The adoption of emerging technologies leads to a massive explosion of data. It would not be an exaggeration to say that data is the new oil and the most important asset for companies. The frenetic pace of its growth is such that it doubles every two years. And it’s not just generated in the cloud and data centers, but at the edge, across multiple places, especially where business is done, where users, devices and things come together. And it should be used appropriately to gain insights and see patterns across the data spectrum.
Muqbil Ahmar, Editor of The Economic Times (ETCIO), discussed several aspects of the data revolution with Keith Budge, Executive Vice President, Asia-Pacific and Japan, Teradata.
Here are some excerpts:
What role can data play in the digital transformation journey of organizations?
Data is essential for all organizations and business leaders are trying to make better use of their data in all aspects of their business. Data can not only aid productivity, but also help decision makers achieve sales goals, understand customers, and focus on creating new products that meet customer needs. However, the challenge companies face is not knowing how to get the most out of their data. As data often exists in silos on the network, it is important to understand the role data plays in the digital transformation journey to realize its full benefits.
Data-centric organizations treat data as a core asset and leverage data for competitive advantage. Digital data resulting from new systems and sensors provides much better visibility into the details of what is happening with customer interactions, supply chains and manufacturing operations. With these details, we can analyze what is happening in real time and make immediate adjustments. We don’t just need to use summary or average numbers, but we can make decisions on a granular scale of individual transactions.
Data can cultivate an environment of innovation and collaboration that drives business results through the use of enterprise data analytics. Behavioral analytics can help us predict demand and understand the friction points that occur at touchpoints throughout the customer journey. With most e-commerce businesses offering a hybrid shopping experience, digital transformation with data can enable and improve an entire business, delivering value through better understanding, alignment and action of digital data and offline.
Data can also help build a robust data analytics ecosystem capable of hyperscale end-to-end orchestration, as it can enhance process innovation and increase value-based automation. The integration of data in all areas leads to new insights. For example, the telecommunications, e-commerce, retail, and manufacturing industries are highly dependent on data as it powers the dimensions of their operation, which leads to overall business efficiency and profitability. . When we create an analytical environment that makes it easy to share data, train models, and then deploy them at scale for scoring, it accelerates the innovation cycle.
How can data help improve productivity and operational efficiency, and drive remarkable business results while reducing costs through data-driven insights and personalized experiences?
The cloud is an essential part of a company’s digital transformation journey. Business leaders can leverage data to make better decisions in almost any area of business, from financial management to operational systems to build resilience and predictive metrics. For example, we work closely with companies in the automotive industry. One of the areas of productivity is in their production process. Our customers tell us that they struggle to reduce error rates in the spot welding process. When we collect the data generated, we can help analyze whether each weld was successful or not. If not, it can be replaced immediately rather than at the end of the production line. Even though it seems like trivial information, its success or failure plays a huge role in the vehicle production equation.
The cloud can also provide great flexibility across the organization. Decision makers can apply productive rations to any part of a company’s management, customer support, marketing, and manufacturing. For example, information gathered from customer surveys or immediate post-purchase feedback can help determine customer retention and loyalty.
Data and the cloud can also help with digital identity management, where business leaders can combine disparate sets of customer data to create a common set of identities, relationships, and household data. This information allows marketers to make the most of their data and grow their e-commerce campaigns and platforms.
How can modern technologies, such as cloud and data, be harnessed to foster innovation, digital skills and competencies within an organization?
For cyclical or seasonal businesses, the amount of data collected will fluctuate. Modern technologies such as the cloud can mitigate these challenges during workload peaks, thanks to their advantages in terms of operational savings, flexibility and scalability.
An example would be companies in the manufacturing industry. As phone companies approaching Christmas or year-end sales, they need the flexibility to allocate the exact resources needed for testing and to order the right number of chips needed for their products. This allows them to scale up and down research and development when needed. Businesses can also easily create new systems in the cloud to stay ahead of the curve by anticipating customer needs and providing better services and products that match their needs.
Moving to the cloud can also help reduce complexity and make it easier for IT teams to upgrade and deploy new technologies as they become available. In the cloud, software is kept up to date and patched for security with regular attention that is often not possible in on-premises systems. The cloud enables an ecosystem approach to architecture where key services share data products and APIs to build pipelines and work together across technologies to solve business problems.
However, for industries such as banking or government, not all data can be migrated to the cloud due to its sensitive nature. Teradata’s Vantage platform is free from blockages, which encourages flexibility and portability for deployment anywhere. Organizations that are in multiple clouds (eg, AWS, Azure, etc.) can quickly collaborate across networks. This helps them examine their data both on-premises and in the cloud and make better business-wide decisions.
What is Teradata’s cloud-first strategy?
As data gravity shifts to the cloud, businesses need to be aware. Teradata has the technology in place to capture data as it migrates to the cloud. As a cloud platform-focused company, Teradata’s data warehouse platform is extensible and provides foundational functionality to enable customers to build and/or purchase solutions. Teradata’s multi-cloud approach also means that Teradata partners with leading cloud platform and software vendors to deliver unlimited intelligence through a connected multi-cloud ecosystem. Teradata’s data management platform is based on the same code serving both on-premises and cloud customers. Data and applications can be moved freely between clouds and on-premises solutions and full support for hybrid solutions is also available.
What is Teradata’s investment in the Indian market and commitment to providing customer-centric solutions?
Since 2007, Teradata has expanded its operations in India through significant investments. Currently, we have a strong team of more than 2000 employees, all with different skills that allow us to focus on the local market and customers. We have a presence in five major cities in India, such as Hyderabad, Gurgaon, Bangalore, Pune and Mumbai, as well as a customer-facing office in Delhi. We also have a significant research and development (R&D) presence in the country, supported by a strong team in the back office.
Teradata’s customer base in India spans banking and financial institutions, telecommunications, public sector, consulting and retail. Many Asia Pacific and Japan (APJ) resources are also based in India, reflecting the key role India plays in Teradata’s growth plans. When India reformed the indirect tax regime for the taxation of goods and services (GST) to improve efficiency, Teradata worked closely with a global consulting firm to move compliance from process to process. shot at the source. With the support of Teradata, the company can now streamline its reconciliation processes cheaper and faster.
What is Teradata doing to address issues such as fraud from a data and analytics perspective?
Fraud is the main issue on the agenda. Banks and business leaders understand that fraud will get worse due to the digitization of banking. One of Teradata’s strengths is its ability to analyze data from a wide variety of sources in real time. For example, we worked with a $2.5 trillion top 10 global bank to provide an effective real-time solution to detecting online fraud. The solution helps banks track real-time behavior patterns and prevent fraud. We work closely with our customers in different industries, such as banking and financial services, using Teradata solutions to prevent and detect fraud. Our solutions can help track all user interactions across digital channels, create user identity graphs, create contextual views of each transaction, and act in real time to stop only fraudulent transactions.