Forbes India 15th Anniversary Special

Data-Driven evolution: Unlocking insights from India's tech leaders

Charting India's Future: Insights from Bangalore Closed Door Round Table Conference held by Forbes Presents The Data Circle in association with Snowflake

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Published: May 14, 2024 04:37:57 PM IST
Updated: May 14, 2024 05:40:23 PM IST

Data-Driven evolution: Unlocking insights from India's tech leaders

In the dynamic realm of modern business, where uncertainty looms large and opportunities abound, data has emerged as the guiding lighthouse for enterprises navigating the seas of the modern economy. Forbes India presents The Data Circle – India’s Changemakers, in association with Snowflake, is a unique platform that invites esteemed technology leaders to delve into pertinent dialogues, exchange insights, share best practices, and address critical challenges that shape the future of their industries. Additionally, it stands as a bastion of recognition and celebration for exemplary leadership, spotlighting those individuals who drive innovation, inspire change, and make significant contributions in the technology landscape.

The most recent edition of this special series was held at Taj Westend, Bengaluru with a panel of distinguished technology leaders who shared their insights on the theme ‘Navigating the economy with data’. The discussion was moderated by Mridu Bhandari, Editor - Special Projects, Network18. It brought together outstanding technology visionaries from diverse industries who are at the forefront of leveraging data to shape the future of business in India.

Reliance on data and leveraging analytics to optimise and streamline operations

The discussion began with speakers shedding light on how their companies are leveraging data to accelerate the growth of their respective businesses. They shared examples of how data-driven insights have reshaped their approach to customer experience, supply chain efficiency, and product innovation and enabled them to treat data as a critical asset. Vineet Shukla, Vice President & Head of Data, Mahindra Group explained how Mahindra Group unlocks the potential of data and creates disproportionate business impact with the help of emerging technologies. Bhaskar Gopalan, VP – Engineering, Razorpay explained how being in a money movement business, ‘reconciliation’ is very important, and how a lot of their reconciliation is AI-based, which is three-way between the bank, Razorpay and the customer.

Explaining the pivotal role Snowflake plays in catapulting the growth of businesses through Cloud, Tom Devasia, Regional Sales Director, Snowflake said “Cloud gives the flexibility, the agility for customers to bring data but it should also have the ability to make data inter-operable with businesses. Monetisation is a very big area where we are supporting a lot of customers, we help them monetise their data and applications for the benefit of the larger ecosystem.”

He also highlighted how Snowflake's innovative solutions empower enterprises to harness the full potential of their data assets, thereby enabling sustainable growth and resilience.

Embracing Data-Driven Transformation

The speakers also delved into the role of data in driving innovation and sustainability across diverse sectors. They elaborated on the strategies implemented to ensure effective data governance and management, laying the foundation for data-driven decision-making.

Bhaskar Gopalan, VP – Engineering at Razorpay, shared insights into how the company empowers businesses with actionable insights from transactional data, thus enhancing financial strategies for its B2B clients.

“We offer a product called RTO protection, return to origin where we use AI & ML to tell the merchants that potentially this transaction could be RTO, so you may want to stop the transaction from going through and we also have insurance based products where if the customer does go through, we reimburse the merchants,” he said.

Prashant Parashar, SVP & Head of Technology at Delhivery shared how Delhivery leverages data analytics and AI to optimise its logistics network and improve delivery outcomes. He emphasised on how Delhivery's success story underscores the transformative potential of data-driven technologies in enhancing operational efficiency.

“All actions that happen in Delhivery, including on ground, are guided, and driven by data because we are first a technology company and then into logistics. From taking an order from the client to fulfilling the order, the complete life cycle is driven by technology. Systems are built on past and real-time based data,” he said,

During the discussion Braj P, Head – Global Digital Centre of Excellence & Enterprise Architecture at Dr Reddy’s Laboratories, shared insights on how data-driven insights powered by AI and machine learning are revolutionising drug discovery, clinical trials, and personalised medicine.

Charting the Course Ahead

As the discussion drew to a close, panelists shared insights on how navigating the complexities of the modern economy requires a strategic approach, and data-led insights serve as the compass guiding businesses towards success.

Maheshwaran Calavai, Chief Digital & AI Officer, TVS Motor said “As organisations think of individual constituents and different facets of data management and doing that globally, we need to start looking at data as an enterprise asset and therefore pay a lot of attention to the foundations – culturally, people, process and technology-wise.”

Finally, Tom Devasia, Regional Sales Director at Snowflake, further provided insights into the evolving role of cloud data platforms in helping businesses navigate economic uncertainties and drive growth in the post-pandemic world. The panelists engaged in a robust discussion on various aspects of data-driven transformation, ranging from market trends to regulatory challenges. They emphasised the importance of data privacy, security, and collaboration in realising the full potential of data-driven innovation.

Conclusion

In conclusion, the event underscored the transformative power of data in driving innovation, growth, and resilience in today's complex and competitive business landscape. By embracing data-driven strategies, India's changemakers are charting a course towards a brighter and more prosperous future.

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