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Business News/ Companies / News/  Cyrus Mistry tells Tata Group to go digital
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Cyrus Mistry tells Tata Group to go digital

Under the Tata's Vision 2025, the group wants to engage with a quarter of the world's population

Mistry was addressing the Annual Group Leadership Conference in Mumbai. Photo: Hemant Mishra/Mint Premium
Mistry was addressing the Annual Group Leadership Conference in Mumbai. Photo: Hemant Mishra/Mint

Mumbai: Stressing on the need for the Tata Group companies to adopt a digital approach for businesses, Cyrus Mistry, chairman of Tata Sons, on Wednesday laid out several initiatives that will have to be taken by the group companies to achieve its 2025 vision, said a note by the Tata Group on Wednesday.

Under the 2025 target, called as Tata’s Vision 2025, the group wants to engage with a quarter of the world’s population by improving the quality of life of communities and customers.

Mistry was addressing the group’s leadership and senior management at the Tata Group’s Annual Group Leadership Conference in Mumbai.

He said to achieve the group’s vision; the companies under the group will have to “to maintain its success in a changing world marked by global volatility and an inexorable shift towards a digital future."

He said the companies will have to develop unique consumer insights, diversify profit pools, create intellectual property rights, deploy robust risk management processes, create financial flexibility to seize opportunities, and minimise impact on the environment. These enablers, he said, will help the companies to ensure “sustainable profitable growth and to develop agile businesses amidst a changing and volatile world business environment," he said, adding that this will be the key building block for long term shareholder value creation.

According to the note, the Tata Group companies also showcased some initiatives that will be taken by the companies to enhance the use of the digital medium to enhance future profitability.

Some of these initiatives were—an omni-channel market place which will seamlessly integrate store shopping and online buying. Offering renowned brands, both Tata and non-Tata, across lifestyle and electronics categories, it will be powered by technology platforms, systems and processes managed through collaboration of the relevant Tata companies.

Another initiative will be a digital health and wellness platform for providers and consumers enabling preventive and predictive healthcare. The platform will connect retail clinics, multi-speciality clinics, pharmacies and laboratories with individual consumers, healthcare providers and wellness centres.

A third digital initiative, based on analytics, is aimed at arming Tata companies with sharp and comprehensive consumer insights. The newly formed Consumer Analytics Division at Tata Industries will create a holistic view of the customer, unveiling new business opportunities at the company, cluster and group level.

The group posted a 5.3% jump in revenues for the financial year 2014-15 to $108.78 billion from $103.27 billion, out of which international revenues constituted 68%. The group invested about $10 billion worldwide during the year, and closed the financial year with a market capitalisation of $134 billion, a 17% increase over the previous year, Mistry noted in his speech.

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Published: 30 Jul 2015, 12:49 AM IST
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