Last week in Mumbai, a thought-provoking round table discussion unfolded, bringing together senior technology and data science leaders to delve into the intricacies of evolving data strategies in the age of artificial intelligence (AI).
ET Edge Insights hosted the session in partnership with Tableau, a leading visual analytics platform from Salesforce that makes it easy for enterprises to manage and explore data through modern business intelligence.
The gathering aimed to explore the connection between data and business goals while uncovering obstacles in unleashing the true value of data.
Connecting Data with Business Goals: Bridging the Gap
The heart of the discussion revolved around the challenge of aligning data strategies with overarching business objectives. Leaders shared insights into how they are actively working to intertwine data initiatives with the broader goals of their organizations. Real-world examples were highlighted to illustrate the impact of effective data integration on achieving business milestones.
For instance, a participant emphasized how customer data analytics significantly contributed to personalized marketing strategies, driving higher sales and customer satisfaction.
Obstacles and Friction Points: Navigating Challenges in Data Unleashing
The conversation didn’t shy away from acknowledging the hurdles faced on the journey to unlocking the true value of data. Participants openly shared their experiences, citing common obstacles such as data silos, interoperability issues, and the need for standardized data governance. One leader in the described the challenge of integrating various formats of data
The Critical Role of ‘Trust’: Foundation for Competitive Advantage
A recurrent theme throughout the discussion was the indispensable role of ‘trust’ in the evolution of AI. Participants underscored that establishing trustable foundational data and models is paramount for building a competitive edge.
A financial sector representative narrated how ensuring the accuracy and reliability of financial data not only fosters customer trust but also enhances decision-making processes. The consensus was clear – trust in data is the bedrock on which successful AI initiatives are built.
Leveraging All Types of Data for an AI-Driven Future: Safely and Strategically
The participants deliberated on the challenges and strategies for safely leveraging various types of data in an AI-driven future. Discussions touched upon the ethical considerations of data usage, emphasizing the need for responsible and transparent practices. A participant from the technology sector shared how their company is navigating the complexities of utilizing user-generated data, ensuring privacy compliance while harnessing valuable insights for product development.
Building a Data-Driven Culture: A Prerequisite for AI Transformation
The round table emphasized that building a robust data-driven culture is not just an operational necessity but a prerequisite for embracing the transformative power of AI. Leaders shared their approaches to instilling a data-centric mindset across their organizations. Examples ranged from implementing comprehensive data training programs to creating cross-functional teams dedicated to driving data initiatives.
Generative AI: Exploring the Future, Confronting Challenges
The event took a futuristic turn as the panel members engaged in a discussion about Generative AI. Leaders provided insights into how their organizations are exploring this cutting-edge technology and the challenges they encounter.
Romil Agarwal, Country-Head, Tableau India stated that When data is transformed from static reporting into a valuable tool, employees develop new habits, such as understanding trends and opportunities in the middle of tricky business cycles.
“As a company, we need to be always agile and flexible for our customers. For instance, we are reimagining data experience with Tableau Pulse that makes data more accessible to everyone regardless of their expertise with data visualization tools. It leverages the power of Tableau AI to deliver data in ways that are more personalized, contextual, and smart,” said Agarwal.
In conclusion, the round table discussion in Mumbai served as a valuable platform for senior leaders to exchange ideas, share challenges, and provide real-world examples of navigating the evolving landscape of data strategy in the era of AI. The event not only highlighted the complexities of the journey but also underscored the collaborative spirit among industry leaders in driving meaningful advancements in the realm of data and artificial intelligence.
