Data and Artificial Intelligence (AI) will dominate every business in the coming years, said Natarajan Chandrasekaran, Chairperson of the Tata Group, while speaking at the ninth edition of the IAA Leadership Awards held in Mumbai.
“To me, data and AI will dominate every business in the coming years. Sustainability and energy transition will be key. Health, safety and wellness will also have to be integrated into what you do,” said Chandrasekaran.
He also said the decade will be dominated by partnerships. According to him, cross-functional teams will also be key and are more likely to succeed. He further said that the teams working towards the new Tata vision are very diverse and cross-functional.
“We have to connect physical and digital in a very unique way. We are building very diverse teams, by hiring some people from start-ups, some from the group, other industries etc.”
Speaking about the competition in the space with different players also focusing on digital, he said, “You can’t get carried away by what someone else is doing. In business especially for groups like us, our approach to what we want to achieve cannot be someone else’s approach. If you try to copy someone, it won’t work.”
He explained that Tata has so many consumer businesses out of which a few are listed, some are digital, and some are physical. Each of these businesses has its own level of maturation and is of different spectrums.
Chandrasekaran also spoke in brief about Tata Neu- the group’s newest offering which integrates almost all of Tata Group’s brands into a single digital platform and offers a variety of choices to consumers. The app is said to be focusing on offering consumers a highly personalised shopping experience.
According to him to succeed in the new digital world, your offerings have to be unique. “Our starting point for Tata Neu was to offer the consumers what they deserve, if they don’t get what they deserve, they will go elsewhere.”
“I think fundamentally we are focused on digital AI and data analytics. We believe we have created a 360-degree playground at Tata Neu with a lot of Artificial Intelligence built in.”
Chandrasekaran said he is very bullish about Tata Neu and what it can achieve in terms of consumers as well as adding value to the consumers.
“Our own consumer reach is so much that it is going to take some time to get all the categories and groups under it. We also have to build our architecture and we have others reaching out as well. It is going to be a huge opportunity so I am very bullish about what we can achieve, not only in terms of the number of consumers but also in the value that we can create for consumers,” he said.
“Our job is to simplify life. When we discuss value propositions, I talk about how we can remove anxiety from people’s life. If Tata Neu can remove anxiety from people’s lives so we are running through consumer journeys and picking on opportunities. I think there is a huge possibility about its potential that we have to remove,” he added further.
“In the group, my hope is that in the next few years we will have the best AI, and the best data to be at work.”
He said while their vision is focused on data and AI, it is the ethos and values of the Tata Group that are their biggest strengths. “We want to be more agile and performance-centric; we want to be digital, and we are experiencing a number of changes across the board. What we want to do in the next decade is a huge transformation, we want to be ready for the next 50 years. But our ethos will always remain the same,” concluded Chandrasekaran.
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