Digitalisation, Big Data Analytics & AI will sustain business growth over the next few years.
The road ahead is a little unknown, but then, I’ve always realised that the best outcomes always emerge out of the worst-case scenarios, when our entrepreneurial mantle is tested to the limits. This is that kind of ahistoric moment for our generation.
Keeping your workforce engaged and aligned to your corporate goals is actually the #1 objective of any#BCP.
My personal assessment of the present-day business scenario :
Businesses will innovate
The Fact :
If we were to do a trend study of the preceding global economic crisis, 14% could actually expand their sales and profitability, according to a Boston Consulting Group research that Istumbled upon. A bulk of these companies had in fact just embarkedon their digital journeys at the time.
The Insight:
Businesses that will innovate in their client outreach &delivery model will in fact create new & stronger trend lines forthemselves.
Businesses that are fl exible, agile and willing to bend will benefit The Fact : I learnt through a Bloomberg report that in the past few months, pizza chains have seen a spike in demand; prompting PapaJones, Domino’s and Pizza Hut to announce massive additions to their head counts in 2020.
Along with Quick Delivery Services, fitness companies such as Planet Fitness are apparently doing well; along with supply chain majors like Amazon that has announced 100,000 new positions in the US for fulland part time employees for strengthening its fulfilment centres and delivery networks. And, let’s not forget Zoom, the company that offersvideo conferencing solutions. Its stock value has doubled to roughly US$42 billion in the past few months!
The Insight : #socialdistancing will prompt change in the way weoperate & communicate. We will leverage remote tools & also consumemore online, prompting innovation & scale in service provider deliverymodels.
The Fact : Solution Providers are strengthening offerings with plug ins. Solutions which are plug & play, in terms of crunching data & providing insights for making key decisions on the go. Tech Sector isalso seeing solution providers use Analytics to check on the health of IT Systems and predict outages, across network, data security & datastorage. While All of which could be architected to deliver & functionfrom the Cloud. These trends will continue over the next few years incapacity-build-up & will further empower Businesses across sectors.
The Insight : Technology will always keep pace with changing trends. Hence Solutions are already there which will help Organisations adapt in the wake of such changing times!
Hyper personalisation with be the order of the day
The Fact : Starbucks has made a Deep Brew platform that makes coffee suggestions based on weather conditions; customer’s past purchase behaviour etc. Likewise, on-demand ride players, such as Uber areusing AI platforms to identify best routes, and on-boarding drivers.
The Insight : With social distancing as the new norm, companies willneed to take product and service customisation to the nth level. AIwould be used in creating new product offerings and accelerating R&D activities, especially for time-sensitive industries .
As Marco Lansiti and Karim Lakhani mention in Competing in the Age of AI that in post-COVID19 world, AI factory model would prevail, where “scalable decision engines” would power “the digital operating model of the 21st century firm.”
Leave a Reply