Demystifying Digital Transformation and Data Science

“Nowadays, everybody is conversant with terms like AI and ML. Although people have come to use such terms very casually, the real challenge lies in understanding and practical application of AI with proper precision. No doubt, digitization is the way ahead, but the evolution of industries, or Industry 4.0, lies in creating value via digitisation so that the goal of consumers disrupting themselves could be met.”

Today, organisations all over the world have adopted technology and are undergoing the process of digital transformation. Needless to say, they are facing several challenges – some industry specific and many generic. While digital transformation is a surety in organisations globally, it is also important to understand how technological transformation is impacting an organisation, its functions and if the end consumers are adequately prepared to be a part of the said transformation.

Nowadays, everybody is conversant with terms like AI and ML. Although people have come to use such terms very casually, the real challenge lies in understanding and practical application of AI with proper precision. No doubt, digitization is the way ahead, but the evolution of industries, or Industry 4.0, lies in creating value via digitisation so that the goal of consumers disrupting themselves could be met.

But this transition to data-based, technology-driven industries requires transformation of talent as well. It is crucial that the workforce adapts to the changes at a very fast pace. One cannot stress enough the need for continuous digital transformation and filling gaps in terms of workforce skills and consumer engagement in this era of technological reliance, something that can only be done when top leaders of organisations are fully supportive of digitisation.

The importance of data in this digital-heavy world is undeniable, and businesses need to be very careful with respect to data and its usage. Since more industries are becoming reliant on data for imparting services, and developing several other progressive features, new thoughts on structuring and handling of data is an essential requirement. While all agree on the significance of data, not many companies are currently using digitisation to read the data correctly and use it appropriately.  This is an area where the practices need to change – the faster the better.

Industries need to work collaboratively in order to accelerate the process of digitisation. With the growing prevalence of automation, industries need to exchange data to create more value for data technologies. Data, if utilized appropriately, can unravel a plethora of opportunities for industries in every domain. Integration of data with smart platforms is the key towards understanding and utilising digital transformation – that industries ought to explore.

[box type=”note” align=”” class=”” width=””]Insights for the above article has been taken from ET Tech Summit 2019 – Session titled “Demystifying Digital Transformation and Data Science: Reality, Reservations, and Road Ahead” by Dr. Satyam Priyadarshy, Chief Data Scientist – Halliburton.[/box]