Take us through the ways in which technology can demystify business complexities.
Technological breakthroughs and advancements have continuously changed business realities, changed the businesses, and even created new businesses. There are several emerging trends and newer focus on certain old technologies which are helping businesses have a better understanding of their internal and external, structured and unstructured data, draw meaningful inferences, understand the customers and competitors better and hence help drive revenues, control costs and improve efficiencies.
Data is the new oil and mastery over the relevant data is now driving the businesses and competitive advantage.
Machine Learning has made a comeback. It helps solve problems as mundane as manual data entry or as complex as financial analysis and forecasting. Interaction with technology has been made very friendly by NLP. We have got simple and self-intuitive ways of interaction. Artificial intelligence is being used to find the mood around a product, be it consumer or retail space. It enables taking quick corrective or supportive actions that can be taken based on it.
Automation has made factories smarter. Technology has created all sorts of connected environments. The facility of remotely managing devices or the so-called IoT has brought down the time-to-action drastically. Manual intervention is reduced greatly as wiser decisions are being implemented or recommended by technology. Since the “trial and error” part gets highly reduced, the success rate is high and hence the investment in new exploration is reduced. Digital transformation is headed for new levels of operational excellence and productivity, product insights, optimizing processes, and reducing downtime.
The real devil lies in the data! Data comes from varied sources and in varied volumes and type-, structured, unstructured or semi-raw. The biggest challenge and tweak lies in understanding it and making use of it. The computation power and storage efficiency have gone up exponentially while making them inexpensive at the same time. These have welcomed data crunching by all sorts of businesses. Technology dives deep to make sense from such disparate data to provide real-time plus batch data trends and patterns. Digital Transformation empowers enterprises with data-driven decision making, risk analysis, and disruption management. It helps in making more informed decisions especially help in high-risk and complex scenarios like mining, exploration, and production business propositions.
How can digital transformation be leveraged to create enterprise value?
Digital transformation is a catch-all phrase. With the pragmatic approach that it gives, it is taking organizations to the next level. It evidently increases efficiency, productivity, enhances brand value and cuts costs drastically.
Digital transformation is a continuous journey, where we must reinvent and revive ourselves and our organizations, and embrace change!