Emerging Technologies in Business

Surjya Meher , Managing Partner ,Evolution Strategy Advisors LLP_ | Insights Success | Business Magazine

Engagement and adoption of ‘Emerging Technologies’, in business in the last couple of years has influenced a lot of organizations that adopted it bringing excellence through technology enablement. Most of these technologies are in the digital framework making most of the operations seamless. At a consumer interference level, transactions have become prominently cashless or even shopping digital. Not only at a customer level, there is adoption in marketing, branding, planning, research, product design, among other business needs.
Some of the key outcomes influenced by technological interventions that have resulted in are:
         – Transactions becoming cashless
          – Opening of the new convenient channel – the ecommerce
          – Logistics adopting the aggregator model for efficiency.
          – Death of traditional advertising from TVs and radios to Netflix and social marketing
Even at an organization level we come across departments that have embraced technological adoption.
The Sales Automation System adopted by many Sales Departments is a great example used by sales force and channel managers today. Not only it improves productivity, it communicates real time with trends and analysis helping line managers optimize efficiency. Used by sales, marketing, HR, distribution and BTL branding team.
The Human Resources too is not too behind as adopters for new technologies. Be it cloud based applications or Social software applications such as LinkedIn Recruitment services, Lucid chart, Google Docs and Forms or even the social reference checks, it benefits hugely. The Supply Chain has fleet and warehouse management applications that save time and contributes to the efficiencies of organization. Finance is again a key to embracing technology such as Could computing to Block chain apart from traditional financial software.
Though some of the above technologies are still in the adoption phase, a set of new emerging technologies have started making way into the current operational practices. These are:

  1. Machine Learning (ML), Artificial Intelligence (AI) and Data Mining

Machine Learning is a process of crunching large amount of data, understanding or evaluating a pattern to create solutions with the information. Patterns are predicted when machines analyze the set of algorithms while Artificial intelligence is the implementation of neural matrix based algorithms used in Machine Learning. While attempting complex business cases, AI becomes an alternate to machine learning.
Data Mining starts with data segregation while analyzing data to generate new trends and correlations which are difficult to achieve without data mining.

  1. Robotic Process Automation:

This technology is today being adopted by many large companies and being used by many of its departments right from Supply Chain, Finance to Operations. A perfect solution if you are looking at a faster ROI as it’s easy, economical and faster to adopt and deploy.

  1. Augmented Reality and Virtual Reality:

Recommended a must for most of the service and related industries as this is a perfect technology amalgamation of the real and the virtual world. This enriches the experience of thing near us and beyond.  AR & VR are great with organizations into sports, education, training, interactive marketing, customer service and manufacturing and operation simulations, etc., Companies that are looking at digital strategies to transform customer engagement and employee empowerment.

  1. Internet of Things:

Basically networking of physical products through wireless / internet. It is connecting with these products remotely by the users. We have started seeing a spurt of products from cars to appliances in the consumer sector to being also widely adopted by industries in manufacturing, automations and R&D.
It’s not entirely true to say that technology always creates efficiency and a better way to manage business; all depend on the ethical usage of the same. Un-necessary abuse of these also destroys organization. Hence we need all these technologies to help us do business better but should be based of positive intensions.
About the Author
Surjya Meher is the Managing Partner at Evolution Strategy Advisors LLP. He has more than two decades of experience in FMCG, Consumer Products, Retail and Ecommerce industries. He has been instrumental in empowering various multinationals and Indian companies in launching successful brands and generating profitable business outcomes. Leading with excellence, Surjya has stirred various profiles in Sales, Marketing, Strategy, HR, New Product Development, Manufacturing and Operations and has been recognized as a Strategy and Operational specialist.

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