VIDEO | EY Global CDO: Data Reuse and Sharing Should Be at the Center of Innovation

(US and Canada) Marco Vernocchi, Global Chief Data Officer of EY, and Aible CEO Arijit Sengupta speak with Steve Wanamaker, CDO Magazine CEO, in a video interview about the hurdles for value delivery and the urgent need for designing data analytics with an AI-first approach.

Vernocchi highlights the following challenges in value delivery:

• Double-speed, meaning that the business wants everything here and now. But setting up a proper data value chain requires a level of preparation.
• Technology, because they are not flexible enough to adapt to new conditions.
• Data reuse and data sharing should be at the center of innovation for new products or services.

Sharing his point of view, Sengupta says that data analytics is designed with a human-first mindset, and the world is shifting to AI-first. With the AI-first mindset, AI understands what's in the raw data and then presents the insights.

Sengupta says it will be impossible to deal with fraudsters changing patterns every two to three months if the analysis process takes three months. In this scenario, AI can find strange and unknown things happening and flag them. It can augment humans.

Adding another perspective, Vernocchi says data analytics and AI are still discussed from the production cycle standpoint instead of the consumption cycle. For example, he mentions the work at EY on business ontologies that simplify the complexity of data tables, databases, etc., with simple business terminology.

This simplicity can help overcome the hurdles and usher in a new wave of value creation, Vernocchi concludes.

CDO Magazine appreciates Marco Vernocchi and Arijit Sengupta for sharing their insights and data success stories with our global community.

See more from Marco Vernocchi and Arijit Sengupta

Data Is a Core Factor in Production But Not the End Product