Role of Data in Formulating Efficient Business Strategies

Holding a Master’s degree in Computer Software Engineering from PSG College of Technology, Karunya has handled key roles with S&P Global and AppViewX, prior to cofounding Payoda in 2005. Siliconindia recently got a chance to interact with Karunya, wherein he shared his insights on the current data landscape and various other aspects related to it. Below are the excerpts of the exclusive interview

Although the COVID pandemic has brought about some significant changes in India’s data analytics and management landscape, it’s not all doom and gloom. Businesses are increasingly relying on data analytics to make informed decisions, and the pandemic has actually led to a surge in the volume and variety of data generated across industries. With remote work and digital interactions becoming the norm, businesses are now leveraging vast amounts of data to gather valuable insights into consumer behavior, supply chain management and operational efficiency. Complying with regulations has also been one of the major scenarios that arose post COVID.

Real-time analytics and data products such as notifications and recommendations engines have become more critical than ever as businesses strive to unlock the value from a surge in data growth. Timely insights are essential for agile decision-making, and predictive analytics can help businesses forecast demand, identify trends and optimize resource allocation. Additionally, protecting customer data has become paramount, and Indian organizations are rising to the challenge by adapting to evolving data protection regulations such as the Personal Data Protection Bill to maintain customer trust. Thus, organizations are investing in training programs to equip their employees with the necessary skills to retrieve and analyze data effectively, enabling data-driven decision-making at all levels. This is an exciting time for data analytics in India, and we are confident that businesses will continue to thrive by harnessing the power of data.

AI and ML integration enables data analysis to advanced to new heights, cloud computing provides the perfect platform for scalable and efficient data storage

Latest Tech Disruptions
The world of tech is continually evolving, bringing with it exciting innovations like AI, ML, cloud computing, IoT, and blockchain. These cutting-edge technologies are highly sought-after by businesses looking to integrate them with data, as they offer valuable insights, streamline operations, enhance security, and open-up endless opportunities for innovation across various industries. While AI and ML integration enables data analysis to advanced to new heights, cloud computing provides the perfect platform for scalable and efficient data storage.

Furthermore, companies are investing in robust and reliable data infrastructures. These systems ensure data is always available, up-to-date, complete and accurate. This helps in the creation of effective cognitive frameworks that organize knowledge about various business units and guide the way we perceive and interpret new information. Over time, it creates a powerful data moat and becomes the foundation for driving AI and ML initiatives. Similarly, IoT devices generate copious amounts of data, and blockchain technology ensures that all data transactions are secure and transparent. As more and more organizations in India adopt these technologies, we can confidently expect data analytics to continue to thrive and create new possibilities for growth and innovation.

Developing Data-centric Business Strategies
Organizations should focus on strategic consultation with experts to develop data-centric business strategies. As a company, prioritizing data as a strategic asset is crucial for unlocking its full potential. This means investing in the right infrastructure, technologies and analytics capabilities to make the most of all the valuable insights that can be gleaned from data. The next step is to foster a culture that values insights over assumptions, promoting data literacy and ensuring data governance and quality. Businesses can make data-driven decisions and optimize processes. With a comprehensive view of their operations, customers, and market trends, organizations can personalize customer experiences and identify new business opportunities. By continuously monitoring and evaluating the performance of their data-centric strategies that revolve around building data trust, they can stay aligned with evolving business needs and technological advancements. With these steps, organizations can develop effective data-centric business strategies that drive success in today’s digitally driven landscape.

Data Security & Privacy
Protecting data confidentiality and ensuring its safety is paramount for organizations using data insights to gain a competitive advantage. Access controls and encryption methods can prevent unauthorized access and breaches. By complying with privacy regulations, organizations can build customers’ and partners’ trust by demonstrating their commitment to data privacy. Investing in security measures, conducting regular audits and fostering a culture of data responsibility can help organizations leverage data effectively while safeguarding privacy.

Future Preview
The data landscape is poised for significant evolution soon. There is a growing need for decentralized data access to enable BI, machine learning teams and various data applications for each business function. Thus, collecting, transforming, analyzing, and visualizing streaming data collected from user events and connected devices is imperative. Building deep exploration queries which can auto-scale is becoming a necessity due to the increase in data volume and variety. As a result, companies are opting for data architectures that are designed for cloud platforms, especially keeping in mind the hybrid and multi-cloud environments. This strategy allows organizations to access best-in-class solutions of each cloud vendor while avoiding vendor lock-in.