HKUST IEDA: Decision-Making in the Era of Data and AI
|
|
Prof. ZHANG Xiaowei is an Associate Professor and the Undergraduate Programs Coordinator in the Department of Industrial Engineering and Decision Analytics. He is also the Academic Director of MSc in Financial Technology Program at HKUST. His research focuses on methodological advances in stochastic simulation and optimization, decision analytics, and reinforcement learning, with applications in service operations management, financial technology, and digital economy. |
By Prof. ZHANG Xiaowei
Over the past two decades, artificial intelligence (AI) has made remarkable strides, significantly reshaping various sectors. From the emergence of machine learning and deep learning to the development of large language models and generative AI, these advancements are unlocking new avenues for creativity, communication, automation, and optimization. Before AI became prevalent, how could society improve efficiency and effectiveness? That’s where Industrial Engineers come in.
Industrial Engineering and Decision Analytics (IEDA) is a dynamic interdisciplinary field focused on smart decision-making through the integration of domain knowledge, data, models, and analysis. By combining principles from engineering, mathematics, and management, Industrial Engineers use mathematical and statistical methods to streamline workflows, enhance efficiency, and optimize operations, ultimately minimizing waste and maximizing profits. With the rise of AI tools like advanced algorithms, machine learning, and predictive analytics, this enables Industrial Engineers to make even more informed decisions. The synergy between Industrial Engineering and AI is substantial.
Take major global shopping events like the 11.11 Global Shopping Festival on Taobao and Black Friday as an example, these occasions attract millions of consumers and generate massive sales volumes. By integrating AI with simulation tools, Industrial Engineers can significantly enhance both the shopping experience and supply chain efficiency. For instance, AI-driven personalized product recommendations and refined demand forecasting models—leveraging historical sales data and market trends—allow companies to respond effectively to consumer demands. This not only maximizes sales revenue but also creates a more efficient and responsive shopping experience, thereby fostering growth in the e-commerce industry.
The advancements in AI have also led to the emergence of supply chain finance, which aims to reduce costs and improve efficiency within the supply chain. Noting the challenges posed by the AI revolution—such as limited capital access for small and medium enterprises, rising environmental costs, and inefficiencies from fragmented data—Prof. ZHANG Jiheng, Head of the IEDA Department, is spearheading a five-year project on Enhancing Hong Kong’s Role in Sustainable Supply Chain Finance via Technology Transformation. This project aims to develop open-source software tools with AI components that balance efficiency and sustainability, benefiting all supply chain stakeholders, including SMEs, manufacturers, warehouse operators, and retailers. The project received over HK$61 million in funding from the Research Grants Council’s Theme-Based Research Scheme last year.
If you are passionate about solving societal problems with optimization techniques and AI tools, and have a strong interest in mathematics, coding, and business analysis, pursuing a major in IEDA may be an excellent fit for you. Our programs equip students with a solid foundation and portable skills through career development programs, internships, and well-structured curricula in Decision Analytics and Financial Engineering. Graduates are well-prepared for rewarding careers in fields that require strategic decision-making via mathematical models and data analysis, including academia, high-tech, finance, risk management, supply chain management, and healthcare.
Become an Industrial Engineer and leverage AI to advance your career. Are you ready to take the next step? Join us at the HKUST campus for Industrial Engineering and Decision Analytics, the field of smart decision-making!