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This article was provided by Hari Shetty, Sector Head and Senior Vice President, Technology Platforms and Products, Wipro Ltd.
After a disruptive year, the enterprise and startup together are finding greater success.
Prior to 2020, the term “disruption” generally referred to startups and innovators who were doing things differently – disrupting established industries such as ecommerce, banking and healthcare through a combination of new technologies and innovative business models. But the epidemic pushed companies to a technical tipping point.
Now, even leaders who were reluctant to change over time are adopting technology to keep pace. Turning to remote work in 2020 will force more businesses to integrate collaborative software and platforms into day-to-day operations. Ecommerce doubled when retailers closed their stores. When buying panic-stricken supply chains, distributors began to turn to AI to help manage inventory and distribution throughout their supply chain.
With the development of ecommerce and the digitization of almost every aspect of the economy, the epidemic has equated the playing field and reduced the role of borders and geographical proximity in measuring the parameters of consumer preferences. Companies that adapted quickly to new conditions were able to reach global customers like never before. Significant benefits have been gained from the increase in digitization that scales accordingly. Just a few years ago, for companies to really go global, they needed physical locations in other countries. Today, startups in Bangalore can quickly and efficiently serve customers in Bogota.
Perhaps because the epidemic itself was so disruptive, the concept of “disruption” in business and the tech industry had to change. Established businesses are beginning to see the new tech not as a threat to traditional operations but as a tool to help them adapt and stay competitive.
Companies that invested heavily in technology before or during an epidemic are able to navigate the crisis more successfully than those that do not. Now, the positive aspects of industrial disruption have become synonymous with the transition to digital business models and taking advantage of technologies such as AI and hyperotomation to increase flexibility, agility and business resilience. These are universal goals for businesses – building a competitive organization capable of navigating change and end. As a result of these developments, businesses of all sizes have become more enthusiastic about investing in technology.
Innovative and path-breaking technologies have also found a welcome place in industries that are not typically associated with high-level digitization, such as agriculture. In American farms, for example, the power of the Internet of Things (IoT) is used to increase crop yields and to enhance the taste by constantly monitoring every aspect of the growing process. But the implications are even greater: smart agriculture has the potential to reduce dependence on pesticides, reduce costs, optimize water use, and ensure better land management. As climate change continues to deteriorate, disruptive technologies such as this innovation provide a preview of how it can help meet growing needs.
On the rise: the most popular innovations going forward
Epidemic tech startups are divided into two groups: potential and likely to fail quickly. And reinforced how the concept of disruption has evolved itself. Pathbreaking new business models do not appear as often as they did a decade ago. This does not mean that innovation has stopped. As technology has become more pervasive in our work and personal lives, the nature of disruption has evolved.
For example, innovations in cybersecurity will meet RPA and bot security governance, reducing attacks on IoT and cyber-physical systems, countering espionage attacks on emerging digital twins, and more. Companies developing solutions to support remote work and remote collaboration saw a tremendous increase in their business during the epidemic. Other winners include companies focusing on education and remote learning, automation, electric vehicles, battery technology, blockchain, artificial intelligence (AI) and machine learning technology. Demand for the new tech is also expected to grow in the healthcare, ecommerce, logistics and SaaS segments.
What is clear here, and is true for the evolution of industry disruption, is that the most popular ideas for overcoming epidemics focus on better understanding the end user – whether customer or employee – and developing a more sustainable business. On taking advantage of technology. Models For the most part, these interests are combined and rely primarily on insights generated from huge amounts of data. For example, advance design takes advantage of AI and machine learning to anticipate customer travel and create designs that reflect the current context. This becomes compatible with the emerging business model – Direct-to-Consumer, or D2C. Along the same lines, and original in data, there is the smart help of communication that can help organizations streamline operations together and improve the employee as well as customer experience.
Talent and Attention: The Keys to Successful Industry Disruption
In these transformative times, businesses and startups need top talent to help them strategize and develop their next move. Most large-scale change initiatives fail due to lack of critical talent. Since high quality tech talent is scarce, companies that can acquire, train and retain talent will be better equipped to develop and adapt to whatever lies ahead.
While it is difficult to say for sure what the post-epidemic economy will look like, business leaders can prepare their organizations by being open to disruptive technologies and adopting the agile work of smaller organizations.
Hari Shetty is the Sector Head and Senior Vice President of Technology Platforms and Products at Wipro Limited.
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