Harnessing technology for growth, sustainability, and resilience
Transforming your businesses with new technologies has become one of the most critical strategic initiatives in the business world. The purpose of technology is no longer to gain advantage but for survival. Technology has helped businesses to engage better with customers, with flexibility, digital and automated operations, and the introduction of newer, faster, and more efficient processes.
Enterprises need to leverage Smart Technologies to build a sustainable ecosystem that makes the enterprise more agile, secure, and resilient. We've all heard the phrase "adapt or die", and for businesses to achieve growth and success in today's modern world, they should embrace new innovative technologies. Artificial intelligence, IoT, and Digital Twin are Bridging the gap between the Digital and Physical worlds.
Sustainable IT has become a priority for most organizations, digital technologies have been driving sustainability transformation by opening up efficient ways for organizations to reduce their carbon footprint. Businesses are utilizing IoT sensors and analytics platforms to ensure sustainability by monitoring conditions & performance and generating abundant data necessary to show demonstrable and quantifiable improvement.
The accelerating progress in AI and automation is creating a push in the frontier of what machines can do. They are reimagining the business world, boosting innovation and productivity, and helping organizations be agile and make accurate decisions through workplace automation.
Digital Twin technology is bridging the gap between the digital and physical world by allowing you to create 'what-if' scenarios and simulate environments, letting you predict and test what might happen in particular situations without taking a risk. Digital twin is being rapidly adopted across a multitude of industries. It is helping organizations in enhancing operations, training, and predictive planning.
Changing market dynamics and the rapid pace of innovation are encouraging organizations to adopt low-code no-code platforms. Business users are leveraging these platforms to rapidly develop and deploy custom applications by abstracting and minimizing or replacing the coding needed in development while reducing IT costs and increasing agility. Businesses are embracing the migration of their services and data to the cloud as they adapt to become elastic digital workplaces to deal with increased online demand and remote working. Cloud migration enables the ability to innovate faster and increases agility and flexibility while easing the increase of resource demands. The adoption of Intelligent AI search is advancing as it eliminates data silos and helps employees and customers find the information they need quickly and easily. End-users can use intelligent search to extract information from anywhere and in data sets, regardless of the format.
Adopting and implementing smart technologies is no longer a mere initiative but a key aspect of business strategy. The sooner the companies understand that and begin or accelerate their journey, the faster they will be able to adapt to the new normal and will be able to make business decisions efficiently, enable new revenue streams, envisage new business models, drive profitability, and acquire and retain customers while being resilient and meeting environmental sustainability goals.
Abhijit Roy is the Global Head - Energy and Utilities Domain at Happiest Minds Technologies.