The Senior Vice President of Digital Experience, Data & AI at ITC Infotech discusses the importance of realizing value from the abundance of data created daily and the challenges faced by chief data officers in managing, processing, and sharing data while complying with regulations. The value extracted from data is directly linked to the maturity of data management practices within an organization. The more data-silos present, the higher the cost of management and the lower the value derived from the data.
To maximize value realization from data, several pillars need to be in place, including a modern data platform that can transform raw data into valuable data products. The data platform should support integration from various sources and handle different types of data, such as structured, semi-structured, or unstructured. Cloud hosting is often preferred for data platforms due to its scalability and agility, along with native support for data governance and security features.
Data products represent the tangible value extracted from data and can be in the form of insights for business users or APIs for consuming apps. Organizations need to shift from viewing data as a byproduct to seeing it as a valuable product. This requires new roles like data product managers and a dedicated Data & Analytics team within the enterprise to iterate and scale data products. A well-defined D&A operating model and structure with representation from both business and IT are essential for successful value realization.
Unlocking value from data involves steps such as assessing information inventory, defining a data strategy aligned with business goals, and executing the strategy by setting up a D&A organization and data platform. With the rise of generative AI, the focus has expanded to include unstructured data like text, audio, images, and videos. A holistic approach that integrates business, technology, and legal aspects is necessary for the success of data value realization initiatives.
An example is provided of a hospitality provider that transformed its data management practices by setting up a Federated Data & Analytics organization and implementing a data mesh architecture approach using a cloud data platform. This transformation enabled significant value to be unlocked through AI-driven initiatives, resulting in cost savings through automation and top-line growth through predictive analytics. Realizing value from data requires a strategic and structured approach, involving collaboration between different departments and a clear vision for data-driven decision-making.
