The world of Business Management has undergone a substantial change in the last decade with the advent of Information and Communication Technology (ICT). The impact of ICT was first felt in establishing an effective communication channel with Customers and Business Associates of an organization with the use of Internet, E Mail, Mobiles, Messaging services etc. In the second generation of the use of ICT in business we saw the development of E Commerce where both purchases and sales were effectively handled online. Along with these, Customer service and HR functions also started using Online technologies. Some of the industries which really bloomed with the growing use of Internet in the broadband era were education, Online consultancy etc.
The next generation of Business Development with Technology is happened with the use of Data for Business decision making. But now we have come beyond all these developments and started finding new uses of Data in Business. The future of Business Management is closely integrated with innovative use of Data in Business.
Data for Business efficiency is the past. Data for New Business is the future.
Data is today an “Asset” of business and business managers need to find ways of using data not only for decision making and improving operational efficiency but to generate new products and services.
Today’s Business Management strategies are therefore directed on how to use “Data for creating more Revenue”. Revenue can be generated both by saving on current operations (like replacing manpower with better use of ChatGPT ?) and also through finding new products and services.
Where feasible, 3D printing can enable development of physical products including prototype development, customization, spare part production etc Products can be embedded with smart chips to provide feedback for improvement.
What is the future however is to find new “Data Products”, “Produce Data Products”, “Market Data Products”, “Finance data Products” and find the manpower for managing Data Products.
In other words we are looking at a future of Technology Oriented companies where “Data” is the raw material of business and the entire business structure of production, marketing, finance and human resources have to be planned around ” Data as a Business Asset”.
Correspondingly R&D has to be developed to understand the Data Product needs of the consumers. This requires conducting market surveys related to Consumer’s Data Consuming and Usage habits. This is precisely the point where the “Data Protection Laws” create a hurdle for the Data Business. The Data Business Managers therefore need to have a good understanding of the Data Protection Laws and ensure that they are compliant with the law but continue to explore and harness business opportunities with the use of Data.
If therefore EU with GDPR is too restrictive, the choice of business location has to be in a place where the Data Protection Law is industry friendly. At the same time just because land is cheap we cannot put up a factory in a desert. We need to look at other resources and their availability. Similarly the Data Dirven business need to be set up in a location where regulations make it feasible to start and grow the business without un necessary harassment but where the resources such as manpower, Internet connectivity etc are also available.
The “Feasibility” analysis has to be therefore conducted with reference to the Product Idea vis a vis the regulatory restrictions along with the availability of other resources.
It is therefore considered that the knowledge of Data Protection and Laws related to Data Protection is an important input for the Business Management Community.
The future of Corporate Governance is “Governance by Data” and the Business Management education needs to incorporate elements of the new technology developments such as AI, Meta Verse etc from Management perspective along with the relevant regulations.
Privacy Activists and Courts should also remember that they cannot always take a stand against business since this could result in deceleration of business growth. Law Makers need to also ensure that while technology has to be regulated, the regulation should ensure that growth occurs in the desired direction.
Naavi
