NEW DELHI :
Innovation really just means finding new ways to create value, according to Roger Park, EY Partner, Principal, Americas Advisory and FSO Innovation Leader.
According to the statistics, 90% of all data ever created by humans have been created in the last two years.
“What that statistic really means is that the amount of data is increasing by 10 times every year," he said. “When you take all that data and marry it with cognitive technologies like AI, that will and really should fundamentally change how we all make decisions as individuals or organizations," he added. But as digitization happens and disruptive technologies come in, companies have to prepare themselves to keep up.
According to Park, companies can’t keep up with innovation on legacy infrastructure. However, it is important for companies to upgrade their infrastructure to the next level. “You have to move to the cloud, use big data, build an AI, perhaps use blockchain," said Park.
In the digital world, companies also have to be able to keep up a million different one-on-one conversations at the same time. They have to provide customers with what they want and when they want it. “People don’t want choices anymore," Park said. If a company can provide the services people need, when they need them, in a trustworthy and reliable way, then people are also willing to share their data more easily. “The self-driving car is by far the safest car on the road today. Ten years from now, getting into a human-driven car would be risky," he concluded.