Effective data governance is essential for businesses to succeed in the data-driven world of today. Indian businesses can achieve this by leveraging data fabric, which enhances their data governance strategies and unlocks the full potential of their data.
As mid-2023 approaches, the impact of significant events both locally and globally is becoming increasingly evident in the Indian business landscape. The state of financial markets is characterized by turmoil, driven by factors such as layoffs, funding availability and a looming recession.
Amidst macroeconomic conditions that led to widespread layoffs in major tech firms, many startups, facing a scarcity of funds, were forced to take similar measures.
These challenges are compelling companies to reassess their business models and strategically realign themselves for the future. In response to these disruptive events, data-driven businesses are rapidly adapting to the changing landscape. In this multipolar world, it is crucial to not only prepare for these changes but also find effective ways to navigate them. This is particularly evident in the Indian analytics industry, which is projected to reach USD 16 billion by 2025, underscoring the country’s strong focus on data analytics and its commitment to finding innovative solutions.
The reliance on emerging streams of data and the power of artificial intelligence to address growth challenges is paramount. This is especially significant as businesses face the task of achieving more with their data while confronting ongoing changes and resource constraints.
In this context, businesses must keep a close eye on key trends emerging alongside these macro-economic developments:
Supply chain disruption meets real-time data
Real-time data can be a game-changer for companies looking to optimize their supply chain operations and respond to disruptions quickly. For example, by monitoring their supply chain in real-time, companies can quickly identify any issues that arise, such as a delay in a shipment or a shortage of raw materials, and take immediate action to mitigate their impact. Additionally, by leveraging real-time data insights into demand patterns, inventory levels, and other key metrics, companies can optimize their supply chain operations. This helps them anticipate and respond to market changes while meeting customer needs and minimizing disruptions.
Ultimately, agility and flexibility are crucial in today’s business environment, and real-time data can play a critical role in helping companies achieve these qualities. By embracing the latest data and technology, businesses can position themselves for success in the face of uncertainty and disruption.
Data stories that compel action
Creating a compelling data story is crucial for driving action within an organization. A data story that compels action provides insights that are relevant to the organization’s goals and objectives and can be used to make informed decisions and drive change. This can include customer behavior, market trends, and operational performance, among other areas. To create a data story that compels action, organizations need to identify the key performance indicators (KPIs) that are most relevant to their goals and objectives and use data to track progress against those KPIs. By doing so, businesses can stay ahead of the competition, identify new opportunities, and make data-driven decisions that lead to improved performance and growth. Ultimately, the ability to use data stories to drive action is critical for organizations that want to succeed in today’s data-driven business environment.
Data fabric for governance
To ensure the effectiveness of data-driven decision-making and action, organizations must also prioritize data governance. Data governance involves the management of data availability, usability, consistency, integrity, and security, among other factors. A data fabric can be an effective tool for achieving effective data governance. A data fabric is a unified data architecture that enables organizations to connect, manage, and govern their data assets across multiple sources, locations, and formats. It provides a flexible and scalable framework for data integration, data management, and data analytics, allowing organizations to make better decisions based on trusted data.
With a data fabric, organizations can achieve a holistic view of their data assets, gain greater control over their data, and ensure that data is used for compliance and regulatory requirements. By leveraging a data fabric for governance, organizations can ensure that their data-driven initiatives are successful and that they can achieve their strategic goals.
More AI into data pipelines
More than ever, businesses are tuned into the potential of AI, and how they can leverage this in their operations. We can expect to see the integration of AI technology into the data pipeline at an even deeper level. This will enable analysts and other business users to spend more time analyzing data rather than preparing it, freeing up skilled employees’ time and keeping them engaged. AI will remove rote tasks and uncover value in data sets that may have gone unnoticed, making the most of its users’ time.
Managing Director – India & SAARC,
Qlik
By incorporating AI into data management, the traditional 80/20 distribution between data preparation and analysis can be transformed, as more routine tasks in data engineering are automated. This automation can encompass various aspects, including anomaly detection, reporting, self-healing capabilities, just-in-time deployment, and identification of sensitive attributes like personally identifiable information (PII). Algorithms can delve into the data, unearthing insights that go beyond initial hypotheses. Moreover, automated annotations and tagging can enhance collaboration with less experienced integrators.
The introduction of more AI into the data pipeline does not eliminate the role of humans. Humans excel at synthesizing intricate problems with multiple components. However, AI can take on the mundane data preparation tasks, freeing up data engineers and scientists to focus on more impactful work.
Putting trends into practice
Ultimately, achieving successful data-driven decision-making requires a harmonious integration of people, processes, and technology. By implementing incremental changes and streamlining the data-to-decision timeline, organizations can optimize the value derived from real-time and meaningful analytics. By aligning these elements and fostering a culture of collaboration, organizations can unlock the full potential of their data.
While the prospect of trends driven by significant financial and geopolitical shifts may appear daunting, they also present unique opportunities. Embracing the year 2023 as a time for proactive preparation can empower organizations to not only navigate these unprecedented events but also seize the potential they hold.
