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Data is allowing creation of amazing new business models
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Data is allowing creation of amazing new business models
Sujit John and Shilpa Phadnis / TNN / Updated: Jun 25, 2021, 09:08PM IST
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He said that while driving business with data comes naturally to digital natives – the likes of Uber, Airbnb, Spotify – it’s not so natural for traditional organisations. “So they must have an active focus in developing and nurturing data initiatives if they want to compete with digital natives. What we have seen is, traditional companies, when they move, they take giant steps,” he said.
Data by itself doesn't help. Data needs to be converted to knowledge and to insight and then to actionable initiatives. You then need to measure the impact, and then collect more data. “It starts with identifying appropriate datasets, collecting data, designing the guiding principles of collecting data, nurturing skills, fostering a data culture,” Subrahmanyam said. Digital technologies are enabling the development of powerful data platforms.
Mangirish Herwadkar, director of Capgemini’s Applied Innovation Exchange in Mumbai, said dramatically new business models emerge when you are a data-powered enterprise. He noted how digital native companies like those in food delivery give food outlets a view into consumer preferences, tell consumers how soon they will get their food. Even large hotel chains buy data from such companies to figure out what is likely to be the traffic at their hotel, how they can manage operating expenses better. He said data is allowing even traditional enterprises to create more attractive business models.
Shikha Singh, professor at IIT Dhanbad, said manufacturers are managing their products till the end of their lifecycle by using RFID, sensor technologies, IoT systems. This provides them enormous amounts of data. “So, in future, when a customer comes with a complaint, they will know what the exact problem is, what the history of that particular product is. Based on the data, they can even predict the solution required,” she said.
Given the digital data now available and the ability to draw insights from them, you will find automotive companies beginning to offer rides instead of asking you to buy vehicles. You are seeing aircraft engine makers like Rolls-Royce charging based on the extent the aircraft flies, instead of making them buy those engines.
There are companies who we call data masters. Their data foundations – the technical capabilities like data and AI platform, ability to identify and process data – are very good. And so also their data behaviours – they do data-powered decision-making, they only collect necessary data, they have a data sunset policy.
Data analytics is a core area these days. We have introduced an MBA in business analytics, an MTech in data analytics – courses focused on data mastery, data behaviour. There is a six-month internship programme in these courses where students have to find and process data to create a good business solution for the company.
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