Organizations to stay in business must be innovative and leverage the latest technologies

Vivek Dharia, CIO - KNP Securities

"Boards have been increasingly nervous about corporate dependence on information technology where the need to automate compliance with government regulations have heightened board sensitivity to IT risk. Board members frequently lack the fundamental knowledge required to ask intelligent questions about IT risk & expenses. This leaves the CIOs, who manage critical corporate information assets, pretty much on their own. A lack of board oversight for IT activities is dangerous; it puts the firm at risk in the same way that failing to audit its books would.

Organizations must be innovative and leverage the latest technologies simply to stay in business & as just another route to increase their revenue. It is very important to understand that to undergo digital transformation, companies may need to completely re-engineer their current processes to make use of technologies like the Internet of Things (IoT), Big Data analytics, artificial intelligence, and others.

Advancements in the digital space help fuel innovation. Infrastructure required to support the compute power, storage, scale, and speed of these technologies is best provided by the cloud. The cloud plays a significant role in enhancing the power of applications that incorporate AI, Big Data analytics, which helps examine large structured and unstructured data sets, has become a major enabler for enterprises, helping them make critical business decisions by providing insight and knowledge through data mining, predictive analytics, and forecasting."