Shopping Behaviour has Changed!! More technology enabled with Multiple Channels...

The technology-enabled consumer’s shopping journey weaves in and out of many channels (web stores, mobile apps, social media, e-mail, kiosks, physical stores, contact centers and more).

During this journey consumers leave ever-larger digital footprints with a growing trail of personal data. This raises numerous questions and concerns, including:

• Who owns the data?

• What is the value of the data?

• How is the data being collected?

• How is the data being used?

• How is the data being protected against misuse?

Mutual Value is Key to Improved Digital Engagement

This growing complexity points to the importance of addressing digital engagement as a strategic business issue. Common principles at industry level can serve as a global foundation for creating an interoperable, flexible and accountable framework for coordinated multi stakeholder action. To develop trust and level the digital playing field requires balancing different stakeholder needs, with a goal of ensuring mutual value. Think of it as a “value triangle”: value to the consumer (in the form of rewards, better deals, more relevant offers, etc.), value to the business (improved insights, greater efficiency, more profitable growth), value to the society (improved efficiency, greater corporate social responsibility).

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Become an Enabler for the World Tomorrow!!

As devices are spread across numerous locations, it will be difficult to ensure the operation, remote management and updating these devices. Data processing, networking and storage will consume enormous amounts of energy, and disposal of devices which are not very easy to recycle will be a challenge. So there are environmental issues to think about.

If a security issue is found in a device, it is likely that the thousands of already deployed, in-the-field, devices will remain un-patched due to a variety of reasons like connectivity, size, etc. In fact, sustained support of this nature may be cost-prohibitive for the manufacturer.

With cybersecurity on the rise, we need to step back and formulate global governance norms. We need to find answers to basic questions like—Who owns the data? Who has stewardship of the data? Who determines what data standards are to be set, where is the data to be kept? Who has access to the data? Who has the rights to monetise it? 

This is the right time to propose the idea of an International Cyber-Treaty Organisation (ICTO) that would set up ‘rules of the road’ for international cooperation on crime, together with an appropriate fund to finance cooperation as needed; ‘rules of the road’ and a process to assess when a country has gone over the line in acts of cyber-war, together with an appropriate sanctions regime; and a ‘privacy bill of rights’ for citizens worldwide that prevents unwarranted intrusion into their private lives.

Technology, used responsibly, can be both an accelerator and an enabler for the world of tomorrow. It provides new opportunities to foster innovation that boost economic and social prosperity of developed and emerging economies. To enable this for the future we need to begin with our schools and the education system. We should, like several countries are already doing, introduce into the curriculum coding and programming skills in an interesting and engaging manner. We also need to build curriculum that teaches our children ‘cyber ethics’ in our schools so that we raise responsible citizens of the future. Education and skilling will have to keep pace with tomorrow’s needs if the Indian economy is to enjoy sustained growth.

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ORGANIZATIONS ARE FACING AN EXPLOSION OF ENTERPRISE INFORMATION. LETS TALK ABOUT NUMBERS!

Faced with a constantly growing volume of information, organizations today are realizing they need the right strategy to manage and protect their assets. The size of the digital universe is expected to roughly double every two years, increasing 50-fold by 2020.

WHY IS THE AMOUNT OF INFORMATION BEING STORED INCREASING?

• More data is generated by existing systems due to business growth

• More data is being captured per business activity

• More metadata, or data about data, is being generated

98% of business leaders said the amount of data they're storing is increasing

17% of business leaders say they don’t want to throw anything away.

14% say they don’t have a defined retention strategy, so they just go ahead and save everything.

At least 50% of the organization’s information is duplicate, outdated, or unnecessary.

Only 17% of companies say they use 75% or more of the data they collect.

All told, 80% of the information we store is unstructured. That unstructured information holds value as well as risk.

Without Information Governance, organizations have a difficult time managing and protecting their information. A comprehensive Information Governance strategy makes it easy for enterprises to maximize value and minimize risks and costs by capturing and governing all information.

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