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The pandemic changed the way lives and businesses operated as everyone adjusted to the new normal. Technology offers a great opportunity to assist companies to achieve their business transformation goals. Businesses have made extensive use of technology since the onset of the pandemic and accelerated their shift towards digitisation. This period has clearly shown the benefits of a digital transformation and the perils of falling behind in the race to adopt the latest technology.

Artificial Intelligence in a cloud environment provides accelerated benefits to enterprises as AI makes cloud computing effective while the cloud makes AI affordable and accessible for businesses of all sizes. The extensive amount of data that is collected via lead generation, customer communication, demand forecasting, understanding failure rates can be converted into actionable insights with the help of Artificial Intelligence.

Take a look at some of the obvious benefits of Technology-Driven Business Transformation.

Enhanced customer experiences: The emergence of new technologies like AI, ML, Cloud and Edge Computing has led to enhanced customer experiences as it has improved business efficiencies and increased the ease, speed and convenience in customer offerings. The humongous amounts of data that is available can be converted into real-time actionable sights with the help of AI and Edge Computing.

More use cases: As businesses continue to experiment with emerging technologies, they continue to identify new use cases for the data collected. For example at an auto paint shop where they were collecting numerous pieces of data, they found that the temperature of the shop floor was the reason for some of the issues with the paintwork which was resulting in rework. Prediction of failure rates is very useful in the reduction of manufacturing defects, improvement of quality and prevention of wastage. A slight change in the temperature reduced the quality issues by 50%. In the area of healthcare AI is leading to far more accurate predictions which can expedite treatment and recovery. In the case of agriculture AI is providing farmers with real time insights regarding climate, soil, water and pest conditions which helps them to take preventive/ corrective measures in real-time. Seed-to-shelf traceability and geotagging are helping farmers to market their products better by improving credibility.

Faster and more agile supply chains: When AI is integrated with cloud computing it enables the agile development of solutions that improves process efficiencies along the supply chain which becomes a win-win for all the stakeholders concerned. A smooth workflow leads to shorter and quicker supply chains that can yield tremendous benefits in the form of cost savings and improved customer satisfaction. A more agile supply chain offers more flexibility to the business as it can predict and address customer needs faster.

Hybrid workplaces: As enterprises embrace technology, remote working is going to become commonplace long after the pandemic is over. Workplaces will have a combination of remote working and onsite working. Digitisation would lead to hybrid workplaces which would lead to the infusion of new talent as it would greatly facilitate employees who need to balance life and work. Hybrid workplaces would be the new normal and HR practices would be tweaked to accommodate the changes. This is expected to improve productivity levels and lead to happier workplaces and better business outcomes as it is a winning proposition for all the parties concerned.

Faster, scalable models: Digital transformation using cloud technology has helped to create faster, scalable models. Cloud computing enables enterprises to experiment in silos and scale up when the desired results are achieved. This leads to faster models and scaling up as the scope for errors are minimised.

Omnichannel presence: The recent pandemic has forced offline merchants to have a relook at the digital model. Today, every business needs to have an online presence to widen its reach and communicate with the target audience. The omnichannel presence, especially in retail has been fuelled by digital technology that is helping to realise the benefits of the cheap data revolution combined with a smartphone. This is also allowing the penetration of services to the hitherto underserved customer segments.

Faster conversion of real-time insights into action with Edge computing: Edge computing allows the conversion of real-time data into actionable insights. This can provide a real edge to businesses as they will be able to meet their customer expectations faster and deliver more delightful customer experiences.

Cost-effective models: Cloud technology operates on a Pay As You Go Model which means that enterprises need not block capital at one go. They can start small and scale up as the need arises. Cloud computing has truly democratized the use of technology which makes it the most cost-effective model. This is one of the main reasons why it is becoming so popular among enterprises of all sizes. Combined with Artificial Intelligence and edge computing, it is a potent combination for the complete transformation of a business.

Enterprises that have combined AI with cloud computing can expect to maximise asset utilization and scale their operations faster. Large enterprises tend to prefer the hybrid cloud environment which is a combination of a public and private cloud-based on data sensitivity factors. The main challenge that businesses face in a hybrid cloud environment is the internet connectivity and continuous accessibility. The other challenge that enterprises need to be aware of is the shortage of skilled professionals who can implement these changes effectively.

Business transformation has been given an additional leg up by the pandemic as it forced enterprises to reimagine and reinvent themselves to survive. Today, thanks to the active intervention of technology and the changing mindsets of businesses and customers, the paradigm has shifted and businesses are on the cusp of a great growth cycle. The next cycle of growth is almost certain to be led by innovative technologies that will redesign the status quo when it comes to doing business.

Whether it is smart manufacturing autonomous driving, increased use cases in Agriculture, Healthcare and Education, the next five years look exciting as businesses look set to propel forward fuelled by technology.

About the Author -

This content has been authored by Praveen Paulose, MD & CEO of Celusion Technologies. Born in 1978 in Mumbai, Praveen completed his schooling at St. Mary’s High School, Mt. Abu(Boarding School in Rajasthan). He completed his Bachelor of Engineering in Computer Science from D.Y. Patil College of Engineering, Mumbai. After a brief period of employment, he became a first-generation entrepreneur when he started Celusion Technologies. The idea was based on the premise that they could build great software but today their software is changing the way people look at finance.

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