The Pillars of Digital Economy - IoT, Mobility, Cloud and Analytics
Over the last decade a new breed called Digital has quickened the tempo of business. Digital natives such as Internet of Things (IoT), Mobility, Cloud and Analytics have delivered more convenient, responsive and engaging experiences for customers and often disrupted entire industry business models and they continue to evolve and scale at speeds that are unthinkable for traditional organizations. Digital is leading the “Change in Industry”. As more people, systems and things become interconnected, the scope to create new and novel digital value chains rapidly increases. Understanding the impact of these changes and successfully evolving to avoid or exploit disruption is therefore critical to survival.
Enterprises across many industries, particularly in manufacturing, retail, oil & gas, telecom, the services and utilities industries have already begun adopting “Digital” technologies to improve business processes, customer service, and operational readiness.
The IoT(Internet of Things) – IoT is no longer an envisioned technology, it’s here and every organization is leveraging this technology. IoT is not bound by geographical regions or industry, it is and will be adopted by all and sundry. According to Infoholic Research, there will be 27 Billion connected devices worldwide and IoT industry will account for USD 300 Billion by 2020. Amidst this, India will account for roughly 5-10 percent of total projected revenue.
It enables remote monitoring for millions of patients, analyze trends to create delightful shopping experiences, or save jillions by pro-actively managing critical machinery – this animal is called Internet of Things (IoT)! IoT has already caught on in everyday use. Many people outside of the business and technology worlds generally know what it is and how it can improve their lives. It has offered consumers a whole host of innovative solutions to make their living easy and comfortable.
The potential for IoT is huge but many businesses are still grappling with how it can benefit their organizations and how exactly to get started. Canonical recently surveyed over 360 IoT professionals to examine their current and future challenges plus opportunities that exist for organizations looking to become IoT ready.
• 53 percent believe that quantifying ROI and providing a clear use case is their most immediate challenge in adopting IoT
• 68 percent of professionals are struggling to hire employees with IoT skills
• 57 percent believe the security of IoT devices should be a joint responsibility
Here are some of the fascinating possibilities that IoT can drive Business Transformation –
• Create delightful customer experiences -
• Innovate and generate new revenue streams
• Better safety and security
• Optimize your business and do more with less
• Reduce time, costs and faster decision-making
• Proactive management/Improved operational efficiencies
As IoT hits the mainstream, it will continue to grow, connecting more of the world. According to Gartner, by 2020, 30 billion mobile phones, tablets, computers, wearable technology devices and other types of connected devices are likely to be in use. It is said that “Going digital is not an option, not an add-on and not an afterthought, it is a new reality that requires a comprehensive digital leadership, that’s why Enterprises have started appointing Chief Digital Officer – CDO to look after their Digital Business”.
Mobility - 3Cs i.e Collaboration, connectivity and communication are the need of the hour for the organizations. With increasing digitization in everybody’s lives and the business world, it is a constant endeavor to improve employee interactivity and create seamless experiences for customers while having real-time engagements with the field force. Mobility is redefining the rules of user experience with anytime, anywhere and is a necessity for future-ready, borderless global enterprise.
The Business benefits of an integrated Mobility application stretched right across the entire organization, touching the lives and roles of all level of resources. The benefits of Mobility include:
• More efficient management of mobile and remote resources
• Reduced operational cost, Improved service delivery thus productivity improvement
• Retaining customer loyalty, winning new customers thus ensuring business continuity and improvement
• Promising tangible business benefits such as real-time RoI
• Helping organizations gain and sustain a competitive advantage
Owing to these beneficial aspects, seeking of the Enterprise mobility solutions must be the priority for any organization.
Cloud - Cloud services helps enterprises in enhancing customer experience, accelerating business outcomes and building future ready capabilities. It helps customers optimize, scale, manage and outsource IT resources to rationalize investments. Cloud solutions empower enterprises for digital transformation, enhance business agility, ensure faster time to market, and help simplify processes, modernize applications and enable cognitive intelligence to meet customers’ business needs.
Even some strategic solution providers like Cloud BOT offer state of the art cognitive computing solutions that help accelerate an enterprise's digital journey by enhancing their operational efficiency, effectiveness and user experience across various industry domains.
Now-a-days, cloud computing is widely used as a service infrastructure, so let me shift my focus to Analytics, the new path to Value.
Analytics - Fueling the Digital economy–
Creating a seamless customer experience in a digital world is a primary challenge that several organizations across the globe are grappling with. Customers of today expect personalized service without any compromise. A move to customer centricity hinges on delivering better customer experience across all channels and providing value across the customer experience lifecycle, so Analytics is increasingly emerging as a key enabler in helping organizations achieve this. Creating a powerful customer value proposition requires understanding customer behavior, preferences and needs along with product/service lifecycle and linking these with ongoing operational transactions and past behavior.
With more and more businesses moving towards accurate and accelerated decision-making, Insights-as-a-Service has become a priority for virtually every type of industry. Analytics empowers businesses of every kind to be more productive and agile in delivering value by supporting smarter decisions. It covers the entire spectrum from data to information to insights, empowering customers with relevant insights to make faster, better decisions.
Key Business Benefits –
• Provides insights around customers’ switching patterns to enhance customer loyalty
• Leverages existing customers for revenue growth through market basket analysis
• Prevents asset downtime and improves performance through predictive asset maintenance solutions
• Protects a brand’s online reputation with reputation management solutions
Finally, Digital technology, which is now transforming the commercial world. Organizations in all industries and regions are experimenting with and benefiting from Digital transformation. Digital technology provides a wealth of opportunity to those willing to change their businesses to take advantage of it, so what are you waiting for!
Now it’s your turn. Take the next step to become a digital enterprise.