IASbhai Daily Editorial Hunt | 17th Nov 2020
“The purpose of our lives is to be happy.” – Dalai Lama
EDITORIAL HUNT #246 :“Data is the New Currency in 2020 | UPSC”
Data is the New Currency in 2020 | UPSC
Srivats Ram is Managing Director, Wheels India Ltd.
Needed, a policy framework in step with technology
With the rapid pace of technology blurring boundaries, a holistic view of schemes is a must
SYLLABUS COVERED: GS 2 : Governance : Science and Technology
Schemes and policies need to be tuned with rapid pace of technology .Suggest few must needed steps in digitisation and electronification for Good Governance -(GS 2/3)
- Evolution of Technology
- Data is a new currency
- Working in Silos
- An Aggregate View
- EVOLUTION OF TECHNOLOGY : As technology has evolved in the latter part of the 20th century and the early part of the 21st century, the traditional boundaries between goods and services have blurred.
- WIDE ACCEPTANCE : These information-based technologies have been widely adopted across a broad range of industries and product .
- INFINITE COMPUTING CAPABILITIES : The expansion of computing power has driven the pace of information gathering and analysis.
- EFFECTIVE DECISION MAKING : The new currency drives processes and decision-making across a wide array of products and services, making them more efficient and value accretive for consumers.
DATA IS A NEW CURRENCY
- PROGRAMMING CODES : A modern electric vehicle has close to 100 million lines of code, which is more than that used by a Boeing 787 or the Chrome browser.
- VALUE ADDITION : This is a paradigm shift as the amount of “value add” from intangible technology services as opposed to physical objects, even in traditional goods, is being transformed by information.
- QUALITY AND PERFORMANCE : A conventional “metal-based” industrial product, information and electronics are becoming all-pervasive, ensuring that we set boundaries to control quality or the uptime of the equipment.
- DIGITISATION OF MARKETS : There is increasing digitisation and electronification of industrial activities, products and services, influencing the evolving skill sets in industry.
- EFFICACY AND CONTROL : This revolution is taking place across products, as information availability drives efficiency and creates value for customers by providing greater control over the product and its surrounding environment.
WORKING IN SILOS
- A COMBINED APPROACH : As governments have focused on improving the lives of people, they have looked at economic development and industry as catalysts to progress.
- ADDRESSING THE CRUX : To address the needs of various stakeholders, governments have tended to build specialised departments and designed policies that govern those areas.
- However, over time, as each of these departments grew, they have tended to operate in silos.
- BLURRED BOUNDARIES : The recent developments in technology have, however, blurred standard boundaries that dictate policy framework in most governments.
- TOOLS AND ANALYTICS : Digitisation and data analytics in products and services across industry segments have encouraged capital formation in tangible and intangible industries.
- POLICIES FRAGMENTATION : Policies are governed by the Heavy Industries and the Surface Transport Ministries, respectively.
- KEY AREAS : Increasing electronification and digitisation of the automobile are not covered by industrial policies that govern the Electronics and Information Technology Ministry.
- CO-OPERATION : There is increasingly a need for inter-departmental cooperation and synergy not only in policy framework but also in deployment.
TAKING AN AGGREGATE VIEW
- OVERLAPPING POLICIES : This departmentalisation of policies is facing a challenge from technology that very often blurs the boundaries served by different policies.
- QUICK POLICY REVAMP : There is a need to have a holistic view of policies for economic development as technology is becoming a significant enabler in most industries.
- EMPOWERING FACTORS : In terms of attracting investments, policies have always been driven by subsidies and incentives but increasingly, in a competitive scenario, these are becoming hygiene factors.
- A NOURISHING ECOSYSTEM : For industry it should be the hard infrastructure and softer areas such as education, skilling, technical institutions, laboratories, testing centres, etc.,has to be cultivated.
What businesses need to do is put listening posts in place across a variety of channels and a variety of touchpoints and moments on a customer journey
SOURCES: THE HINDU EDITORIAL HUNT | Data is the New Currency in 2020 | UPSC