Why technology is key to business strategy
There were times when businesses using technology to ease their processes were considered innovative. However, now use of technology has become the norm and what differentiates the best from the rest is how well they are able to leverage the power of technology.
Technology has to be a part of every business strategy due to its tangible and intangible benefits. For example, use of sensors supported by artificial intelligence in the manufacturing industries has enabled the workers to get signals in advance about the malfunctioning of the equipment. Similarly, use of Augmented Realty based wearables helps the workers to locate the problem areas easily. In short, technology improves the efficiency of the operations and for the employees too, it gives opportunity to improve their skillsets, reskill themselves and increase their earning power.
India Inc all set for Industry 4.0
The power of technology is helping companies to transform their product design manufacturing process and presentation to the customers. Technology is no longer a driver of cost and efficiency but a means to actually transform businesses.
The Indian business houses have sensed the power of technology and are investing a lot to empower their organisation to adopt the technological advancements. Major investments are channelled towards adopting cloud computing, artificial intelligence, robotics and agile technologies. They believe these advancements will help them in personalizing their offerings, leveraging the ecosystem to its fullest potential, embrace risk and overcome it instead of avoiding it. They feel the cost incurred can be easily recovered as the customers are willing to pay a premium for personalization. Also, technology enables them to generate revenue from the core business as well as ancillary businesses.
Myth of technology will replace labour force
