Unleashing Power of Data

10 | Unleashing Power of Data [ EXPERT’S VIEW ] FUTURE OF DATA In discussions about data’s role in driving the economies of both deve loped and deve lopi ng nations, it often appears as a mere remark or presumption. Understanding the full scope of this statement is challenging, primarily because much of the data-driven activities occur in isolated pockets. However, as we gaze into the future, we envision a globally interconnected data landscape that eliminates the necessity to continually create data and instead emphasizes the efficient repurposing of the data already captured. The economic dynamics of a data-driven society will ultimatelyhingeon theextent of access to extensive data reservoirs rather than the sheer volume of new data generation. This transformation in the utilization of existing data resources holds the potential to redefine how economies harness the power of information. ROLE OF THE ‘DATA CHAMPION’ In today’s world, organisations and individuals are increasingly recognizing the importance of UNLOCKING POTENTIAL: THE DATA CHAMPIONS SHAPING THE FUTURE OF DATA-DRIVEN ORGANISATIONS - AMCHAM INDIA VIEWS robust data governance principles. These principles are essential for maintaining data quality, security, and accessibility, critical elements for gaining valuable business insights. In data-driven enterprises, there is a continuous quest to identify individuals with exceptional data skills who can effectively lead data governance efforts. These individuals, often known as ‘data champions’, represent valuable assets due to their deep data expertise and their proactive role in sharing knowledge. They are passionate about optimizing data usage and play crucial roles in guiding their organisations towards a data-centric approach. ‘DATA CHAMPIONS’ OF INDIA INC. India Inc. has traditionally operated wi th es tabl i shed processes , and the impetus to modernize and embrace data governance principles has been fueled by the global organisations outsourcing their operations to our thriving domestic industry. Notably, sectors such as Fin-tech and Med-tech have spearheaded the adoption of data governance practices, aligning themselves with both global regulations, such as GDPR, and India’s own sector-specific and cross-sectoral regulations outlined by the Ministry of Finance, Ministry of Electronics and IT, Ministry of Communications, and other agencies. The remainder of this decade is poised to be influenced by the robust principles outlined in the Digital Personal Data Act of 2023, alongside the forthcoming Digital India Act. These legislative measures wi l l place a critical obl igat ion on organisat ions, regardless of their size, to establish a network of data champions. These data champions will play a pivotal role in assisting India Inc. to not only identify existing gaps but also in devising comprehensive r oadmap s f o r e t h i c a l and sustainable business practices. Whi le we acknowledge and value the contributions of India’s Executive and Legislative branches in shaping these frameworks, their capacity is, to some extent, limited. It is essential that we continue to cultivate a robust data governance culture, as it is fundamental for the holistic growth and progress of our nation. The American Chamber of Commerce in India (AMCHAM India) is an Apex Chamber of U.S. Industry in India Dun & Bradstreet