Winning in the Digital 3.0 Age
by Suman Gupta
November 2019, Mumbai: Established in 1954, the Bombay Management Association is popularly known by the acronym BMA; is one of the India’s leading managerial communities striving for managerial excellence in business and corporate management. BMA came up with a digital leadership summit 3.0 titled Winning in the Digital Age in partnership with AIMA (All India Management Association). This partnership is not only brought two team’s objectives together but also provided value to the larger management community and ecosystem.
Speaking on the occasion Ms. Prasanthi Reddy, President – Strategic Initiatives, YES Bank said; “Digitization of production and consumption has put data at the center of business decision making. Connected devices and people are generating enormous amounts of intelligence about products and their usage, which is allowing organizations to make more informed judgments instead of relying on the experience of their leaders.”
Mr. Pramod Bhasin, Founder Genpact Ltd, and Chairman, Clix Capital said; “The companies with more and better data can understand the customers more deeply, innovate fast and even predict future market events. In this digital age, a business that falls behind in data extraction and analytics is likely to disappear from the scene. Also, ensuring data security and privacy is essential to the growth and longevity of a business.”
Dr. Murtuza Khorakiwala, Managing Director, Wockhardt Limited said, “Digitization has changed marketing by opening more communication channels and giving marketers deep insights into customer behavior.” Adding to this Mr. Mohit Kapoor, Vice President Group Alliances & Advertising Reliance Group said, “Today, enterprises can go beyond persuasion and aim at personalization. Technology has empowered marketers to shape not just consumers’ expectations but also their experience of a brand. However, in a hyper-competitive environment, businesses need to excel in using technology to find, incent and engage customers.” Mr. Rakesh Barik, Service Area Leader – Technology Consulting Deloitte Touche Tohmatsu India LLP said “Data enables us to make better business decisions. Organizations should always strive to acquire more data on their operations and customers. Companies should use the data for market prediction and innovation and at the same time protect privacy.” Abhishek Sharma, Chief Digital Officer, L&T Financial Services said “Digital marketers also need to navigate the minefield of privacy and regulation to monetize consumer data and bring innovations to the market.”
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Radhakrishnan Executive Director, Hindustan Petroleum Corporation Limited said; “Organizations use multiple digital channels for effective marketing and use consumer data to improve the brand experience for consumers. Marketers should take ample care to alleviate consumers’ privacy concerns. The future of the Indian economy is digital. More than half a billion Indians are connected and more people are coming online because of falling prices of devices and access. After a slow start, India’s digital economy is nearing the critical mass needed for rapid transformation.”