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DEVELOPING FUTURE-READY STRATEGIES Innovative tech implementation being critical for digital transformation

Aug 6, 2021

Lovelesh Parasher, Founder & Director, Augmented Transformations - The COVID-19 pandemic has catalysed the need for organisations to explore new ways of working and adopting technology to drive growth & profitability. This article discusses how businesses must innovate when it comes to utilising technology and develop future-ready strategies that work for them, to manage change and capitalise on future opportunities.

As we accept and adapt to the new realities brought by COVID-19, organisations across the world are exploring new ways of working. Every industry today is aiming at increasing operational efficiency and safety mechanisms that will support recovery & growth in the years to come. It has become clear that technology is emerging as an enabler and catalyst in this transformation for survival.

Traditionally, India has relied on labour-intensive processes, keeping a close balance between capital investments for modernisation and maintaining a flexible workforce. The advent of technology applications that are easily deployable & scalable has opened countless ways in which industries of various sizes can transform their operations on the floor while boosting productivity & accuracy.

The power to achieve greater efficiency

Technology is at the core of large modern businesses, operating at high production levels, today. From Mesh Wi-Fi, cloud-based services, IoT, AI to ML and RPA, smart and hybrid applications can automate mundane, repetitive tasks to avoid errors, wastage and quality issues to meet higher benchmarks at a higher speed. By increasing productivity and implementing a seamless workflow with effective lines of communication, enhanced collaboration and better internal affairs with reliable employee monitoring software, customised suites of solutions hold the key for organisations looking to deliver more value to their customers.

Cloud technology is a great example of how one technology has revolutionised business processes and redesigned storage of information and asset management. Almost every business function can be remotely deployed and managed, thus ensuring flexibility while saving time and space at every level. In addition, different industries can acquire and adopt new software & scale their infrastructure using the cloud to match business goals & needs based on their current budget and resources.

As per a recent Microsoft-IDC report, 77% of Indian organisations found innovation to be critical or important to their performance and resilience. In addition, the report revealed that the pandemic has catalysed the need for the adoption of technology. It also concurs with my understanding that tech adoption has become much less cumbersome with the growing trend of customised and easily deployable solutions. As much as 64% of the respondents of the study agreed to that point.

Personalising tech deployment

To drive growth and profitability, advanced manufacturing companies are adopting new technologies across their operational chain. To ensure success, one must go beyond the hype of new technologies and develop future-ready strategies that work for them, to manage change and capitalise on future opportunities.

Artificial Intelligence (AI) is a growing force in the technology industry. It has taken centre stage at conferences and proven its potential across a wide variety of industries, including retail and manufacturing. New products are being embedded with virtual assistants and 24x7 camera surveillance, while delivering superior quality assurance by minimising human errors & biases. Customised AI is playing a vital role in ensuring scalability and maintaining a healthy and efficient operational workflow along with predictive maintenance, resulting in long-term dividends.

Staying ahead amid rapid change

For businesses across the entire range of scale, that are leaders in their respective markets, technology plays a vital role in achieving that milestone. In a world that is competitive and a market that is open, every innovation counts towards success. If a business cannot tap into the expanding market, it will be out-scaled by competition and technology. The cycle of analysis, optimisation and reinvestment has become a core part of the business process transformation, with the single goal of maintaining a competitive advantage.

Ensuring relevance through transformation

With the rapid increase in demands, the ever-fluid topology of domestic and global markets demands businesses to keep pace with them. It is not easy to attract and maintain people who keep up with change, which is on the horizon. Businesses must innovate when it comes to utilising technology. In the case of digitisation of business processes, automation of repetitive processes, intelligent recommendation systems based on AI/ML go a long way in building a scalable and cost-effective operation.

It is no longer about profits alone; businesses today are faced with the challenge to remain relevant in a fast-changing environment. Sustainable growth can be achieved only with the innovative implementation of technology that is customised to improve specific business processes.

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