Emerging Technologies - Embracing Change -`Get the Edge`
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Every few years it seems that the stakes have never been so high until the next wave of bleeding-edge technologies emerge. All participants in the ecosystem are trying to make the best of the opportunity or to stay relevant at minimum. This happens largely in the IT arena, which must ensure that business derives benefit to sell faster, cheaper and better. Today these new technologies are building on existing context and understanding. For example, automation builds on current processes, analytics builds on existing data and Artificial Intelligence AI is based on current decision paradigm.
However, the return on investment of these new technologies depends on the quality of the underlying current processes, data and decision paradigms. If these underlying elements are not of high integrity, investments in such bleeding-edge technologies can lead to corporate bloodshed!
Despite the prevalence of these technologies over the past few years, no real-world enterprise can say it has reaped enterprise-wide benefits. Most deployments are launched under ideal conditions but real-world challenges are not taken into consideration during these pilots. This causes full-scale deployments to encounter challenges that were not anticipated in the pilot phase, which in turn results in delays. The key is for enterprises to see enduring, sustained value from these investments on new technologies beyond the pilots. What can enterprises do even as these new emerging technologies like automation, AI and analytics take time to percolate down?
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How can organizations ensure that the new technologies will deliver higher value when deployed? The common, underlying aspect of new technologies is that the starting point of all initiatives includes existing processes , decision paradigms and sets of data. Enterprises must look at how well these existing elements function. Processes : Processes must be streamlined, updated and made relevant before any deployment of automation to get maximum benefits. While variations may exist, if current processes have higher numbers of exceptions or variations than when initially conceived, it may be time to tweak or overhaul the process.
Embrace Change Or Get Left Behind
If automation is built over an inefficient process the value will not be as high as if the automation rides a more efficient process. Decision Paradigms : AI heuristics are typically built over the current understanding and decision paradigms. What are the inputs considered when making decisions currently by a person or a system? Is there an additional basis of assessments that needs to be formally captured? A solution is to build runbooks or update existing ones and create knowledge bodies and processes to keep them current.
This also has some other benefits that were covered in an earlier article. Data : This is where the game gets trickier.
Analytics is the art and science of leveraging data for business, but it is only as good as the strength of the underlying data. It is a widely used term, but can include business data, intellectual property, operational data and so many other sets of information.
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Oftentimes, leaders get caught in a rut with a singularity of vision. Mercedes-Benz, which could easily rest on its laurels, recognized the need to evolve to stay relevant.
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It has taken a forward-thinking approach by pursuing vehicles that go beyond transportation. The F Luxury in Motion looks at living spaces for design inspiration and is self-driving. Mercedes-Benz remained agile in response to the future needs of its customers.
The IT industry is a perfect example of this mentality. The world has changed dramatically with the establishment of cloud-based technologies and the increasing intervention of business into the IT enterprise, but very few leaders have been able to shift from the service-based mindset.
In lieu of out-of-office emails, senders are notified that the user is out of office and are directed to connect with a predetermined stand-in. Employees return from vacation to an empty inbox, effectively maximizing their time off. This strategy paid off in both productivity and a happy workforce.
Stay ahead of the latest trends
Look impartially from the inside out and the outside in. Truly great leaders have the ability to see the world and the humility to accept how the world sees them. Mughal Emperor Akbar often went into town in disguise to understand the needs of the common people.
We can create an edge by truly understanding the needs of our end users and building a business that serves them. A great example of looking impartially from the outside in is the quirky company Air New Zealand. By observing how theme parks like Disney World inspired whimsy, fun, and safety into every part of the experience, Air New Zealand created Airband. The chipped bands, when fastened to the wrists of children traveling alone, create a safe environment where children can fly without the fear of being lost.
With more than 30 percent of executives expecting their industries — from asset wealth management to telecom — to be disrupted in some way, there are plenty of openings for you to help your business grow. With these four strategies, finding which industry and what problems you can resolve within your own company will provide the advantage you need to keep from being stuck in a rut.
Like Amazon, embrace changing technologies and rapidly evolving industries, and get comfortable with the pace of the new world. Naveen Rajdev is the chief marketing officer for Wipro , a global information technology, consulting, and outsourcing company.