Based on this construct of the digital age, enterprises are now transforming themselves to become ‘intelligent’ by implementing digital technologies such as Artificial Intelligence (AI), Machine Learning, Internet of Things (IoT), Augmented Reality & Cloud Computing etc.
This capability of an enterprise helps them be more proactive and deliver a differentiating experience to their customers For example, building ‘smart’ products can enable identification and resolution of any product failures much before the actual breakdown happens, thereby, improving the experience of their consumer.
This transformation is a journey and needs careful planning and execution. The pace of the journey can change basis many internal and external factors apart from the organization’s business strategy. However, in today’s highly complex market scenario, not moving in this direction brings in risk of survival and growth.
Digital Transformation – Embarking towards the Era of Intelligence
The only constant aspect about consumer demand over the years has been its rapidly changing nature. Therefore, trying to bridge the gap between their products/service offerings and the market requirements, organizations are striving to imbibe agility into their business. Being agile refers to the flexibility of an organization to adapt to changes in industry trends, demand pattern, consumer behavior or regulatory compliance.
Investing & adopting the right technology, tools and digital platforms, organizations can leverage the data, gain insights, which empowers them to better understand & predict the market movement to stay ahead of the game. Having a robust digital foundation will not only streamline their processes but also impact their overall objectives to drive growth.
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This can additionally help them be more operationally efficient, drive innovation in their offerings and differentiate themselves with respect to their competition.
Traditionally, businesses could measure and assess the efficiency of any of their products through reported performance information, complaints of failure or faults, customer feedback and reviews. Today, intelligent enterprises have started embedding ‘smartness’ into their products and operational infrastructures using smart sensors.
Integrated with capabilities of digital technologies such as IoT and AI, smart, connected products can capture and share data on their current state and usage patterns in real-time. The insights so collected can be used to monitor performance and read contributing factors in case of failures.
This in turn can help in introducing innovation in product design to deliver better quality, hence instantly enhancing the business opportunity manifolds. So, their smartness makes such products much more valuable than their predecessors which is why organizations are moving towards ‘smart’ and ‘connected’ products.
Through Processes (Operations)
This intelligence has helped organizations to not only understand their customers’ consumption patterns but also take proactive steps