Digital Revolution

Chander Khanduja, CIO, Luminous Power Technologies (P) Ltd | Friday, 06 October 2017, 05:44 IST

Digital Revolution is the next big thing which happens in our world after the in­dustrial revolution. The word itself, Revo­lution, says it all – either you be a part of it or you may not be relevant anymore. Simi­larly, our business world is going through this stage. We have seen business environ­ment changing around us with Demonetization and GST; these big changes impact in big way. These are exciting times for all CIOs , CTOs, CMOS, CFOs and CIOs. Every organization is talking about the digital strategy now and all CXOs are a part of this game changing strategy. Few years back SMAC was the buzzword for all the corpo­rates - social, mobility, analytics and cloud. Now IoT and Industry 4.0 got added to this and it is SMACII.

The biggest motivation for further in­vestments in digital factories is efficiency - 98 percent expect it to improve. Some of the technologies they are relying on to get there include con­nectivity technologies, using sensors and Manufacturing Execution Systems, and a whole range of data-driven approaches, including pre­dictive maintenance and process improvement, visualization and optimi­zation. For these technolo­gies, usage is expected to double over the next five years.

Digital strategy organi­zations are focusing on 3 Ps. Digitize People, Process and Products - this is essential for organizations to remain rel­evant in this regard.

Every organization has to see that they follow broadly the following principles to be a Digital Organization.

● Collaboration is key for Digitization

● Low hanging fruits are to be encashed

● Fail Fast approach

● Short-term thinking and twisting to meet quarterly ob­jectives is not the path to innovation.

● New business models like those from Uber and Airbnb are changing the competitive landscape.

● Physical and virtual businesses are merging and everyone, in time, will be a tech company.

● Partnering is critical to seize opportunities in rapidly evolving markets.

● Every organization needs to make securi­ty a core competency. This is being fueled by the explosion of the Internet of Things (IoT) and the advanced skills of hackers.

● Mobility is trumping online presence, and millennials are the torch bearers. Get them, embrace them, or risk becoming irrelevant.

● The nature of work is changing; the new work­force will consist of value-driven jobs.

● Prepare to be disrupt­ed, but play for the long-term.

Businesses face a choice: disrupt or be disrupted. Transforma­tion is the key, but the old pace is no longer an option. Business has to move at “the pace of change, squared” or be left behind. Exponen­tial thinking is needed at all levels of the col­laborative chain.