Increasing adoption of data-driven innovation

“When I look at India, there has been increase in adoption of data-driven innovation and products in last five years, but a significant investment and talent maturity is needed” – Dr. Satyam Priyadarshy, Chief Data Scientist, Halliburton

ET-Insights: How can data be a strategic asset for organizations?

Satyam: Data has been and will continue to be one of the most strategic assets for all industries. The success and growth of organizations will depend upon how well and fast they create value from the data. Traditionally, most organizations have locked their data in silos, which results in significant capital waste, data waste and time waste. Successful organizations will need to reduce at an accelerated pace their capital waste, now. Maximizing the value of data asset will differentiate successful and forgotten organizations.

ET-Insights: What are the top technology trends that you think will keep data and analytics strategy ahead of the curve in 2020 and beyond?

Satyam: The Capital and Data waste that I spoke earlier, will grow exponentially, if organizations do not tame it now. In today’s Digital 4.0 era, emerging exponential technologies like Internet of things and its Industrial cousin IIoT, Software-Defined Everything, Augmented and Virtual Reality, the Cloud family of computing paradigm, and others will generate data at a pace that most organizations have not encountered. So, generating exponential value from growth in data shall remain at the top of the data, analytics, and value strategy in 2020 and beyond for organizations.

ET-Insights: Could you share with us your thoughts on Data & Analytics technology adoption in India VS developed countries like US, UK, Singapore etc.

Satyam: USA and India are two markets where data and analytics is done and can be done at scale, and certainly fun to generate value from the data. However, maturity of data-value lifecycle is different in these countries. US has been leading the value creation from data for two decades or more. The innovation from leveraging ‘data products and services’ have been at the forefront. When I look at India, there has been increase in adoption of data-driven innovation and products in last five years, but a significant investment and talent maturity is needed. Also, the traditional industries have to have co-innovation culture to enable data-driven innovation.  The data and analytics market size is reported to reach $189.1 billion in 2019 and will grow to $274.3 billion (IDC 2019).  US remains the largest contributor to this market.

ET-Insights: How can we drive value creation through data in the age of Digital 4.0?

Satyam: Digital 4.0 is about disruption, beyond just transformation. The challenges in adopting and adapting to exponential technologies are multi-fold, but upside being the exponential value it creates for the growth of industry. Energy sector is one of the most complex of these areas. The hype around data scientists and true value creation through talent transformation must be in focus. Moving beyond technology, IT silo to creating value from data in right time is critical to the growth of organization. We must also discuss the future roadmap for the technology and talent strategy for India or other major nations in leveraging Artificial Intelligence, Data and Global Business Environment.

[box type=”shadow” align=”” class=”” width=””]Contributor: Dr. Satyam Priyadarshy, Chief Data Scientist – Halliburton[/box]

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

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