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How leaders can accelerate analytics innovation & unlock true value of data

This eye-opening discussion deals with a number of topics; such as the utilization and prioritization of data across the many facets of an organization, the importance of being data literate and in essence, the secrets of unlocking the true value of data.Premium
This eye-opening discussion deals with a number of topics; such as the utilization and prioritization of data across the many facets of an organization, the importance of being data literate and in essence, the secrets of unlocking the true value of data.

Understanding the importance of competent leaders to leverage data driven technological solutions that expedite the innovation journey, we decided to have a conversation with some of the industry’s most experienced leaders and innovators.

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“In a market defined by looming uncertainty but building optimism, data has gained a central position of being able to put any organization at a position of advantage but only if it is leveraged effectively."

~ Gautam Srinivasan, Senior Journalist

As the quote above so aptly explains, data has become the single biggest driver of innovation and holistic growth for modern enterprises. Decision makers and leaders around the world have been striving to accelerate growth, profitability and efficiency by tactfully utilizing data-driven models and approaches. The modern CFO in particular holds a central position in an organization’s digital strategy, with complex responsibilities ranging from proactively monitoring key analytics trends to creating action plans for critical investments and crisis management.

Understanding the importance of competent leaders to leverage data driven technological solutions that expedite the innovation journey, we decided to have a conversation with some of the industry’s most experienced leaders and innovators. This eye-opening discussion deals with a number of topics; such as the utilization and prioritization of data across the many facets of an organization, the importance of being data literate and in essence, the secrets of unlocking the true value of data.

Harnessing Insights from Data

“There is a lot of data but at the same time, it's very important that you touch upon the right segment of people for the right product and for the right incentivization."

~ Sanjay Saxena, CFO, Paytm Payments Bank

In the words of Sanjay Saxena, CFO of Paytm Payments Bank, the fundamental value of harnessing insights from data is the ability to reach the right people with the right messages. A growing company in today’s world, with social media reach and sentiment analysis, has access to large amounts of data, but without finding context and relevance, it is largely of no use. Harnessing insight requires an organization to perform extensive customer analytics which is vital for mining public perception and customer retention.

The true goal of harnessing insights from data is to convert the next billion users of technology into customers. As a leader that wishes to do this, analyzing data is pivotal to the services that you provide to your customers. Insights from data allow you to realize the different segments of customers and how you can approach them individually.

The Role of Technology in Upscaling

“We started with a few labs and now we have more than 250, a few collection centers and now more than 4000 and 10000+ touch points. This is not possible without technology. This technology is where this diagnostics space has been created and becomes so visible, scalable, accessible."

~ Ved P Goel, Group CFO, Dr. Lal Path Labs

These were the words from Ved P Goel, Group CFO of Dr. Lal Path Labs, whilst explaining how the turnover of his company had grown from 43 crores to an astonishing 1581 crores. He emphasized on the importance of quickly adopting technology into the various processes of the organization, especially during our current, unprecedented times.

A leader has to realize that technology and data are vital for upscaling. Dr. Lal Path Labs were quick to adopt ERP systems that have been used to integrate data across their labs and collection centers for well over a decade. During the peak of the Covid-19 pandemic, they managed to stay relevant by investing heavily into digitalization and overall automation. By implementing data driven decisions to adapt to these unforeseen circumstances, they managed to come out even stronger after the pandemic. Hence we can see that upscaling is impossible without technology and data.

Importance of Data Literate Teams

“What is at play here is proper education. Companies believe that human resources are extremely important. We are not going to let you go or diminish in value."

~Baskar Lakshmanan, CFO, TVS Automobile Solutions

Looking at this quote from Baskar Lakshmanan, CFO of TVS Automobile Solutions, it is easy to understand the importance of having educated and data literate teams.

This is further emphasized in a survey conducted by Suganthi Shivkumar, Vice President, Asia, Alteryx in collaboration with IDC. This survey questioned 500 decision makers across 5 Asian countries, including India. They found that though 94% of respondents understood data analytics, only 19% actually said they were experts. These experts believed that they are superior to their peers in terms of cost reductions, business model innovation and product development. But the one thing that was holding them back from exponential growth was a lack of data literate teams.

Workforces around the world have been suffering from an inability to properly grasp the idea of being data driven. Creating a data literate team requires organizations to invest in areas that empower the citizen data scientists, normal people like us. Simply adopting strategies that reward practices around being more data centric can make a substantial difference in creating a data literate workforce.

Prioritization and Collaboration

“At the end of the day you have to prioritize, you have to do the resource allocation wisely. Related question is, it will fail if the culture is not right, so that’s where the executive sponsorship comes. Not only in terms of funding the change, it is also talking about and creating a mindset in the organization that decision making is fact based, data based."

~ Mandeep Mehta, CFO, Max Life Insurance Co. Ltd.

This quote from Mandeep Mehta, CFO, Max Life Insurance Co. Ltd., highlights how the executive sponsorship is much more than simply funding change, it deals with the creation of a culture driven by data analytics. It is important now to prioritize the sectors that can benefit the most from the allocation of the finite funds an organization has.

A collaborative data governance between CTOs and CFOs is an important aspect of modern organizations. With an increase of digitization and technological adoptions, the need for financially supported data security is ever-increasing as well.

Game Changing Strides

“Whatever we do, we are moving a big ship here, whether we are a new organization or an old organization"

~ Suganthi Shivkumar, Vice President, Asia, Alteryx

Taking strides towards data literacy and advanced data analytics is a massive step for any organization. A prominent example is how some companies take it upon themselves to make data fun. An easy way to do this is by gamifying exercises that earn rewards or by organizing relevant hackathons. Creating an environment of recognition can accelerate the data literacy within a team. Another easy method to achieve data empowerment is to establish short-term and achievable goals that motivate the workforce.

In Conclusion

Unlocking the true value of data is synonymous to democratizing data literacy, empowering employees with readily-available analytic services, automating processes and cultivating a data savvy workforce. Organizations need to accelerate data driven outcomes and models in order to stay competitive. We are in the midst of a massive culture shift where data is the ultimate driving force for decisions that shape the long-term success of an enterprise.

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