Data Power

Importance of data in the digital transformation strategy

- Pradeep Chakraborty

Webinar organised by Dun and Bradstreet. The participants in the webinar organised on the importance of data were Gautam Dutta, Senior Director, Marketing; Siemens Digital Industries Software; Jigar Mehta, Head, Analytics & Financial Controller, Aditya Birla Health Insurance; Ramanathan Arunachalam, VP, IoT & PED Practice, Inspirisys Solutions; Abhay Zarkar, VP, Global Practice Head, Enterprise Solutions, Tata Technologies; Sundar Subramanian, President, Global Delivery, Mphasis and Subrata Das, Head Of Analytics, U GRO Capital. The session was moderated by Anand Iyer, Director, Operations & IT, Dun & Bradstreet India.

Anand Iyer, Dun and Bradstreet India, said the importance of data is growing in digital transformation. The industry has seen a lot of profile changes. Database itself matured. There were newer structures. From 2010 onwards, there has been a change. The most widely-sold software is the CRM.

Business processes should revolve around the customers. A lot of data has also come into being. What can be done with this data? There has been analysis and analytics of data. Industry 4.0 has come into being. Digital transformation is now at its peak. Digitisation produces petabytes of data.

Economic Impact of Bad Data

There is an economic impact of bad data. Average business losses lead to ~30% of revenues. The impact on Indian businesses is $9.7-14.2 million annually. It costs the US economy at least $3 trillion per annum, due to lost revenues, poor decisions, inefficiency, legal and noncompliance, and unnecessary technology costs.