Published on July 18, 2019
The data analytics is here and now!
Data analytics plays a vital role in analysing customer trends and enabling entities to customise their service and product offerings. To share the benefits derived by the companies from the usage of data analytics, four Tata companies operating in the financial sector, in conjunction with Tata Business Excellence Group (TBExG), came together to host a two-day Learning Mission on the theme of Data Analytics in Financial Services. Attended by 47 delegates from 11 Tata companies, the Learning Mission took place in Mumbai from July 11-12, 2019. During the enlightening sessions over two days, Tata Capital, Tata AIA, Tata AIG and Tata IQ threw light on how they have leveraged data analytics for business growth and sustainability. Through real-life examples, they also articulated the benefits derived by harnessing business data. The agenda was designed around usage of Data and Analytics across the entire Customer life cycle for finance companies from Lead generation to Acquisition to Risk Management to collections/claims to renewals. The speakers focused on the business benefit realisations through the usage of Data and Analytics rather than the Tools and Technologies.
The opening address on Day 1 by Rajiv Sabharwal, MD, Tata Capital and S Padmanabhan, Executive Chairman, TBExG, captured the essence of the subject by explaining how data analytics is utilised by firms to enhance the customer experience. They touched upon the real-life day-to-day examples, that built in the sense of urgency of the topic. Mr. Sabharwal mentioned that the data and analytics has gone further. It will redefine the way business is being carried out e.g. the Chinese Fintech companies are exploring facial expressions recognition to correlate likely behaviour of customers such as repayment of loan, etc. This advancement in usage of Data through Artificial intelligence using combination of text, voice, facial features etc. will transform the way Indian companies and Tata Companies will need to operate in the near future. The usage of data analytics is linked to the data maturity assessments being conducted by TBExG and will help Tata companies in speeding up their journey of Data driven excellence.
In the first knowledge sharing session of the day, the Tata IQ team consisting of Fehrzard Patel, Amey Pathak and Satrajit Kar explained the broad scope and different dimensions of data analytics. They touched upon how data analytics can be used across sectors and the benefits derived by business functions, providing a fair idea to the participants about how to get started with data analytics.
Rashmi Prasad from Tata Capital then shared details about the benefits of data analytics across the various stages of the customer lifecycle, including customer acquisition, onboarding, cross-selling, retention, and providing enhanced user experience.
The next session focussed on how Tata AIA sifted through customer data to guide the sales partners in identifying the target customer segments. Conducted by Shweta Singh and Chirag Mehta from Tata AIA, the session highlighted how a continued effort in this area over the years has helped the company become one of the top insurance companies in a highly competitive Indian market.
Day 2 began with a session by Tata AIG, in which the company explained how the data related to policies and claims can be used to design the product portfolio. The team consisting of Chakradharreddy Gampala, Neel Chheda and Navneet Bhatt presented various frameworks used by the company, which have helped in containing business risks and enhancing its product portfolio.
Next up was the Tata Capital team, which elaborated on the impact of data science across the customer life cycle with specific respect to collection of outstanding dues and retention of delinquent customers. Then, representatives from Tata IQ cited a few examples where data analytics was applied in Tata group companies, with excellent results.
The event ended with process owners from Tata AIA explaining the manner in which the process of using data analytics is to be kick-started, especially with respect to carrying the key stakeholders along on the journey.
The key learnings for the participants were to initiate the process through small projects and continuously explore more opportunities to implement it. It was clear that even though there would be no quick and obvious answers, the journey, especially the first step, matters immensely. All the speakers extended their hands to the group companies to start the journey. It’s just a matter of time, where data and togetherness help all our companies fly higher! We have taken the first step in that direction…
TBExG colleagues who successfully managed this mission are Devraj Chattaraj, Prabhakar Ghatage, Bilal Ahmad, Manisha Telkar and Anil Menghrajani.