Data – An Organizational Asset
At SIDTM, learning never stops. While the batch of 2019-2021 is busy with their Summer internships and working remotely due to the ongoing lockdown, the student committees have been active and arranging interactions with various industry leaders to help the batch pick up the correct skills and be prepared.
We were pleased to have Mr. Jaidev Dutta and Mr. Abhishek Pathak deliver a session on Data – An Organizational Asset highlighting the value to data to the industry.
Mr. Dutta, an expert in the field of data and analytics has completed his studies in business analytics from ISB, Hyderabad. Previously having worked for Tata Consultancy Services, Hewlett Packard Enterprise, IBM, Schlumberger he has gained practical knowledge, expertise, and experience in the field. Currently he the Director at Deloitte India for Data, Analytics, and Intelligent Automation.
Mr. Abhishek Pathak holds a degree in Masters of Business Management, Global Business from Georgia Institute of Technology. Previously he has worked with Accent Technologies, Accenture, and Cognizant Technology Solutions. Currently Mr. Pathak is currently an Associate Director at Deloitte India. Having worked overseas, he has good experience with the overseas business requirements, their way of business dealing and business culture.
Data Lake needs to have a business driver
The guests quoted that in today’s world Data is the new telecom king and the enabler for the digital world, but that being said data is not only just useful for business but it has become an essential organizational asset. They highlighted the fact the business value roadmap for the data transformation program involves the following stages namely business growth, regulatory risk, and profitability. As mentioned in one of the slides, there are two aspects of how and where data can be useful. First, in the business, an aspect where evolving business models & trends, speeds of decision-making, and new use cases to review that could come under its umbrella. In addition, the other aspect is the technical & operational, where multi-structured data, scalable & efficient processing, and operational efficiency would come under its roof. As observed and applied in the practicality, we need the best of both worlds and hence we consider where we have access to right data that is most relevant, complete, accurate data we can get our hands on but at the same time, it has an impact on both business as well as the operational aspect.
The concept of the data lake, its structure, and its impact on business was touched briefly. Information regarding how big data can be helpful for the telcos to monetize data externally. For introducing a brief idea and practical example of the concepts introduced or talked about during the webinar, a case study of how Digital Analytics is affecting the Life Insurance Industry. Mr. Pathak stressed on the fact that how data can help businesses focus on solving the real problem rather than the superficial problem and he explained this with the help if the ‘5 Why’ framework.
Analytics to help solve the Real Problem
Having heard the guests speak at the webinar, the students gained insights as to how analytics as a tool strongly affects the business processes. Students asked their queries about the human resource in this field and what are the skillsets that one is expected to develop for the same. Mr. Dutta and Mr. Pathak unanimously concluded that having knowledge about algorithms, processes involved in knowledge discovery; and programming languages like python and R programming would give a candidate an edge. Mr. Dutta also stressed on the need for ‘Purple People’ in the industry. ‘Purple people’ are professionals who can understand technology as well as business and can help businesses grow with Digital.
In concluding remarks, both encouraged our entire batch and suggested that we dive and explore this vast field of Data and Analytics that encompasses the business world today. Last but not the least it is said Change is the universal constant and in today’s world both data and analytics are helping the businesses to see the positive change.