Mr. Naren Vijay, EVP - Growth, Lumenore

16 Sept 2022 , 09:38 AM

Are we really seeing any significant improvement in performance by companies that are using business intelligence and big data?

The use of big data and business intelligence is a must for businesses aiming to bridge the gap between data and decisions. A business intelligence platform like Lumenore can provide a framework with which businesses can use solutions like data universe, analytics, artificial intelligence and machine learning in a single unit. Big data and business intelligence help a business to explore and answer deeper questions to improve operational efficiency. We have witnessed businesses register strong improvement by utilizing organizational data to make informed decisions and carry out business functions efficiently. While we support the data transformation journey at every stage, our primary focus is to build a scalable framework in line with the latest technologies.
 
 
What is the situation regarding Indian companies? Are they ahead of the curve or behind the curve when it comes to using Big Data technology?
 
Indian companies are behind the curve when it comes to the adoption of big data. The multi-pronged advantages of using big data technology require a business’s commitment, time and strategy. However, with the ongoing start-up revolution, companies tend to focus more on their operational systems and harnessing big data takes a backseat. The scenario is different for large established businesses as they realize the potential benefits of big data and have started adopting analytics to gain insights for new growth.
 
In which sectors you have found the adoption of Big data and Business Intelligence more? In which sectors do you find it less?
 
Sectors that see value in personalization and targeted marketing stand to gain a lot more from big data. For instance, sectors like manufacturing, retail, insurance, banking & finance, in general, have been more receptive to the introduction of big data and business intelligence. It is also because these sectors have the resources to invest in bringing about these modern changes. On the other hand, sectors like human resources, agriculture, Government and the public sector, in general, are yet to fully open up to the potential benefits of big data and business intelligence.
 
Does too much focus on data make a company short-term oriented?
 
On the contrary, focusing on data can provide a roadmap for the business’s long-term growth. Data-driven insights can set the organization on a path to achieve its vision and ensure sustainable development. A company should maintain a balance between market-driven growth and data-driven growth. Data-driven insights can accelerate business growth, but it is important to consider external factors before operationalizing a business. An organization needs experiments and time to derive relevant insights from the data structure. As a result, focusing on data doesn’t make a company short-term oriented.