Arghya Ray

Home > Faculty > Management Information Systems and Analytics > Arghya Ray

Arghya Ray

Education : PhD (IIM Ranchi), B.Tech. (SRM University)

Specialization : Management Information Systems and Analysis

Area of Interest : Social Media Analytics, Data Analytics and Machine Learning, Predictive Analytics, Marketing Analytics, Consumer Analytics, Database Management Systems, Blockchain and Business Applications, Data Visualization.

Designation : Assistant Professor

Contact: +91-33-6652-9608

Email: a.ray@imi-k.edu.in

About Arghya Ray

Dr. Arghya Ray is an Assistant Professor in the area of Management Information Systems and Analytics at International Management Institute Kolkata (IMI Kolkata). He has done his Ph.D. in Management Information Systems and Analytics from the Indian Institute of Management Ranchi (IIM Ranchi) and has around 5 years of academic experience. During his B.Tech. from SRM University he was a Silver Medallist in the CSE Department.
Prior to joining IMI Kolkata, Dr. Ray was an Assistant Professor at FORE School of Management (FSM) and Adamas University. Over these years, he has taught courses like “Machine Learning Using Python”, “Management Information Systems”, “Deep Learning and NLP”, “Digital Commerce”, “Research Methodology”, and “Cloud computing for Managers”. In addition to this, Dr. Ray has also taught courses like, “Internet of Things”, “Database Management Systems”, “Management Information Systems”, and “Marketing Analytics” as a Visiting Faculty across different reputed institutes like Birla Global University, IIFT Delhi, IMI Delhi, IIM Ranchi, IIM Jammu, and IIM Vizag. Dr. Ray has also been a part of several workshops and invited talks on topics like “Power BI”, “Social Media Analytics”, “SMART PLS for analysis”, etc. as a resource person at St. Xaviers’ University Kolkata, MDI Gurgaon, IIM Vizag, and FORE School of Management New Delhi.
In addition to the academic experience, Dr. Ray also has an industrial experience of two years at TCS Limited where he was a part of the Business Intelligence team and worked in the BFSI segment. Dr. Ray has done consulting projects with Wordsmith Star and has been actively involved in various Faculty Development Programmes like “Tools and Techniques for High Impact Journal Publications (Part I and Part II)”, “Advanced Research Methods in Marketing Application of Artificial Intelligence & Machine Learning”, etc. both as a Program Director and as a resource person. He has also been a part of several MDPs for well-known corporates across India in which he has conducted sessions on “Blockchain and Cyber-security”, “Data Analytics”, and “Healthcare Analytics”.
As a researcher, he has to his credit 30+ publications in ABDC, ABS and Scopus indexed journals like, International Journal of Information Management, International Journal of Hospitality Management, Journal of Retailing and Consumer Services, Journal of Business Research, Information Systems Frontier, etc. He has also published few case studies and book chapters with reputed publishers like Sage, IGI Global and Springer. He has also presented papers in several reputed national and international conferences, like, ISDSI and INDAM. He has also served as a session chair in “International Conference on AI, Business Models, and the Future of Work” held at FSM New Delhi and “International conference on Sustainable Business Practices” held at IMI Kolkata. As a PI, he is also involved in a research consultancy project with Bradford University UK. His research mainly focuses on understanding customer perspectives from social-media feeds in different domains like food delivery, e-learning and travel agency services.
Dr. Ray is currently serving as the Associate Editor and Editorial Advisory Board in the Asia Pacific Journal of Business Administration. He is also serving as the Editorial Review Board Member in the International Journal of Electronic Government Research and Journal of Computer Information Systems. He has recently joined the Marketing Management Journal as a Senior Advisory Board Member. Dr. Ray is the Chairperson of the Bharat Blockchain Network Chapter at IMI Kolkata and after serving as the Center Director of the Center of Applied Blockchain and Digital Transformation, he is currently serving as a Center co-ordinator in the Center of Digital Transformation and Applied Blockchain. Dr. Ray is also the Programme Director in the Certificate Programme in Blockchain and the Certificate Programme in Digital Disruptions in Healthcare.

