Take us through the ways in which technology can demystify business complexities.
Technological breakthroughs and advancements have continuously changed business realities, altered business trajectories, and even resulted in the creation of new businesses. There are several emerging trends and a newer focus on certain old technologies that are helping businesses have a better understanding of their internal and external, structured, and unstructured data and from that, draw meaningful inferences to better understand customers and competitors and drive revenues, control costs and improve efficiencies.
Machine Learning has made a comeback. It helps solve mundane problems like manual data entry or issues 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 read the mood around a product, be it in a consumer or retail space. It enables quick changes or supportive actions that can be a game-changer.
Automation has made factories smarter and technology has created all sorts of connected environments. The ability to remotely manage devices with IoT has reduced time-to-action drastically. Manual intervention is reduced as wiser decisions are being implemented or recommended by technology. Since the “trial and error” step gets highly reduced, success rates are higher and hence the investment in new exploration is reduced. Digital transformation is headed for new levels of operational excellence and productivity, product insights, process optimization, and a reduction in downtime.
The real devil lies in the data! Data comes from varied sources and in varied volumes and types; structured, unstructured, or semi-raw. The biggest challenge lies in understanding it and making use of it. Computation power and storage efficiency have gone up exponentially while becoming more inexpensive at the same time. These changes mean all sorts of businesses now welcome data analysis. 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 enable more informed decisions especially helpful 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 can take any organization to the next level. It increases efficiency, productivity, enhances brand value and delivers meaningful ROI.
Digital transformation is a continuous journey, where we must reinvent and revive ourselves and our organizations and embrace change!