No biz entity can escape data tech, AI adoption: Chandrasekaran
Tata Group Chairman points out 5 mega trends that will set directions to future growth
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Trends that will shape businesses
• First in his list was digital adoption - in work to health to education to shopping
• Second is the supply chain, which has to be redesigned for resiliency, but not only for efficiency
• The next mega trend he sees is in sustainability
• The other two mega trends he sees are in overall health and wellness aspect and global talent pool
New Delhi: All businesses have to become AI and data solution-compliant and no one can escape this trend, Tata Group Chairman N Chandrasekaran said on Wednesday.
In his address at virtual event "Being Future Ready" organised by industry body Confederation of Indian Industry (CII), he pointed out five mega trends that will give directions to future growth.
First in his list was digital adoption - in work to health to education to shopping. "In the last two years, the internet has penetrated ever further into our daily lives. At the same time, advances in AI, cloud, and data technology have raised forward."
Soon, all businesses have to become AI and data businesses and no one can escape this trend, he said. "This development is a huge opportunity for India because of its tech strengths. We are extremely well placed to reimagine the future to be a data and AI business," he said.
Second is the supply chain, which has to be redesigned for resiliency, but not only for efficiency.
"From Indian perspective, it is a golden opportunity for us. India has an important role to fulfill the void that is getting created in the global supply chain by taking a leadership position and seeing it as a huge opportunity," he said.
The next mega trend he sees is in sustainability. "On the one hand, the pressure on the climate is going to increase. Any plan that we have towards making this transition will come under pressure further the deadline gets advanced going forward."
The global support for businesses that are based on new energy will receive huge acceptance from all stakeholders and investors, he added.
The move towards electric vehicles, renewable energy, hydrogen, batteries, hydrogen, storage solutions, and circular economic solutions, so that the waste management can be effective, will need many technological breakthroughs, for which India must participate in it, he said, adding that the other two mega trends he sees are in overall health and wellness aspect and global talent pool.
