In a discussion titled 'Cloud at the heart of Business Growth, Innovation, and Success,' industry leaders express confidence in the trajectory of technological advancements and digitalisation, foreseeing a bullish future for tech investments.
Prominent figures, including Satishwar Balakrishnan (CEO, Aegon Life Insurance), Nilesh Shah (MD, Kotak Mahindra Asset Management), Shailender Kumar (SVP, Regional MD - Oracle India and Netsuite Japan and Asia Pacific, Oracle), Anuj Kumar (MD & CEO, CAMS), and Tarun Chugh (MD & CEO, Bajaj Allianz Life Insurance Company), gathered to share insights with CNBC-TV18 into the current state of the industry.
Shailender Kumar, Oracle's Senior Vice President, highlighted the surge in digitalisation, emphasising that 85% of CEOs are actively discussing and implementing digital strategies. He noted that the key question for organisations is no longer whether to digitise but how fast they can achieve it. Despite a post-pandemic slowdown, the outlook remains optimistic, with Shailender Kumar stating, "It's all about growth now."
The discussion emphasised the critical role of data in driving innovation and growth. Shailender Kumar stressed the need for analytics to derive insights from diverse forms, sizes, and speeds of data.
Nilesh Shah, MD of Kotak Mahindra Asset Management, highlighted the importance of data as the lifeline of asset management business, leveraging machine learning, AI, and data analytics to enhance investment strategies.
Despite concerns about a post-pandemic slowdown, Kumar expressed confidence in the market's resilience. Organisations are actively working on three to five-year plans, reflecting exciting prospects for growth.
"The market is progressing towards becoming a five-trillion-dollar economy by 2031. There is no indication of a slowdown; instead, it's all about growth now," affirmed Shailender Kumar.
The panel underscored the importance of technology in gaining a competitive advantage. Anuj Kumar, MD & CEO of CAMS, shared insights into the transformation exercise his company underwent, leveraging technology to provide efficient and real-time services.
"Digital and data go hand in hand for us. Digital provides efficiency, while data ensures effectiveness," explained Anuj Kumar.
While talking about surrender value, Tarun Chugh, MD & CEO of Bajaj Allianz Life Insurance Company said, “We will have to recalibrate; everybody will have to recalibrate. We need to understand a lot and that will reset the base.”
The consensus among panellists is that, despite challenges and evolving cybersecurity threats, organisations are committed to ongoing technology investments to drive innovation, enhance customer experiences, and position themselves for sustained growth.
The convergence of digitalisation, data analytics, and cloud technologies remains at the forefront of their strategies, signalling a bullish outlook for the future.
Watch the video for a full interview
First Published: Dec 20, 2023 10:09 PM IST
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