Why Data is Key to Understanding Your Business - Pankaj Rai

Brian Tellis interviews Pankaj Rai, Group Chief Data & Analytics Officer at Aditya Birla Group, about the power and challenges of data analysis. Rai simplifies complex data terminology, emphasizing that data should serve a purpose and aid decision-making, acting as a "co-pilot" rather than replacing human judgment. He provides examples of how the same data can be used across different departments and stresses the importance of capturing, storing, and processing data effectively. Rai also acknowledges concerns about data overload and the ethical implications of AI, advocating for a balance between data-driven insights and human intuition. He discusses the rapid pace of technological change, urging adaptation in education, policy, and regulation. The conversation touches on data privacy and the need for robust regulations, particularly in India. The episode concludes with a rapid-fire Q&A, where Rai highlights the importance of augmented gut feeling, the unexpected skill of reading body language, and the transformative impact of data on companies like the trillion-dollar tech giants and even Netflix.