Suresh Prabhu-led Indian Railways has been increasingly pushing for digitization and using data-centric approaches to be at par with its global counterparts.
In his latest move, Prabhu is aiming to monetize the immense amount of data that Indian Railways collates on a daily basis, but that will not come at the expense of violating any privacy laws.
Here's all about it.
IR has a massive data stockpile
Taking a public sector enterprise through a modernization overdrive has been an uphill task, but Prabhu is undaunted by the task at hand.
The Railways currently has an extensive database, which includes the number of passengers it ferries, class wise occupancy, waiting lists and its own crew management, track maintenance etc, which if analyzed can help in providing better services.
How does Data Analytics help?
Data Analytics is the process of examining raw data via algorithms or similar mechanical process to draw effective conclusions with the available information.
It helps organizations to improve their services and overcome shortcomings by giving an overview of the dynamics at play.
Data Analytics also helps organizations to understand trends and behavioral patterns, enabling them to rejig themselves to become more aligned with it.
Data that is not analyzed, is a waste
Suresh Prabhu said, "The Indian Railways is one of the largest data creators in the world. It has to handle a large volume of data, which needs to be used wisely. Data analytics is a way forward."
He opined that since Railways collects massive amounts of crucial data, which if not analyzed, will just be a wastage and detrimental to IR's progress.
Monetization will not violate privacy laws
Emphasizing on the need to make good use of the data in hand, Suresh Prabhu said that, "It will help to take appropriate decisions and also to eventually monetize it without compromising any privacy law and privacy ethics."
Prabhu believes this initiative will help the IR to improve its services by aiding in better planning of operations, determining apt pricing and several others.
Prabhu seeks partnership to co-develop new technologies
Suresh Prabhu had previously extended a partnership offer to global enterprises for co-developing new technologies, which can help the Indian Railways to expand and function in a cost-effective manner.
Edging for both short-term and long-term action plans, Prabhu said, "We must take concrete steps to draw a clear-cut roadmap for upgrading of technology as a solution to the problems in the Railways."