In a world where predictability and certainty are hard to come by, enterprises are increasingly realizing the value of being ‘data-driven’. Unprecedented market shifts have compelled business and technology leaders to explore new ways of leveraging data. They must now drive insights that help them deliver new experiences to customers and employees in the digital economy.
As industry experts rightly point out, business models based on historical data from pre-COVID era may no longer be valid. And, no one knows this better than CIOs. Progressive tech leaders are making use of this opportunity to build unconventional data models that support the new business goals.
In the 5th edition of Digital Leaders Club, CIOs shared how they are redefining their data journeys in an era where data is pivotal. This exclusive collaboration platform for tech leaders, curated by CORE Media and Google Cloud India, had CIOs from various sectors highlighting how they are building a strong data foundation that equips their organizations to deal with the shift in business prioritization.
Moderated by Anoop Mathur, Founder & President, CORE Media and co-hosted by Ratnakar Reddy, Regional Sales Leader, Google Cloud India, the session captured some key learnings from leading CIOs.
“Technology has played a paramount role in building a data-smart future. CIOs have forged ahead with strategies that square with the changing priorities of businesses. They are now embarking on data-driven transformation journeys by leveraging cloud, analytics, AI and ML in a much more advanced way,” said Mathur in his welcome note.
“Data is the foundation of an enterprises’ growth journey, irrespective of industries and geographies. Tailoring the right data analytics strategy is thus incredibly important. We, at Google Cloud, are empowering enterprises with the right tools, technology and services to take this journey forward into the digital future,” said Reddy.
The future of data-driven models
The global disruption has had many silver linings. Its biggest impact has been on the way technology is being perceived and consumed by the business. Whether it’s enabling new models of working, collaborating and engaging with customers or redefining business processes, technology has been inevitable in dealing with crises. Now more than ever, business leaders understand that they need data and technology to work the magic formula of success going forward.
As one CIO from the logistic sector aptly put, “Normalization of data—the act of putting data in people’s hand—has been instrumental in how businesses function and respond to market needs. With the pandemic, the business or the management now recognizes the power that data and technology bring to the table. And fortunately, we have the right tools that help CIOs capture and present these insights in a compelling manner.”
During the session, CIOs shared a number of innovative analytics use cases that they are actively exploring. Right from ‘smart metering’ to ‘automated irrigation’, enterprises are looking at leveraging analytics and AI in delivering better customer experience & value, building smart factories & supply chains and staying agile.
As data volumes grow exponentially, CIOs are looking at more sustainable models and platforms that help them take these initiatives to the next level. “We cannot build data centers that can accommodate the data that we are currently generating and looking at analyzing. As we move to hybrid, multi cloud environments, the discussion is shifting how one can effectively achieve cost optimization, security and agility. I think these aspects are going to be highly critical as enterprises expand their data analytics efforts to the next level,” a CIO from the energy sector concludes.