Journal Publications:
  • Ray, A., Oulamine, A., & Lim, B. (2025). Assessment of the impact of extraversion on depression, distraction and knowledge absorption capacity in online learning education. International Journal of Educational Management, 39(1), 198-218. Doi: https://doi.org/10.1108/IJEM-06-2024-0328 [ABDC B][Q2][ABS 1]
  • Das, S., & Ray, A. (2024). Identifying barriers of financial app usage and their impact on negative emotions, customer ratings and recommendation intention: a text-mining based approach. Asia-Pacific Journal of Business Administration. Vol Ahead of Print. Doi: https://doi.org/10.1108/APJBA-10-2023-0522 [ABDC C][Q1][ABS 1]
  • Agrawal, S., Ray, A., & Rana, N. P. (2025). Effectiveness of sustainability communication on stakeholder engagement: A multi‐method qualitative assessment of sustainable development. Corporate Social Responsibility and Environmental Management, 32(1), 820-834. Doi: https://doi.org/10.1002/csr.2992 [ABDC C][Q1][ABS 1]
  • Oulamine, A., Hattabou, A., El Gareh, F., & Ray, A. (2024). University Students’ Perceptions of e-Learning Barriers in Morocco: A Qualitative Exploratory Study. Ubiquitous Learning, 18(1), 27. Doi: https://doi.org/10.18848/1835-9795/CGP/v18i01/27-47 (Scopus Indexed)
  • Ray, A., Jain, M., Ma, L., Alhamzi, K. H., Ray, A., & She, L. (2024). The impact of personality traits, barriers and gamification on Gen X continuance intention for mobile credit bill payment apps. Journal of Financial Services Marketing, 29(3), 1154-1174. Doi: https://doi.org/10.1057/s41264-023-00264-2 [ABDC B][Q2][ABS 1]
  • Ray, A., Das, B., & She, L. (2024). What affects consumers’ choice behaviour towards organic food restaurants? By applying organic food consumption value model. Journal of Hospitality and Tourism Insights, 7(5), 2582-2602. Doi: https://doi.org/10.1108/JHTI-04-2023-0238 [ABDC C][Q1]
  • Ray, A., Gupta, S., & Rana, N. P. (2023). Quality aspects vs consumption values: What affects intention to book hotels in the post-Covid era?. Quality Management Journal, 30(4), 225-243. Doi: https://doi.org/10.1080/10686967.2023.2245088 [ABDC B][Q2]
  • Jain, S., Basu, S., Ray, A., & Das, R. (2023). Impact of irritation and negative emotions on the performance of voice assistants: Netting dissatisfied customers’ perspectives. International Journal of Information Management, 72, 102662. Doi: https://doi.org/10.1016/j.ijinfomgt.2023.102662 [ABDC A*][Q1][ABS 2]
  • Srivastava, A., Ray, A., Ray, A., Bala, P. K., Dasgupta, S. A., & Dwivedi, Y. K. (2023). “Does Emotional Intelligence Impact Technology Adoption?”: A study on Adoption of Augmented Reality. Asia Pacific Journal of Information Systems, 33(3), 624-651. Doi: https://doi.org/10.14329/apjis.2023.33.3.624 [ABDC C][Q3]
  • Ray, A., Jana, S., & Rana, N. P. (2023). An NLP-based Mixed-method Approach to Explore the Impact of Gratifications and Emotions on the Acceptance of Amazon Go. Asia Pacific Journal of Information Systems, 33(3), 541-572. Doi: https://doi.org/10.14329/apjis.2023.33.3.541 [ABDC C][Q3]
  • Ray, A., Sachdeva, I., Rana, N. P., Nunkoo, R., & She, L. (2024). Is the information on green hotel websites aligned with the drivers affecting customers’ intention to visit green hotels? A mixed-methods approach. Journal of Hospitality Marketing & Management, 33(1), 1-32. Doi: https://doi.org/10.1080/19368623.2023.2235335 [ABDC A][Q1][ABS 1]
  • Ray, A., Ray, A., Bala, P. K., & Rana, N. P. (2023). What affects the use of green technology in hotels? Assessing hotel management viewpoint using natural language processing based qualitative study. Journal of Hospitality Marketing & Management, 32(7), 917-946. Doi: https://doi.org/10.1080/19368623.2023.2221256 [ABDC A][Q1][ABS 1]
  • Ma, L., Pahlevan Sharif, S., Ray, A., & Khong, K. W. (2023). Investigating the relationships between MOOC consumers’ perceived quality, emotional experiences, and intention to recommend: an NLP-based approach. Online Information Review, 47(3), 582-603. Doi: https://doi.org/10.1108/OIR-09-2021-0482 [ABDC B][Q1][ABS 1]
