How data, insights & business model innovation help businesses stay ahead of the curve
The future will be prevalent with AI-infused apps, and anonymisation of personal identifiable data is key, say experts
Big Data has evolved over the years and transformed various forms of data; right from the industrial data to customer-centric behavioural data. The models are changing the way companies operate and creating more streams of data insights.
Keeping issues around data and business models at the recently-held SBAC 2020, industry-watchers deep-dived into the role of insights, leaders and respecting a consumer’s privacy for the success of businesses- big and small. Aditya Swamy, Director, Google India chaired the discussion on “From Data to Insight to Foresight.” It comprised experts like Shalini Kapoor - Director & CTO of Watson IoT IBM, Kavita Angre – Chief of Consumer & Marketing Insights and Media, Loreal, Sujit Ganguli – Head, Brand and Corporate communication ICICI Bank and Akash Banerji – Business head, VOOT Advertising video Platform Viacom 18.
“While data allows marketers to target at scale, it brings with it the questions around its usage and privacy,” remarked Swamy. Thought leaders observed that usage and insights of data are varied across industries – Kapoor pointed out that at IBM, they are working on building occupancy and energy management to offer optimization in space and cost for different clients. Meanwhile, Angre emphasised on how the beauty industry is using tech that allows users to try how different cosmetic products look on their skin virtually on the app.
Banerji mentioned how working in the entertainment industry, data predictions like retention, lifetime of customers and monetizing value play an instrumental role. “Data enables insights, leading to better predictions, and hence, greater business efficiency,” he remarked. Ganguli shed light on how changes data is bringing in the BFSI sector and the rise of fin-tech space.
Speaking on the privacy aspect of data, the panel outlined that transparency and anonymization of personal identifiable data are the main pillars in strengthening relationships with customers.
Looking to the future, the panel opined that quick access to newly generated data can be the differentiating factor in leading to success. They also observed that the future will be prevalent with AI-infused apps.
Another panel on Business Models innovation with technology was moderated by Vivek Sunder, COO, Swiggy featuring panellists like Harish Narayan, CMO, Myntra Jabong, Nikhil Arora, VP and MD, GoDaddy Inc, Nishchay AG, Director, Bounce and Pulkit Trivedi, Director, Google Pay India.
The panel started with a discussion on the origins and the transformation within their companies and innovation that is driving the change in business. “Innovation can be in terms of products, services, experience and even industry, but a company must remain true to its core competency, “ remarked Narayan.
Arora went on to opine that having a purpose is key. “Knowing your go-to-market capabilities and focusing the messaging on customer problems is imperative,” he further advised. Meanwhile, Trivedi suggested that companies must give employees the mind-space to experiment, take risks and learn. “Gmail was the outcome of Google’s 20 per cent time project that allows employees to take time off, experiment and take risks,” he asserted.
“Going from zero to one is an art, and from one to ten is science,” said Nishchay as he described Bounce’s journey from starting as a mobility startup to foraying into consumer insight specialization.
The panel deliberated on how founders must be confident about the technology, the team and the core user need. Furthermore, the panel added that brands/organisations must have a purpose and know the product it wants to offer to the customers.
The final discussion was moderated by Dr Ranjan Banerjee, Dean, SPJIMR and included industry veterans like Bharat Puri, MD and ED, Pidilite Industries, business leader Sanjeev Aga, Nikhil Ojha, partner, Bain and Company, and Chandramouli Venkatesan, Bestselling Author and Senior Management Consultant on the topic ‘Are Leaders Drivers of Innovation?’
Collectively, the panel brought in rich insights on how a leader must operate to engender an environment of innovation within their company. A firm must allow its people to fail.
According to Aga, “No company that set out to be innovative ever became innovative, All firms realize their innovation only in retrospect”.
“Another important role of the leader is to pick out the innovations that will actually create an impact,” remarked Ojha.
Leaders should also try to focus on problems that have the potential to change the market, rather than just trying to improve their existing product, according to Venkatesan.
Moreover, Puri said, “It’s the CEO’s job to make sure that people immersed in the latest technology should be the ones handling some of the core functions pertaining to the technology”.
Closing the discussion Puri remarked, "It's not the disruption that's dangerous. It's the lack of incumbency towards disruption that kills organizations".
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