The Age of Analytics seen to be driving the Data World
S. Mohini Ratna
Data is now a critical corporate asset. It comes from web, billions of phones, sensors, payment systems, cameras and a huge array of other sources – and its value is tied to its ultimate use. Data analytics and algorithms capability has grown in more sophisticated ways. At the same time, the computational power and storage business have grown multifold and not to forget the key component, that is security best practices which are vital for the development of five areas – e-commerce, IoT, corporate WANs, public cloud services and business process outsourcing. Recent advances in machine learning can be used to solve a tremendous variety of problems. Deep learning is also pushing the boundaries even further.
Data and analytics are changing the basics of competition. The greatest progress has occurred in the location-based services and retail. In both areas with native competitors, digital platforms are helping marketplaces to connect sellers and buyers for many products and services. Leading companies are using the capabilities of digital platforms not only to improve their core operations but to launch entirely new business models. With the pronouncement of demonetization, it also justified the measure as a way to curb terrorism financing that relies on fake rupee notes, as well as to dampen inflation. Growth and innovation in IT organizations are not possible without the emergence of new roles to help drive a transformational IT business today. In the coming days, chances are that everything will be going digital and hence updation of the IT Act becomes the need of the hour.
Going forward, 2016 will also be remembered as the year when hacking has acquired menacing proportions. The need for cybersecurity has reached a new height and the year 2017 is predicted to be that of Artificial Intelligence (AI), deep learning and machine learning – redefining the way humans communicate with devices to not only improve daily life but also boost businesses. The legal framework for privacy and security of data in digital format provides for compensation to the victim in case of unauthorized access and leakage of sensitive personal information.
The technology sector is not just limited to IT anymore, but has to be aligned with the business, since newer roles are emerging and are rather undergoing a transitional phase. Businesses in India while embracing digital transformation, would need to protect their data across all applications and services. It is absolutely true that a cyber-attack takes place when someone develops a flaw in the system. The challenge is how the companies are using cognitive capabilities to improve existing cyber systems. The evolving threat landscape reveals a growing need for security intelligence.
Lastly, technology is enabling digital transformation and co-creation of new knowledge. It can eliminate the overheads and minimize delays in delivering last-mile services. We have to welcome 2017 with the adoption of data consumption on handheld devices.
Good news is that the total mobile services market revenue in India is expected to touch US$37 billion in 2017!