NEW DELHI: The digital initiatives across organisations has brought data to the forefront for informed-decision making to fuel faster innovation, business leaders at the Digital Age summit, organised by the Bombay Management Association (BMA) Friday said.
“Digitisation of production and consumption has put data at the centre of business decision making. Connected devices and people are generating enormous amounts of intelligence about products and their usage, which is allowing organizations to make more informed judgements instead of relying on the experience of their leaders,” Prasanthi Reddy, President – Strategic Initiatives at YES Bank said.
Those attended the day-long event include Anup Purohit, Group President and Chief Information Officer, YES Bank; Pramod Bhasin, Founder, Genpact and Chairman— Clix Capital; Murtuza Khorakiwala, Managing Director, Wockhardt; R. Radhakrishnan Executive Director, Hindustan Petroleum; Sanjay Kirloskar, Chairman— Kirloskar Brothers; Shailesh Haribhakti, Chairman— Blue Star.
“Organizations use multiple digital channels for effective marketing and use consumer data to improve the brand experience for consumers. Marketers should take ample care to alleviate consumers’ privacy concerns. The future of Indian economy is digital,” Radhakrishnan said.
“Indians are the second-largest users of apps in the world and largest users of social media. Digital consumption and online transactions are growing in popularity and every enterprise is expected to have an online presence,” Kirloskar said.
“The companies with more and better data can understand the customers more deeply, innovate fast and even predict future market events. In this digital age, a business that falls behind in data extraction and analytics is likely to disappear from the scene. Also, ensuring data security and privacy is essential to the growth and longevity of a business,” Genpact’s Bhasin said.
Founded in 1954, BMA is one of the India’s leading managerial communities for the managerial excellence in business and corporate management.