Data mining are of high strategic significance for Indian firms

According to the study by CII-PwC, data mining, cloud and cybersecurity rank high in terms of strategic importance

Technologies like data mining, cloud and cybersecurity have a high strategic importance for Indian companies in helping them transform their business over the next five years, a study by CII-PwC said.

According to the study, 79 per cent of the respondents (CEOs of Indian firms) said technological advancements were changing how their consumers, workforce and operating environments work. About 71 per cent said "demographic shifts" and "shifts in global economic power" (51 per cent) would also play a role in this change, the report added.

"Already, the way business is being conducted is undergoing a paradigm shift. The CIO is now a strategic partner and an integral part of the boardroom, driving conversations on evolving the business model to compel innovation," the report said.

It is now imperative to run information technology (IT) as a business, constantly focussing on how to make it perform better and stay ahead in the market, it added.

Top performing companies were those that were able to build a collaborative environment for both their IT as well as business functions, it said, adding that in these companies, while IT understood all aspects of the business, the reverse was also part of the deal.

The study, which spanned industries like automotive, business & professional services, energy & mining, financial services, and healthcare, found data mining, cloud and cybersecurity ranking high in terms of strategic importance.

Other strategic technologies that were important according to respondents were mobile apps for customers, social media, and digital delivery of products and services.