As AI, analytics, algorithms and automation bring forth the most radical changes across various industries, here’s a look at how organisations can grow by leveraging the power of certain technologies.
There’s a proliferation of new technologies in the current business landscape. Some arrive with a big bang and fizzle out in no time. Others have the potential to disrupt the ecosystem in more ways than one. From driverless cars to robotic cats infused with artificial intelligence (AI) for helping the elderly, to smart meters and grids for reducing power consumption, industries as varied as manufacturing, healthcare and utilities each have their own key disruptors. However, the big question is: “How can organisations tackle the disruptions and transform in a new ecosystem?”
As a new ecosystem takes shape and new disruptions loom large, there’s one indelible truth. Some industries face a greater risk of disruption compared to others and no one organisation is fully prepared.
For instance, the retail industry is witnessing the impact of e-commerce stores. The term ‘retail apocalypse’ began doing the rounds in 2017 when brick-and-mortar stores across the US began closing down. Today, new business models are being tried and tested. Traditional stores are moving out of their comfort zones and exploring new ways to lure the digital customer. They are looking at predictive analytics and AI to improve customer experience and survive disruption.
In healthcare, wearable technology can prevent injuries and trigger quick and effective responses from healthcare professionals. But the most recent innovation that has been at the centre of a controversy is the ‘digital pill’ that was approved by the US Food and Drug Administration. The pill is embedded with a sensor and alerts doctors on whether their patients are taking their medications. While the pill has raised questions about trust and privacy, there’s no denying the impact of this innovation. The road ahead for healthcare and pharmaceutical industries is paved with questions around privacy and innovations that are likely to push the boundaries.
As AI, analytics, algorithms and automation bring forth the most radical changes across various industries, here’s a look at how organisations can grow by leveraging the disruptive power of certain technologies.
The connected ecosystem of the Internet of Everything (IoE) will re-invent industries at three levels: business process, business models, and business moment. The approach deployed by organisations to conduct business will see a complete transformation as companies digitise products and processes.
With multiple new objects and sensors generating real-timedata, IoE will take the human-machine interaction to new levels. Products and services will leverage data, technology and analytics to achieve higher personalisation and greater consumer experience. Automation will enable re-imagined methods of working and processes. Digital identity will establish better trust between customers and providers, while virtual and augmented reality will be deployed to train and enhance the skills of employees. AI, machine-learning and robotics will make machines and systems smarter through trained algorithms and artificial neural networks.
To leverage the advantages of what’s next in the technology world, two critical questions need to be continuously addressed:
Effective answers to these questions lie in incorporating transformation with domain expertise, intelligence, and automation. Digitising customer experience through social, mobility, analytics, cloud and robotics is the key.
Talent follows business; thus, domain specialisation, data analytics, robotics, AI, Internet of Things, cloud technologies and security will be the skill requirements of the future. Also, strong social skills will be in demand – communication, collaboration, creativity, critical thinking, design thinking, and entrepreneurship.
Companies will need to change their business models keeping in line with new-age designs and niche solutions. The solutions will leverage the interplay of domain expertise, design thinking, process excellence, technology, and advanced analytics.
Right investments in proprietary tools and platforms will be the best defense against the impact of disruption along with developing and nurturing future-ready talent. Now is the time for a technology leap to create niche, tech-driven solutions and services to move up the business value chain and create strategic value for customers.
In short, as new technologies reshape the ecosystem and the economy, companies will have to re-think and re-engineer business processes to weather the storms of disruption.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)