The adoption of advanced technologies is creating new possibilities for businesses to generate higher revenue growth and improve customer experiences. This, however, depends on understanding and leveraging data to make informed decisions, modernize existing solutions, and build new business models. It has become imperative to unify disparate data across an organization’s wider ecosystem to turn it into accurate insights that translate into business outcomes.
Digital transformation has become the foundation of a modern business with data as the engine driving growth. At a virtual panel discussion organized by Forbes India and Quantiphi, themed “Leading a Data-Driven Transformation”, some of the most prolific business minds shed light on the road ahead, dealing with new challenges, and effectively harnessing data-driven insight to reimagine business and fuel exponential growth.
Representing diverse verticals of industry, the power-packed panel included Vivek Khemani, Co-founder, Quantiphi – an AI-First Digital Engineering company; Dhananjay Joshi, MD & CEO, Summit Digitel; Khushru M. Mistry, CIO & Senior Vice President, Information Technology, Eureka Forbes; Sreenivas Pamidimukkala, CIO, Mahindra Logistics; Vikas Choudaha, Sr. Vice President and Business Head, Godrej Storage Solutions; Srinidhi Sharma Rao, Chief Strategy Officer, Aegon Life Insurance; and Rishabhdhwaj Singh, VP, Engineering, Urban Company.
The panel unanimously asserted that data trumps assumptions, intuition, and personal bias – making it a vital asset in the digital era. Vivek Khemani, Co-founder of Quantiphi, substantiated his statement that “The Future is Digital” by pointing out how digital and data transformation are now recognized as key success factors for differentiation and achieving market leadership.
He explained that with a shift in mindset, and the strides made in digital literacy, the jump to digital can be much faster than previously imagined.
To bring about this kind of change, Vivek pitches for an overhaul of the existing tech stack infrastructure in the different layers of business – that of Experience, Automation, and Intelligence. Modern technology like Artificial Intelligence can optimize processes of innovation and creation just as well as it can aid the efficiency of most other functions. It is up to business leaders to correctly identify where this change of infrastructure in the business value chain could bring in the most ROI.
Srinidhi Sharma Rao, Chief Strategy Officer of Aegon Life Insurance, strongly feels that the aspects of data availability, its storage, and its analytics need to be correctly aligned in order to get a true assessment of new possibilities. In support of this, panelists like Rishabhdhwaj Singh of Urban Company stressed that by standardizing the process of data capture and making it more efficient, firms could reap dividends of simpler operations further down the funnel. This in turn makes it easier for business users to gain actionable insight, thus bringing about true democratization of data.
While Sreenivas Pamidimukkala, CIO of Mahindra Logistics, believes that turning the spotlight on the advantages of Optimum Data Utilization would make the transition smoother, industry stalwart Khushru M. Mistry, of Eureka Forbes, feels that some resistance to data management is but natural during a cultural shift, and needs to be overcome by proactive change management. Vivek Khemani adds that when adopting a data-driven strategy, ethical concerns have to be considered upfront, with a strategy in place to ensure that responsible AI and human centricity need to genuinely complement each other.
With machine learning and AI reaching near-human levels in some use-cases and the cost per insight becoming more accessible, data-driven services are gaining unprecedented momentum. Organizations should seize this opportunity to push for the data-first shift within their internal set-ups, with the business units driving the evolution, and the IT empowering them with the necessary infrastructure and framework. With more stakeholders getting on board, the industry seems poised and ready for a data-driven revolution.
Watch the entire panel discussion here.