Digitization & Social
Businesses are digitally transforming. They are fundamentally altering
the way they do business and digitizing by engaging their users and improving
the use of digital tools amongst their teams. A recent McKinsey research revealed that
businesses that embarked with digitization both on the inside and outside, have
reaped more profits and increased productivity. The nuts and bolts of
delivering value to customers have now moved online – and opened up a brave new
world of two-way communication, instant response, insight-driven action, and
business agility. Social media has made every customer a broadcaster – and a
receiver of information. Companies that are innovating their business models by
building them around this digital way of life stand to reap the benefits of
this closer customer connect.
Mobility And Smart Phones
Almost everyone has a smartphone now. We are serially connected and the
companies and products that we do business with know this. Smartphones have
taken over most nuances of daily life. Alarm clock, wallet, camera, taking
notes or calling a cab, a smartphone has replaced so many tools and increased
mobility. The companies that seek to connect with their newly mobile customers,
and collect and understand that data these customers knowingly and unknowingly
provide back to them have a definite advantage.Just like consumers have more
information and more choices to make, this data helps organizations create, and
target innovative offerings better. The phone offers these innovative
organizations an avenue of getting that innovative value proposition into the
hands of the consumer too – a win all round.
IoT–wearables & other devices
The Internet of Things (IoT) is changing the world! Gartner predicts
technology will connect over 20
billion devices, systems and people by 2020.Every device will be on the
internet and be smarter as a result. These smart appliances will make everyday
innovation not only possible but the norm. As such edge devices get connected,
and the decision-making gets moved to the frontlines – companies can devise
newer, more flexible, and responsive ways of solving problems for their
consumers. This is not science fiction, the incredible impactis already being
seen in everyday life. From smartphones to your refrigerator, every appliance
inside your home and outside can be interconnected in ways you can’t even
imagine. If connecting wearables and everyday household objects can make such
an impact on an individual, think about the impact it will have on a smart
city. IoTwill change people's lives in the greatest ways possible over the next
few years and it will be due to the innovative companies that ride that wave.
Analytics–Machine Learning
Machine Learning is how computers learn. Based on a solid foundation
of data, machines fine tune results from iteration to iteration and improve
their decision-making. The more the data available, and the more the iterations
the better the decision-making. As the waves of data build up, the “machines”
learn to determine patterns, project possible outcomes and take actions in
response. Companies are innovatively deploying solutions that utilise the
learning capacity of such machines including in many areas already. In data
security, with machine learning, computers can identify patterns of anomalies
and report potential breaches.Paypal is
doing exactly that to discern if transactions are fraudulent or legitimate. In
financial services, these algorithms in machine learning help firms to predict
and carry out trades at high volume and speed. Machine learning is playing a
role in healthcare in helping spot cancer or predicts any onset of ailments.
This is one technology movement that enables businesses to put in place
innovative initiatives to address the needs of customers, improve operational
effectiveness and efficiency, and improve safety & security.
The Cloud
When a trend has to be addressed as “The Cloud” you know you have to
take it seriously. Let’s look at the magical powers of Cloud computing first. This
is a technology movement that has freed up organizations of all types and sizes from constraints like infrastructure
requirements, physical location, and investment ability. The Cloud has made it
possible for even the smallest organization to leverage those technology-based
solutions that were earlier the domain of only the large company. Today small
companies are also able to access the power of Big data & Analytics,
Machine Learning, and Mobility – all on-demand, and without having to incur
prohibitive initial costs. This access has freed them up to create innovative
solutions for their customers on the back of these technology-based
movements.
Innovation is key to surviving in a competitive world – those
organizations that embrace the technology-based movements described here are
likely to be at the forefront of the innovation cycle and benefit.
