With data taking center stage for every large organization, CIOs share their approaches towards harnessing the power of data.
The data is the new oil, it was the phrase of the cliché, but was never true. Organizations in all sectors are looking for the use of power of the data to promote or even survive the growth. How, the pandemic has changed the business on the digital transformation trip, the aerospace industry issued a change in customer behavior of the offline to online services or without Touchless services. Vinod BHAT, director of main information, Vistara, believes that data information helps to better understand customers in terms of behaviors and requirements.
“We are keeping a T shape,” Bhat said. “The T top horizontal is the data information and, wherever we need to dissect; we go inside those other data drone distance, while we keep the big picture in mind but, as many spikes as we can drill down a specific area.”
Adding on this, Brandon Rowberry, Chief Executive Officer – Digital Health, Aster DM Healthcare stated, the vast majority of healthcare organizations have a primary data-informed strategy. Digging on the reasons, he says, “The crux of healthcare has been around doctors and nurses ever since it started. In healthcare primarily, it is data-informed, as it leads to a person with specialized expertise to help us get to wherever we want to go. In healthcare, the data does become a potentially life or death situation. Just like now, we are living through the pandemic.”
Suggesting a bifurcated approach of both, Hitesh T.K, Chief Information Officer, Vodafone Idea Limited, says, “I think today we go with both efforts and follow a bifurcated approach. It is a question of which of both apply to you. For example, in terms of data-driven, it might be applicable for whether you want to give a business KPI to set up business users or to the customer as an offer. We run it and call it customer value management (CVM) as now customers are digital-driven. Considering data-informed, when it comes to IoT or an M2M, we want to return with a new product in the market again, data-inform plays a role. So, we separately run separate rules machines.”
Data in Customer Personalization
In recent years, several digital retirement companies have to increase in the data-generated world. In general, as with fantasy games, it could be easier to get customer data, but it is just as difficult to keep a customer.
Speaking on this, Abhishek Ravi, Chief Information Officer, Dream11, said, “We have customers at the center of the universe. We employ both of the methodologies as it has got so many dimensions. From a person comes and registers to the onboarding. We are having more than hundreds of experiments going on the part of the customer journey and, we are constantly evaluating. We are cognizant of the fact that data can take us to a particular place and, after that you, need to become data-informed wherein you analyze that data to have a complete picture.”
With the central approach, which is in customer satisfaction for all sectors, the adaptation experience for customers plays an important role in the data distributors. Quote with a view in relation to the same vertical food industry, the Doreswamy series, AVP data science, SWIGGY said that Data driven or Data informed is a point in the question of travel.
“Food especially is a unique area,” Doreswamy said. “The same item in every restaurant is different, local variations portion, size variation, etc. So, food intelligence is one area where I have seen a beautiful marriage of human and artificial intelligence. Like, you have a set of people in building the taxonomy, machine learning models are learning, on top of that, a sample is getting validated in a human in the loop system for us to constantly understand the full abstract of food, which is understood and personalized.”
Changing Landscape of Data security
The exchange of data and recovery is supplied with the cost of security as the Middle East market has regularly started with the new regulations. With India about a personal privacy calculation, the leader of the organization indicate its position. As one of the decisive sectors for data regulations in global aspects, medical care, predictions for imminent rules, an important role in monitoring the next guidelines.
“Most foreign or sovereign nations have compliance regulations where their data cannot leave their shores, that is one, believe in it. However, there are cases where if we could aggregate more of that data across beyond shores, we could probably provide even better services to two nations, particularly developing nations. Our strategy and that we have to get ahead and work with great vendors and partners based on presupposing”, said Brandon Rowberry, Chief Executive Officer – Digital Health, Aster DM Healthcare.
Along with regulating data security policies, Vinod Bhat, Chief Information Officer, Vistara, pointed to data flow tracking as one of the significant aspects of data protection.
He says, “Airlines are a very regulated industry. We are dealing with customer data in a heterogeneous environment. During the pandemic, the perimeter of the enterprise has changed. So, now you got a lot more open-end slots more endpoints, where you need to make sure that they have been covered with a holistic strategy. Not only the customer part but also how the data flows from end to end, where it is unsafe, where it is encrypted and, who are the people using it. You need to know complete privileged access management (PAM). It is not done suddenly once, in a month or, once in two months, we do it is on daily repeats.”
The Dos and Don’ts
The panel also put out the advice for the enterprises to kick off with their data journey. Summarizing the insights, Vimal Venkatram, Country Manager, India, Snowflake averred, “What matters is the intent to change the organization, from a CEO to every employee. The second is how do you measure success and, the third thing is that I might not be in business five years from now because of the traditional way. Once you realize, then it gets into breaking down siloed data, choosing a technology platform that can effectively move data into a single source of truth, outcomes, turning quick wins into force multiplier internally, etc.”