  • She, L., Ray, A., & Ma, L. (2023). Future time perspective and consumer well-being of millennials: implications for consumer resilience. International Journal of Bank Marketing, 41(5), 1154-1176. Doi: https://doi.org/10.1108/IJBM-08-2022-0341 [ABDC A][Q2][ABS 1]
  • Ray, A., Bala, P. K., & Jain, R. (2023). Assessing the factors influencing continued use of online-food-delivery services and the impact on health: a multi-group analysis. International Journal of Services and Operations Management, 45(1), 1-36. Doi: https://doi.org/10.1504/IJSOM.2023.131281 [ABDC C][Q3][ABS 1]
  • Ray, A., Bala, P. K., & Dwivedi, Y. K. (2022). Exploring barriers affecting e-health service continuance intention in India: from the innovation resistance theory stance. Asia pacific journal of information systems, 32(4), 890-915. Doi: https://doi.org/10.14329/apjis.2022.32.4.890 [ABDC C][Q3]
  • Ray, A., Bala, P. K., Rana, N. P., & Dwivedi, Y. K. (2022). Predicting ratings of social media feeds: combining latent-factors and emotional aspects for improving performance of different classifiers. Aslib Journal of Information Management, 74(6), 1126-1150. Doi: https://doi.org/10.1108/AJIM-12-2021-0357 [ABDC B][Q2][ABS 1]
  • Dasgupta, S. A., Bhatia, M., Singh, U., & Ray, A. (2022). Impact of CSR on non-financial performance and the mediating role of trust and reputation: Indian manufacturing employees’ perspectives. International Review on Public and Nonprofit Marketing, 19(2), 391-412. Doi: https://doi.org/10.1007/s12208-021-00310-6 [ABDC B][Q3]
  • Ray, A., Bala, P. K., & Dwivedi, Y. K. (2022). Exploring barriers affecting eLearning usage intentions: an NLP-based multi-method approach. Behaviour & Information Technology, 41(5), 1002-1018. Doi: https://doi.org/10.1080/0144929X.2020.1849403 [ABDC A][Q1][ABS 2]
  • Ray, A., Bala, P. K., & Jain, R. (2022). How can topic-modelling of user-reviews reshape market surveys? Exploring factors influencing usage intention of e-learning services through a novel multi-method approach. International Journal of Business Information Systems, 40(2), 259-284. Doi: https://doi.org/10.1504/IJBIS.2022.123646 [ABDC C][Q2][ABS 1]
  • Ray, A., & Ma, L. (2021). Operational changes and performance outcomes: analysis on hotels of five Asia–pacific countries. International Journal of Global Business and Competitiveness, 16(Suppl 1), 77-88. Doi: https://doi.org/10.1007/s42943-021-00041-9 [ABDC C]
  • Ray, A., Bala, P. K., & Kumar, R. (2021). An NLP-SEM approach to examine the gratifications affecting user’s choice of different e-learning providers from user tweets. Journal of Decision Systems, 30(4), 439-455. Doi: https://doi.org/10.1080/12460125.2020.1847406 [ABDC B][Q1][ABS 1]
  • Srivastava, A., Dasgupta, S. A., Ray, A., Bala, P. K., & Chakraborty, S. (2021). Relationships between the “Big Five” personality types and consumer attitudes in Indian students toward augmented reality advertising. Aslib Journal of Information Management, 73(6), 967-991. Doi: https://doi.org/10.1108/AJIM-02-2021-0046 [ABDC B][Q2][ABS 1]
  • Behera, R. K., Bala, P. K., & Ray, A. (2024). Cognitive Chatbot for personalised contextual customer service: Behind the scene and beyond the hype. Information Systems Frontiers, 26(3), 899-919. Doi: https://doi.org/10.1007/s10796-021-10168-y [ABDC A][Q1][ABS 3]
  • Ray, A., Bala, P. K., & Dwivedi, Y. K. (2021). Exploring values affecting e-Learning adoption from the user-generated-content: A consumption-value-theory perspective. Journal of Strategic Marketing, 29(5), 430-452. Doi: https://doi.org/10.1080/0965254X.2020.1749875 [ABDC A][Q1][ABS 2]
  • Ray, A., Bala, P. K., & Rana, N. P. (2021). Exploring the drivers of customers’ brand attitudes of online travel agency services: A text-mining based approach. Journal of Business Research, 128, 391-404. Doi: https://doi.org/10.1016/j.jbusres.2021.02.028 [ABDC A][Q1][ABS 2]
