceived, produced, delivered and consumed. Along with the Schools of Fine Arts and Liberal Arts & Sciences, the School of Business is heavily involved in digital media as it rapidly transforms fields such as data analysis and marketing.

NextGenCT: Economic Impact

The overall excitement goes beyond the initiative’s impact at UConn. “NextGenCT is critical due to its focus on economic development,” shares Fox. “What we’re hoping for is that, through its contribution, UConn continues to be a strategic partner of and beneficial asset to the state.”

This article first appeared in the UConn Business magazine, Volume 3, Issue 3 (Summer 2013)

As Connecticut expands vital educational programs in the STEM disciplines (science, technology, engineering and math), UConn’s Master of Science in Business Analytics and Project Management (MSBAPM) plays an important role as the only STEM-designated program in the School of Business. Launched in Fall 2011, the founding class consisted of 30 students. Currently, 21 students have graduated from the MSBAPM program, with rapid expansion on the horizon: approximately 160 students are expected for Fall 2013.

Filling the Talent Gap

An important initiative in the State of Connecticut, STEM skills are in high demand by employers. The MSBAPM program provides critical skills necessary for the next generational marketplace, which, according to statistics from reputable sources, is demanding skills in high capacity computing, big data, and deep analytics.

According to research by the McKinsey Global Institute (MGI) and McKinsey’s Business Technology Office, “There will be a shortage of talent necessary for organizations to take advantage of big data. By 2018, the United States alone could face a shortage of 140,000 to 190,000 people with deep analytical skills, as well as 1.5 million managers and analysts with the know-how to use the analysis of big data to make effective decisions.”

MSBAPM has seen 100% placement among graduates, and expects to see high placement rates continue. UConn’s MSBAPM provides tangible and concrete skills in these areas of critical need. The program has gained national attention in InformationWeek’s “Big Data Analytics Master’s Degrees: 20 Top Programs,” a list of well-known and emerging masters programs specifically targeting the big data analytics talent gap.

A key benefit of this STEM-designated program is the ability for international students to extend their OPT (optional practical training), allowing them more time to apply their skills on the job and gain experience. The 17-month extension is in addition to the 12-month maximum allotted with traditional OPT.

A Practical Degree

Housed in the Operations and Information Management (OPIM) department, “UConn’s MS in Business Analytics and Project Management is designed to meet the growing demand for professionals to discover, analyze, organize and manage high value business solutions in today’s complex business environments,” says Jose Cruz, associate professor and MSBAPM program director.

A practical degree, the MSBAPM equips students with project management and data analytics skills that are not specific to one job, region, or industry. The skills cut across all disciplines, enabling MSBAPM graduates to bring value to employers regardless of their background.

“The MSBAPM program has taken me from a scientist working in business to a businessman working as a scientist. The business problem comes first over the technical challenge,” says Craig A. Calvert ’08 Ph.D., NRCC-CHO, a current MSBAPM student.

Calvert adds, “Having earned a Ph.D. in Chemistry, I was looking for a program that would provide me with an understanding of how to solve real problems in the business world to complement my science background. The MSBAPM program at UConn has provided those skills and I was able to immediately apply them to my job. The project management classes provided skills to more efficiently complete projects and quantitative ways to analyze their potential risks. The analytical classes I have taken so far have focused on real applications and using the data to solve business problems. The return on investment has already been significant. I was able to change jobs with a higher salary during one of the toughest job markets for chemists.”

Cruz adds that “students pursue the degree for its unique combination of business analytics and project management education. Our program also delivers a high quality educational program in only 33 credits, and allows for scheduling flexibility with broad choices of elective courses to enhance complementary competencies.” The relatively small credit requirement as compared to some other graduate programs enables those seeking to make a career transition to do so in less time.

The MSBAPM curriculum is designed and delivered by UConn faculty, with helpful input from leading analytics solutions provider SAS Institute and the Project Management Institute (PMI). SAS provides the program and students with access to all of their software free of charge, delivers workshops and presents cutting-edge new analytics software to the program. The program is also working with IBM in a similar fashion.

To enhance pedagogical quality and scheduling flexibility, many of the courses utilize a hybrid of traditional face-to-face meetings and online delivery. The program also provides students with unparalleled opportunities to engage in high-value, strategic real world projects through the school’s experiential learning accelerator centers along with various internships with partner corporations.

Corporate Involvement

The MSBAPM Corporate Advisory Board supports the mission of the program by providing feedback on the curriculum, mentoring students, and building a bridge between the program and the business community. The board is comprised of senior executives from leading world-class corporations such as IBM, The Hartford, Aetna, United Technologies Corporation, and (m)Phasize.

Support from companies in the business analytics and project management space has helped MSBAPM administrators to enhance the curriculum, host valuable networking events, enrich the capstone course, and to provide scholarships to some of our most academically talented students.

“During this academic year we worked with many companies to secure live projects for students to complete as part of their capstone course experience,” says Sudip Bhattacharjee, associate professor. LIMRA, the sponsor company for this year’s capstone course, was represented by Marianne Purushotham, corporate vice president, and John Wilson ’13 MSBAPM, senior data research analyst and project management portfolio coordinator. The enthusiastic supporters provided the students with live data to: 1) predict customers who will buy life insurance; and 2) forecast the growth of the life insurance market.

Using the skill sets of predictive modeling, data management, process models, and data mining techniques, student teams investigated real problems through data analytics, and used their project management skills to complete their projects within time and budget constraints. LIMRA is planning to implement some of the results within their organization immediately.

In order to expand beyond the classroom to the corporate community, the MSBAPM program hosts a number of networking events involving students, faculty, and business leaders from the industry. These events consist of keynote addresses by senior company executives, tutorials, Q/A sessions, and networking.

Corporate support has also been illustrated in the form of scholarships. Eight students have been awarded $1,000 scholarships based on their performance in the program. Of the eight scholarships, five were sponsored by VLink Inc., an IT consulting and systems integration services company with a location in South Windsor, Connecticut.

Corporate Training

Given the demand for analytic capabilities to help the company make better decisions, MSBAPM faculty have delivered the graduate level course “Predictive Modeling” to Travelers’ employees in two separate offerings, and have been invited to teach the course again in Fall 2013. The course is specifically tailored and designed to introduce Travelers’ business leaders to advanced data analytics techniques.

A Unique Combination

“We are the only program in the country and probably in the world that offers the combination of business analytics and project management,” says Professor Ram Gopal, OPIM department head. “This unique combination, delivered by world-ranked faculty and using cutting-edge new technology and tools, makes the program very desirable.”