You don’t change the world simply by looking at it. You change it through the way you chose to live in it!
Well, the above words are definitely not mine, but borrowed from a 70mm film screening which has been kind of missing over the last 10 months or so, due to the new normal that we are living in, post this pandemic globally…
While the above can be construed in many ways, but case-in-point, I am considering it to be corelated with ‘Technology – A different genre post Pandemic 2020!!!!’
Last many decades, Technology has revolutionized and contributed significantly in evolution of various industries albeit at a pace not as I, personally, would have desired. However, it has been always construed to be an investment with limited acknowledgement and appreciation, by the think tank of organizations, at large.
In comes the year 2020 and one could here buzz around the CxO community with buzz and echoes in name of Machine Learning, AI, BOTS etc. But soon it was overshadowed by some grave defense tactics in form of Work from Home, Remote Management, rigorous Information Security etc.
None of the Technology heads anticipated the impending perception oscillation during this catastrophe – CORONA!!
Initial few months were primarily dedicated for Stabilization of services but then soon realization creeped in that one needs to think out of the box in order to sustain the impact and explore different avenues for revenue generation and growth, if at all foreseeable in the near future.
The onus of bringing synergies within a particular business, industry and geography became of paramount importance and any or all discussion between the governing bodies of an organization; the Executive Council or the CxO body or the Shareholder / Board members; led to one factual guidance: Its prudent that TECHNOLOGY becomes the underlying platform for various business units.
As we look forward to a forgetful 2020, globally Employers, workforce, millennials and Gen Z are seeking empathy, security, flexibility and a future ready TECHNOLOGY aiding business as a NEW NORMAL.
Technology enablement led business alignment will define the factors imperative to the future, such as:
- Need for Speed: – One has to look at faster and aggressive timelines instead of a conservative approach. Eg: Rapido platform has given a huge avenue for launching websites in fraction of days if not hours as compared to weeks of man-effort in earlier times
- Omni Channel and a 360-degree Experience: – Explore multiple layers for addressing the customer requirements. Point-in-case Mobile application, Website, IVR etc. for reaching out to customers from all directions
- Digital Transformation or convergence
- Automation in form of RPA or BOTS – Chatbots delivering intuitive interaction with customer and addressing their queries in a real-time environment ensure customer stickiness. Similarly, RPA has ensured faster turnaround time especially for mundane tasks and ensuring more productive opportunities for resources made redundant from such tasks
- Artificial Intelligence / Machine Learning are not new to the industry. However, it is the enablement of various process via these that will make life simpler for many industries and business process in order to deliver the right set of output basis customer requirements
- Data Lakes: – As per Industrial revolution 4.0, DATA is the new OIL. In today’s everchanging consumer environment, it is extremely critical to understand your customer behavior and capture all of the data, conduct real time analytics to support the business to take informed decisions and execute the strategy for bringing in that USP to the organization thereby also giving them a first mover advantage over the competition
Anticipating the organization relook at their existing business process in the zeal to digitally transform, it would be prudent to anticipate some of these benefits in a long haul: –
- Growth Impact w.r.t. Revenue
- Optimization and Rationalization of resources thereby bringing commercial efficacy
- Increase in Productivity and customer satisfaction
To summarize all of the above highlighted Technology enablement can be foreseen only if the leadership and the board of organizations take upon themselves the charter which comprises of three pillars:
- Customer First
- Dynamic Business Model
- Change Management across the organization to cater to the above two charter’s
Lastly, Technology has been an area of interest for many decades now and will be the single most factors to redefine the way the organizations conduct their business and address their customer needs.