Indian companies whether traditional or new age technology driven are realizing how data-based decisions can create value for their businesses. From product development to operations, to sales; they are using data in the entire value chain. And this is translating into higher production volumes, sales, and profitability.
Creativity to the Fore
Using data businesses are creating new products and innovations, better customer experiences, streamlining their processes, and faster decisions. Data has also made it possible to personalise products and services, for example, an algorithm to fix the interest rate for mortgages on the basis of the risk profile and behaviour of customers. For example, auto companies can determine car usage patterns on their tech tool, the Engine Control Unit, ECU, to determine a whole host of services.
So what are the ingredients that will facilitate the creative use of data in business enterprises? For one, we must democratize the data so that everyone in the organization can have access to it and use it in their functions. Indeed, data facilitates the development of futuristic products. One can look at all available data to conceive a product that customers may need in the not too distant future.
The application of data in healthcare can be hugely beneficial, as practitioners use data to inform patients about health issues that are not just curative but also preventive. This can not only ensure better health outcomes, but also make healthcare affordable. Data will also orient our systems to be more customer-centric and ‘outside’ in.
A layer of transparency
Make your transactions transparent using data and build trust among all your stakeholders. Ours is the age of the information and idea economy, and companies that have invested deeply in analytics will now reap the rewards. Information is both, an asset and a revenue generator, but India Inc. will have to make a shift in the manner in which that information is handled. Data transparency will be vital to not just winning over customers, but keeping them loyal. Data is the new currency for brands to deal in, and it is a responsibility to be wielded with great care. Just as money is an asset to be managed, so too is data. And those that understand this better than their peers will move far ahead of the curve.
The transformational nature of data holds the potential to put organizations in the fast lane, but that is only possible when we leverage it to its fullest potential by taking a holistic approach that takes into consideration every aspect along the value chain. Change is omnipresent in our digital landscape, and modern-day enterprises must decide on the best strategies to invest in, for being agile is the only way to move forward in our fast-paced world.