Key strategies for generating value from big data in large organizations: A dialogue with Abhishek Sharma of AIA

Welcome to our exclusive interview series with Abhishek Sharma, Group Big Data Transformation Leader at AIA who has shared his experience on key strategies for generating value from big data in large organizations. With over two decades of experience in crafting data-driven business strategies and spearheading growth initiatives, and sharing his expertise in setting up robust data organizations and successfully managing large-scale global transformations of data estates for multinational organizations, Abhishek is an expert in leveraging data as a strategic asset to drive business success. Abhishek talks about various aspects of Data & AI, including the emergence and impact of big data, data value generation for large organizations, the role of data scientists in driving initiatives, advice for implementing a data strategy, some successful projects showcasing the impact of Data & AI, ethical considerations in data privacy, the pandemic's influence on big data usage, upcoming trends in 2023 according to him, and the future of Data & AI. AIM Research (AIM): The onset of big data has had a profound impact on the data community. What was the vision that you associated with the emergence of big data, and why do you believe it had such an impact? Abhishek Sharma (AS): The emergence of big data has had a significant impact on the way organizations leverage data to make informed business decisions. Previously, organizations were limited by the amount of data they could collect, store, and analyze. However, with the emergence of digitalization and digital economy the generation of data has increased unprecedently, organizations now have access to vast amounts of data from a variety of sources, which has opened up new opportunities for organizations to gain insights into customer behavior, market trends, and other key business drivers. While big data has provided new opportunities, it has also presented significant challenges for organizations. They need to find new ways to store, manage, and analyze this data, which often requires significant investments in technology and talent. Despite the challenges, it has fundamentally changed the way organizations approach data-driven decision making. It has opened up new possibilities for growth and innovation, while also requiring organizations to adapt to a rapidly changing data landscape. AIM: When discussing the generation of value, what do you believe is the appropriate focus for large organizations concerning data? AS: To generate value from data, large organizations should focus on three main areas: Data Strategy, Data Infrastructure, and Analytics + AI. Firstly, organizations need to develop a clear and comprehensive data strategy that aligns with their overall business strategy. This includes identifying the most valuable data, defining the data governance framework, and establishing a roadmap for data management and analytics. Secondly, organizations need to invest in the right data infrastructure, selecting the appropriate storage and processing technologies, and building a scalable and secure data architecture. Finally, organizations must focus on developing the right data analytics capabilities, building a skilled team of data analysts and scientists, and developing the appropriate tools and techniques for data analysis. By focusing on these three key areas, organizations can generate significant value from their data. Data can provide insights into customer behavior, optimize business processes, drive innovation, and improve risk management practices. Ultimately, the key to generating value from data is to ensure that the organization's data strategy is aligned with its overall business strategy, and that the right investments are made in data infrastructure and analytics capabilities. AIM: What big data initiatives can be taken, and what role do data scientists play? Any advice for large organizations considering implementing a data strategy? AS: Organizations can leverage the power of data and generate value by taking several big data initiatives. These include establishing a robust data governance framework, building a team of skilled data scientists and analysts, investing in the right data infrastructure, developing effective data visualization tools, and exploring new ways to monetize data. Data scientists play a critical role in these initiatives by developing and applying advanced analytical and statistical methods to extract insights from data and implementing machine learning algorithms and models. Large organizations should start by developing a clear and comprehensive data strategy that aligns with their overall business strategy. This involves identifying the most valuable data, defining the data governance framework, and establishing a roadmap for data management and analytics. They should also focus on building a skilled team, investing in the right data infrastructure and tools, and establishing a culture of data-driven decision making wh

Key strategies for generating value from big data in large organizations: A dialogue with Abhishek Sharma of AIA

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