Shankar as the head of India field operations, is primarily focused on executing the strategy and operational plans aligned to the strategic vision of the company. Over the last 15 years at MetricStream, Shankar has leveraged the unique India-US business model for outsourced delivery to onsite locations, while setting up the sales and marketing infrastructure, customer advocacy, delivery management, as well as general administration teams to support scale and go-to market.
As the fourth industrial revolution unfolds, India is rapidly scripting its own growth story. Leveraging the power of data, Indian businesses are awakening to the endless possibilities offered by an accelerating digital economy. Organizations are thriving on the back of next-generation technologies that are driving enterprises in a digital world. A Ministry report estimates that India’s GDP is poised to grow by 8% by 2022-23. Another report by an industry trade association states that Artificial Intelligence (AI) is expected to boost India’s annual growth rate by 1.3% by 2035, adding about 15% to the country’s current gross value. As organizations look to harness the power of next-generation technologies and thrive in the era of the Fourth Industrial Revolution, the focus on data is now more critical than ever. It wouldn’t be wrong to say that it is data that runs the modern enterprise in today’s digitized world.
Data however cannot drive business value by itself. It is only when it is transformed into actionable intelligence that it can enable effective decision-making. That said, many businesses fall short of structured processes, producing unstructured data that is difficult to analyze and interpret. This is a major problem for teams working on IT, cybersecurity, risk, audit, and compliance. Most of their productive time is spent sifting through a large volume of data instead of analyzing it and using the information to help C-suite executives make strategic business decisions.
The power of data can only be harnessed by streamlining the processes and workflow and automating them with the right set of tools and technologies. Artificial intelligence (AI) is a powerful tool that can enable organizations quickly get insights, identify patterns, avoid duplicate efforts, and apply the right actions in the decision-making process for the business.
Connected GRC – An AI-driven approach to transforming data into actionable intelligence
Industry 4.0 has ushered in a complex and unsettled business environment with amplified digital interconnectedness of people, processes, systems, and organizations. Companies in India have to navigate through a rapidly evolving risk and regulatory landscape marked by geopolitical uncertainty. Here, AI can be a gamechanger. Using AI-enabled platforms to connect business governance, risk, and compliance functions (GRC), organizations can bridge operations and collate data from across functions, instead of operating in silos.
An integrated approach to GRC is the key, to bringing everything together. When powered by AI, a Connected GRC software provides an overarching framework for companies to work within—from compliance to IT security, legal functions, insights, and audits, AI creates a powerful mechanism for companies to best protect themselves. These integrated programs foster collaboration, sharp insights and intelligence gained both from machine learning and human observations. When utilizing AI correctly, employees can see the bigger picture, connecting the dots through large data sets that were previously overwhelming to manage.
Most importantly, AI-enabled Connected GRC systems can drastically improve the speed at which risk, audit, compliance, and IT & cyber teams can locate relevant data and information, thereby expediting quick and fact-based decision-making.
AI-centric workflows can help integrate systems and power business growth
A connected GRC approach involves integrating governance, risk, and compliance for business, cybersecurity, and ESG functions in an organization. Software platforms like this can benefit an organization in several ways. For example:
- C-suite executives and decision-makers get a connected view of risk, and the teams can internally collaborate seamlessly across Risk, Compliance, and Audit functions. They can use combined insights and turn them into a strategic advantage for business growth, competitive edge, and brand differentiation.
- They can benefit from real-time visibility and quantified risk insights across IT, cyber, and vendor risk. Companies can use the information to prioritize their cyber investments, and policies, and safeguard the organization with an active cyber risk management strategy.
- They can use the system to develop, collect data and report on all industry and organizational-related sustainability reporting. Businesses can use the system to meet all ESG data, disclosure, and framework requirements and enhance customer, investor, and public brand perceptions.
AI-enabled systems will help companies thrive in Industry 4.0
For businesses to thrive in Industry 4.0 they should be able to make the right decisions based on timely information and insights. To enable this companies should be able to provide decision-makers with insights and learnings based on past events and accurately predict future outcomes. This is only possible through advanced data science techniques and AI-enabled systems. By using AI-centric workflows companies can leverage the power of data by transforming them into actionable intelligence, helping them to stay relevant as they ride the fourth wave of the industrial revolution.