Age of New Data in the Digital Economy

Age of New Data in the Digital Economy

Top highlights

  • Sustainability, open architectures and cost optimization feature in CIOs’ long-term strategic agendas
  • With the next gen of cloud, enterprises are focusing on result-driven data transformations to deliver the right CX
  • CIOs now expect AI/ML and analytics to have direct impact on their businesses’ top line and bottom line growth.

Enterprises are looking at consolidating opportunities that are arising out of the traditional as well as digital channels in the new normal. Across industries, data is taking precedence in decision making to drive sales numbers and revenues.

The latest edition of “Digital Leaders Club” – a virtual round table series for CIOs, curated by CORE Media and Google Cloud India, delved into how Enterprises today have an opportunity to transform the business through the investments they make in data and information.

“We have seen cloud and digital adoption among enterprises pivoting to the next level in the past year. Enterprises are also, focusing on result-driven data modernization to deliver the right customer and employee experience,” said Anoop Mathur, Founder & President, CORE Media, who facilitated and moderated the discussion with CIOs from diverse backgrounds in the industry and Google Execs and experts.

Sharing his point of view, Amit Kumar, Director, Google Cloud said, “Data is now providing significant tailwinds to organizations’ business transformation efforts. We see enterprises across industries digitizing the business using the power of data. At Google Cloud, our innovation enhancements are now focused on how enterprises can accelerate this data-driven transformation to achieve real-time results. CIOs now expect AI/ML and analytics to have direct impact on their businesses’ top line and bottom line growth. ”

According to the CIO of a large manufacturing company, developing capabilities to use digital to create a deeper relationship with customers is their primary focus. “We are working on Industry 4.0 and migrated to S/4 HANA to prepare ourselves for this digital journey. SAP is going to be our digital core where we actually intend to integrate all our systems whether it is our core application systems or data analytics,” he adds.

As another IT leader from the manufacturing sector puts it, “Our industry is rebuilding a new ecosystem that can address the changing trends in the market, help us meet our sustainability goals and provide a compelling experience to everyone in the value chain. As a leading player in our field, we have been evaluating and developing a lot of tools and applications, modernizing some of the existing ones, and building native applications on free and open-source software.” He also added that his company is investing a lot in tech-enabled manufacturing by leveraging advanced analytics to predict defects in the product in the initial stages itself.

Panelists in the discussion reiterated how they are focusing on technologies having direct impact on the company’s revenue growth and profitability in the long run.

The aviation industry, for example, has been very dynamic in the last year and a half in terms of demand and supply. CIOs in the sector have been enabling their organizations to really respond to meet the transformed requirements and also the changing regulatory and compliance landscape.

“We have been primarily focusing on the hygiene and safety points such as e-boarding, self-tagging, self-baggage drop, self-boarding, etc. The focus is on how do we make sure that there is no compromise on customer experience while we constantly balance the cost and value equation with the demand and supply changing so dynamically,” informs a CIO of an airline company, adding, “We are looking at the data, analytics, AI, and building the whole data platforms, looking at the 360 degree view of the customer as he interacts with us on multiple channels. Here the whole infrastructure of the Cloud really helps.”

Talking of infrastructure modernization, the CIO of a Fintech company informs that they have been benefitting from AI/ML and have recently started building a data lake as well along with predictive analysis.

All along, CIOs on the panel were of the view that the new normal did provide an opportunity to the CIOs and IT Leaders to learn, innovate and find solutions to ensure business continuity.