The power of data science - Influencing smart business decisions
With the theme of ‘Unlocking Business Growth with AI & Data Performance’, DATAMATIXX Summit and Awards 2023 turned the focus on the significant impact of data-driven strategies and artificial intelligence on business growth and performance.
Anjali Malthankar, National Strategy Director, Tonic Worldwide, moderated a panel discussion on ‘The Power of Data Science, Influencing Smart Business Decision’ at the event that was held on July 28, 2023 in Mumbai. The esteemed panellists included:
Anant Ranjan, VP - Growth and Initiatives, Mobavenue Media
Nikhil Kurian, Head of Digital, Tata Motors
Suchit Sikaria, CBO, Sugar Cosmetics
Shibu Shivanandan, Founder and MD, Pivotroots
Yatnesh Pandey, VP - Marketing, GreenPly
Speaking on the power of data Science and how it influences business decision-making, Anjali Malthankar said, “Power of data science is the new essential for decision-making in any business and brand building overall.” She went on to ask the panellists as to how important data science is in decision-making in business building today.
Anant Ranjan noted, “There have been a lot of transitions taking place in terms of business. When we started one of the first e-commerce companies, it was very difficult to educate people in terms of digital sites. As we see, now most of the brands are on this digital site and we can say digital has opened the eyes of brands.”
Speaking about the automobile industry, Nikhil Kurian pointed out that people never change their car frequently. He added, “In such an industry, data plays a really important role in decision-making in two ways. One is the conventional research that goes into the invention of cars, but today it is unlocking through social and passive listening of designing the car.”
For Shibu Shivanandan, “The basic crack is understanding the data and the insight that you are going to build on it. Data science and data analytics are something that go from the research phase to the bottom of funnel conversion optimisation. Data is very important and conventional at each stage and brands and advertisers need to understand the kind of insights we should be deriving and the outcome of that decision.”
“From our perspective, data does two things for us very importantly,” said Suchit Sikaria, adding, “One is it removes subjectivity at an individual level and aggregates the subjectivity at the mass level. For individual level, people who are driving the business, it is difficult to keep the biases away and I think data helps us do that so that we don’t impose our views on our customers. On the other hand, it is difficult to understand consumers because every consumer of ours behaves differently every day, that’s where data also helps in trying to bring trends insights from a large number of transactions and behaviors we record for our consumers.”
Focussing more on the contextual side of data science, Yatnesh Pandey said, “Earlier, the capital was the denominator to succeed in any business, but now the competition is more towards the speed and time of the equation and there are certain tools behind it. Now, the kind of foreside you needed, you need to decision science into the place to make your business succeed.”
These are edited excerpts. For the complete discussion, please watch below:
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