  • Ray, A., Bala, P. K., & Jain, R. (2021). Utilizing emotion scores for improving classifier performance for predicting customer’s intended ratings from social media posts. Benchmarking: An International Journal, 28(2), 438-464. Doi: https://doi.org/10.1108/BIJ-01-2020-0004 [ABDC B][Q1][ABS 1]
  • Ray, A., Bala, P. K., Chakraborty, S., & Dasgupta, S. A. (2021). Exploring the impact of different factors on brand equity and intention to take up online courses from e-Learning platforms. Journal of Retailing and Consumer Services, 59, 102351. Doi: https://doi.org/10.1016/j.jretconser.2020.102351 [ABDC A][Q1][ABS 2]
  • Ray, A., & Bala, P. K. (2021). User generated content for exploring factors affecting intention to use travel and food delivery services. International Journal of Hospitality Management, 92, 102730. Doi: https://doi.org/10.1016/j.ijhm.2020.102730 [ABDC A*][Q1][ABS 3]
  • Kaur, P., Dhir, A., Ray, A., Bala, P. K., & Khalil, A. (2020). Innovation resistance theory perspective on the use of food delivery applications. Journal of Enterprise Information Management, 34(6), 1746-1768. Doi: https://doi.org/10.1108/JEIM-03-2020-0091 [ABDC A][Q1][ABS 2]
  • Ray, A., & Bala, P. K. (2020). Social media for improved process management in organizations during disasters. Knowledge and Process Management, 27(1), 63-74. Doi: https://doi.org/10.1002/kpm.1623 [ABDC B][Q2][ABS 1]
  • Ray, A., Bala, P. K., Dasgupta, S. A., & Srivastava, A. (2020). Understanding the factors influencing career choices in India: from the students’ perspectives. International Journal of Indian Culture and Business Management, 20(2), 175-193. Doi: https://doi.org/10.1504/IJICBM.2020.105641[2016 ABDC C][ABS 1]
  • Ray, A., Dhir, A., Bala, P. K., & Kaur, P. (2019). Why do people use food delivery apps (FDA)? A uses and gratification theory perspective. Journal of Retailing and Consumer Services, 51, 221-230. Doi: https://doi.org/10.1016/j.jretconser.2019.05.025 [ABDC A][Q1][ABS 2]
  • Ray, A., Bala, P. K., & Srivastava, A. (2019). Social media for managing disasters: An exploratory study on perceptions and future directions. International Journal of Disaster Risk Reduction, 39, 101237. Doi: https://doi.org/10.1016/j.ijdrr.2019.101237 [ABDC A][Q1][ABS 2]
  • Bala, P. K., Ray, A., & Srivastava, A. (2019). Exploring the relationship between innovation resistance and actual resistance: empirical evidence from e-learning. Education and Information Technologies, 24, 1031-1045. Doi: https://doi.org/10.1007/s10639-018-9802-3 [ABDC B][Q2][ABS 2]
  • Ray, A., & Bala, P. K. (2018). Mining social media data for understanding the consumer preferences towards hotel service quality. Journal of Vacation Marketing, 24(3), 245-259. Doi: https://doi.org/10.1177/1356766718772395 [ABDC B][Q2][ABS 1]
  • Bala, P. K., & Ray, A. (2017). Adoption of social media for open innovation in an emerging market. Journal of Indian Business Research, 9(1), 34-51. Doi: https://doi.org/10.1108/JIBR-05-2016-0072 [ABDC C][Q3]
Book / Book Chapters:
  • Ray, A., & Bala, P. K. (2021). Innovative distribution and delivery of food. In Food Technology Disruptions (pp. 213–246). Academic Press. Doi:
    https://doi.org/10.1016/B978-0-12-821470-1.00004-5
  • Ray, A., & Bala, P. K. (2020). An NLP-Based Cryptosystem to Control Spread of Fake News Through Social-Media. In Progress in Computing, Analytics and Networking: Proceedings of ICCAN 2019 (pp. 447–455). Springer Singapore. Doi:
    https://doi.org/10.1007/978-981-15-2414-1_44
  • Ray, A., & Bala, P. K. (2019). Use of NLP and SEM in determining factors for e-service adoption. In Structural Equation Modeling Approaches to E-Service Adoption (pp. 38–47). IGI Global. Doi:
    https://doi.org/10.4018/978-1-5225-8015-7.ch003
  • Ray, A., Bala, P. K., & Dasgupta, S. A. (2019). Psychological analytics based technology adoption model for effective educational marketing. In Digital and Social Media Marketing: Emerging Applications and Theoretical Development (pp. 163–174). Cham: Springer International Publishing. Doi:
