Natarajan Chandrasekaran of Tata Group
Data and artificial intelligence (AI) will dominate every business in the coming years, Natarajan Chandrasekaran, Chairman of Tata Group, said at the ninth edition of the IAA Leadership Awards held in Mumbai.
“For me, data and AI will dominate all businesses in the years to come. Sustainability and the energy transition will be essential. Health, safety and well-being will also have to be integrated into what you do”, Chandrasekaran said.
He also said the decade will be dominated by partnerships. According to him, cross-functional teams will also be essential and will have a greater chance of success. He added that the teams working on Tata’s new vision are very diverse and cross-functional.
“We need to connect the physical and the digital in a very unique way. We build very diverse teams, hiring people from start-ups, others from the group, other industries, etc.
Speaking about competing in the space with different players also focusing on digital, he said, “You can’t get carried away with what somebody else is doing. In business, especially for groups like us, our approach to what we want to achieve cannot be someone else’s approach. If you try to copy someone, it won’t work.
He explained that Tata has so many consumer businesses some of which are listed, some are digital and some are physical. Each of these companies has its own level of maturity and is of different spectra.
Chandrasekaran also spoke briefly about Tata Neu, the group’s new offering which integrates almost all of the Tata Group’s brands into a single digital platform and provides a variety of choices for consumers. The app would focus on providing consumers with a highly personalized shopping experience.
According to him, to succeed in the new digital world, your offers must be unique. “Our starting point for Tata Neu was to give consumers what they deserve, if they don’t get what they deserve they will go elsewhere.”
“I think we fundamentally focus on digital AI and data analytics. We think we’ve created a 360-degree playground at Tata Neu with a lot of built-in artificial intelligence.
Chandrasekaran said he was very optimistic about Tata Neu and what it can achieve in terms of consumers as well as adding value to consumers.
“Our own consumer reach is such that it will take some time to get all the categories and groups below. We also have to build our architecture and we have others as well. It’s going to be a huge opportunity, so I’m very optimistic about what we can achieve, not just in terms of the number of consumers, but also in terms of the value we can create for consumers,” he said.
“Our job is to make life easier. When we discuss value propositions, I’m talking about how we can remove anxiety from people’s lives. If Tata Neu can remove anxiety from people’s lives, we walk consumer journeys and seize opportunities. I think there is a huge possibility that we have to suppress his potential,” he added.
“In the group, I hope that in the next few years we will have the best AI and the best data to be at work.”
He said that although their vision is data and AI driven, it is the Tata Group philosophy and values that are their greatest strengths. “We want to be more agile and performance-focused; we want to be digital, and we are going through a number of changes at all levels. What we want to do in the next decade is a huge transformation, we want to be ready for the next 50 years. But our philosophy will always remain the same,” concluded Chandrasekaran.