Data is making news in India and elsewhere for various reasons. In India discussion is going on on Personal Data Protection Bill 2019 (PDPB2019) on whether the Bill will introduced in the Parliament in the monsoon session or not.
Dogecoin co-founder has created a global stir stating that Crypto Currencies like Bitcoin are a “Scam”.
Elsewhere organizations like FDPPI are shouting that Value of Data has to be visible in the Balance sheets.
On the horizon lurks the proposed “Non Personal Data Governance Act” in India which may define a new business called “Data Business” and enable even manufacturing companies to come up with a “Data Monetization Plan” to boost their revenue.
The manufacturing industry on the other hand is trying to transform their production system to “Industry 4.0” framework where data drives production. 3D printing has the potential to change the entire manufacturing sector.
Quantum computing says that Data can simultaneously exist in different forms (Super positioning) and can be twisted from remote location (entanglement) to change data values raising questions on the information security technology as is prevalent today.
In the midst of all these discussions, Business is pursuing the question of how to leverage data in making better business decisions. This is the thrust to creating “Data Driven Organizations”. Most of the IT Companies consider this “Digital Transformation” as the future of their business marketing profile.
In this context, Techmedia plus is organizing a webinar during the CXO Tech Summit 2021 on “Building a data-driven organization” to discuss the trends and challenges in building a data-driven organization.
While “Data” is a key driver of business in all IT Companies, the role of data in manufacturing sector leading to Industry 4.0 scenario requires an in depth debate. With India proposing to get into a legal regime for monetizing Non Personal Data, there is a need to ensure that an awareness is built in the industry on how to leverage data for better decision making in the business. The restrictions on the use of Personal Data places a premium on technologies like “Anonymization” that converts personal data to “Non Personal Data” so that the Data Analytics industry can harness the benefits of data. At the same time with increasing cyber threats, “Security” continues to be a concern for data availability, data reliability and data confidentiality.
One of the reasons that corporates are unable to allocate sufficient attention to data management for business is that the top managers of a company donot have a clear visibility of the value of data which is in their custody. Only when hackers remind them from time to time with ransomware attacks, do corporates realize that they have millions of dollars worth data in their custody. It is therefore time that we try to bring better visibility to data as an asset in the hands of a company. It is notable that FDPPI (Foundation of Data Protection Professionals in India) which is often referred to as the “Dada of Data Protection in India” has taken steps to suggest that bringing data value into balance sheets is one of the suggested controls in the PDPSI (Personal Data Protection Standard of India) framework for evaluation of PDP-CMS (Personal Data Protection Compliance Management System) system and calculation of the DTS (Data Trust Score).
Naavi is slated to speak to Data Valuers in Bangalore on Saturday on data valuation and lead a panel discussion on building a data driven organization in the CXO summit 2021 on August 18, 2021.
Look forward to interesting discussions with experts in the industry on both topics.