    https://doi.org/10.1007/978-3-030-24374-6_12
Conferences
  • Signaling of Uncertainty Reduction Mechanisms in Unpredictable Environments: A Moderation and Mediation Analysis. FORE INTERNATIONAL MANAGEMENT CONFERENCE (FIMC) 2024, November 28–30, 2024. FSM New Delhi, India.
  • Corporate Audits And Their Role In Stock Price Dynamics. FIMC 2024, November 28–30, 2024. FSM New Delhi, India.
  • Corporate Social Responsibility and its Impact on Stock Price Dynamics. FIMC 2024, November 28–30, 2024. FSM New Delhi, India.
  • Impact of Personality Traits on the Knowledge Absorption Capacity of Students. 14th IMC-IRC Conference, September 20–21, 2024. XLRI Jamshedpur, India.
  • An NLP-based approach to modelling of consumers’ perceived quality and intention to recommend in paid MOOCs: Mediating roles of consumption emotions. BLM2-ICAM4 Joint E-Conference, September 11, 2021. Online.
  • Understanding the uses and gratification valued by customers through an NLP-based approach. DCAL BAICONF 2019, June 21–22, 2019. IIM Bangalore, India.
  • An NLP-SEM approach for understanding the important gratifications from tweets related to different eLearning providers. ISDSI 2019, December 27–30, 2019. IIM Sambalpur, India.
  • A NLP-based cryptosystem to control spread of fake news through Twitter. ICCAN 2019, December 14–15, 2019. KIIT University, Bhubaneswar, India.
  • An NLP-based approach to explore factors affecting intention to use various e-services. ICBMANSOIN-19, December 26, 2019. Bali, Indonesia.
  • Attended CODS-COMAD 2019, Swissotel, Kolkata.
  • Factors influencing the limited adoption of e-services in India. ISDSI 2018, December 27–30, 2018. SP Jain, Mumbai, India.
  • Predicting User Motivation towards Retention of E-Services: An NLP-Based Approach. BMES-2018, December 3–4, 2018. Singapore. ISBN: 978-969-670-850-6.
  • Image steganography and visible watermarking using LSB extraction technique. ISCO 2015, January 9–10, 2015. Karpagam College of Engineering, Coimbatore, India. DOI: 10.1109/ISCO.2015.7282315.
  • A multilayer visual cryptography framework for secured secret messages transmission. ISCO 2015, January 9–10, 2015. Karpagam College of Engineering, Coimbatore, India. DOI: 10.1109/ISCO.2015.7282315.
  • Robust Multilayer Framework for Secure Transmission of Secret Messages. Prakalpa 2013, January 2013. SRM University, Vadapalani Campus, India.
  • Improvement of CBC encryption technique by using the Merkle-Hellman Knapsack Cryptosystem. ISCO 2013, January 4–5, 2013. Karpagam College of Engineering, Coimbatore, India. DOI: 10.1109/ISCO.2013.6481175.
  • One Way Delay Calculation Using Sync and Sense Without Clock Synchronization. ICCSE 2012. Kolkata.
  • One Way Delay Calculation Using Sync and Sense Without Clock Synchronization. Research Day 2012, February 2012. SRM University, Chennai, India.
  • Improvement of CBC Encryption Technique by using the Merkle Hellman Cryptosystem and a Randomized Initial Vector. FACT’12, December 6–7, 2012. NIT Trichy, India.
  • Dharitree: Earthquake Forecasting System. 98th Indian Science Congress, January 3–7, 2011. SRM University, Chennai, India.
Research/Consultancy Projects:
  • Das, J., Kaur, S., Kulkarni, S., & Ray, A. (2021–2022).
    Project Title: Exploring the supply chain and operations aspects of organic food delivery in luxury hotels across Delhi NCR region.
    Funding Agency: FORE School of Management
    Role: Co-Investigator
    Project Code: #FSM/SMP/02/2021
  • Weerakkody, V., Trivedi, R., Ray, A., Roy, G., & Nag, T. (2023–2025).
    Project Title: Examining digital inclusion among low-income Indian customers in the Eastern Region of India.
    Funding Agency: Bradford University, UK
    Role: Principal Investigator
  • Roy, G., Paul, I., Ray, A., & Bandyopadhyay, A. (2025).
    Project Title: Emergence of third-party rating platform: Stakeholder’s perception.
    Funding Agency: Wordsmith Star
Teaching:

