Data sciences, tech needs to be given due importance in every industry: OYO's Ritesh Agarwal
Technology and data sciences need to be given due importance as they bring change in every ecosystem they are part of, OYO Hotels and Homes Founder and Group CEO Ritesh Agarwal said on Monday.
"No matter what industry you are in, technology and data sciences will fundamentally enter and re-evaluate how your industry has existed or will exist in future," he said while addressing a panel discussion at industry body FICCI's annual convention.
Giving the example of the hospitality sector, Agarwal said that OYO serves small hotels and holiday homes across the world, and its primary job is to ensure they can get better returns.
"Earlier in the hotel industry, if you have 20,000 to 30,000 hotels on your platform, you will have hundreds of people who will be managing pricing every day... In the new generation we live in, machines do that job by means of which small hotels are able to generate two to three times jump in online revenue and the cost of operating substantially reduces," he added.
Similarly, in almost every other ecosystem, one would see this change that would come very quickly, and "my hope is that as young people consider looking at their skill sets and as educational institutions look at re-evaluating the programmes, data sciences and engineering will be given due importance," Agarwal said.
He also said that he believes that increasingly, a perspective of creativity needs to be created in the Indian industry, for which, he would like Indian industry to consider stock options as a way of being able to appreciate employees and bring a sense of ownership in them.
Agarwal also said that there is a need for bringing academia and industry connect much closer.
In another development, Ritesh Agarwal earlier said OYO has already invested around 350 to 400 million euros in Europe and will be making further investments in the times to come.
The investments will be specifically made in data sciences and AI-driven forward-looking intellectual property investments, and merger and acquisitions that help grow the business, he added.
(Disclaimer: Additional background information has been added to this PTI copy for context)