Boston, USA / Mumbai, India, June 29: Despite their efforts to achieve operational efficiency and growth, many Indian organizations, particularly Small and Medium Enterprises (SMEs), are currently grappling with a significant challenge of the missing data, says a Report published by Looqup Data, a United States and India – based Enterprise Workflow GenAI startup.
The Report titled ‘The Missing Data Conundrum in Indian Enterprises’ released by Looqup Data analyzed the data and workflow needs of Indian organizations from the sectors such as healthcare, logistics, retail, manufacturing, etc to map out the areas of deficiencies in data availability and its impact on organizational growth. The Report observed that about 80% of the organizations it studied from various sectors did not have access to the right data at the right time for decision-making impending the growth of the organizations.
The Report further observed that out of 150 small and medium organizations from different sectors in India studied for certain data needs, about 70% of the organizations lacked the ability to swiftly generate, convert, and interpret data into effective decisions that disrupted their workflows resulting into loss of productivity. It was noted that the Logistics and Retail industries were impacted the most by the missing data issues and struggled to prioritize their data management needs, invest in the right tools and technologies.
Citing this scenario as a matter of concern, Mr Arun Ghosh, Co-founder, Looqup Data said, “In this study, we have identified a stark reality that Indian businesses, particularly the SMEs, are engulfed with the missing data conundrum. While their data needs are many and the volume of data they generate is high, they do lack right channels to access and process the data for real-time decision-making creating workflow hazards and impacting efficiency. An urgent action is required to address this issue and unlock the potential for organizational growth.”
Measuring its impact on the employee productivity, Mr Ghosh pointed out, “When organizations are unable to access the right data at the right time, employees often spend valuable time searching for and validating information. This leads to duplicative effort, resulting in extra time and cost and prevent them from focusing on higher-value activities that contribute to the growth and success of the organization.”
The Report recommended that the organizations should consider implementing automation and leverage capabilities of artificial intelligence – led solutions that could handle data processing and analysis tasks efficiently.
Explained Mr Gulbirr Bhatia, co-founder, Looqup Data, “As a solution, Indian businesses need to automate processes and assemble the right software and hardware mediums to acquire, store, analyze, and present data. This entails transitioning from conventional decision-making to a continuous data-driven approach in various real-life situations, from products to services, hiring, and forecasting future events.”
Mr Shekhar Atmakur, Chief Technology Officer of Looqup Data added, “The time is ripe for Indian businesses to embrace the power of streamlined data management and become frontrunners in the digital economy, particularly as they are encouraged to go global with the ‘Atmanirbhar Bharat’ mission.”
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