PGDM

  • Data Preprocessing and Visualization
  • Data Analytics and Machine Learning
  • Social Media and Text Analytics
  • Marketing Analytics
  • Blockchain and Business Applications
  • Research Methodology
  • Gen AI for Marketers
  • Technology for e-Business

FPM/PhD (Visiting)

  • Advanced Research Techniques
Awards:
  • Best Newcomer Talent Award: Received the “Best Newcomer Talent” award for outstanding contribution at Adamas University in 2020.
  • ILP Kudos: Awarded TCS Gems and ILP Kudos for outstanding performance (Star Performer) during the training period at TCS in 2013.
  • Silver Medalist: B.Tech. (CSE) from SRM University, 2009–2013 batch.
Other Activities:

Faculty Development Programmes

  • Digital Revolutions in Finance Research: Integrating Advanced Econometrics, Blockchain, & Financial Analytics (9–10 May, 2024) – Resource Person
  • Advanced Research Methods in Marketing: Application of Artificial Intelligence & Machine Learning (17–19 May, 2024) – Resource Person & Programme Director
  • How to Promote Entrepreneurship Development in Youths as a Teacher (23 July 2024) – Resource Person
  • Tools and Techniques for High Impact Journal Publication (Part I) (3–7 June, 2024) – Resource Person & Programme Director
  • Tools and Techniques for High Impact Journal Publication (Part II) (2–6 October, 2024) – Resource Person & Programme Director
  • Managing References and Citations with Mendeley (21 December 2024) – Programme Director
  • Capacity Building Programme on “Data Science” (Organized by Asi@Connect IIITDMJ) (May–June 2023) – Resource Person

Management Development Programmes

  • MDP for UBI Junior Level Managers (Topic: Machine Learning with Python) – June 2021 to December 2021
  • MDP for Coal India Managers (Topic: Blockchain and Analytics) – May 2023

PhD Guidance

  • Dr. Ma Lan – Co-Supervisor (Thesis Awarded: 6 June, 2023)
  • Boby Krishnan – Co-Supervisor (Thesis Work – Ongoing)

Other Research Activities

  • Associate Editor: Asia-Pacific Journal of Business Administration (ABDC C)
  • Senior Advisory Board Member: Marketing Management Journal
  • Editorial Advisory Board Member: Asia-Pacific Journal of Business Administration
  • Editorial Review Board Member: International Journal of Electronic Government Research
  • Editorial Review Board Member: Journal of Computer Information Systems
  • Centre Co-ordinator: Centre of Digital Transformation and Applied Blockchain