The advent of technology has enabled businesses and organisations from all verticals to improve the execution of their operations efficiently. From healthcare, business & financial services, retail, etc. – emerging technologies can be leveraged strategically to gain a competitive advantage. Increasingly more organizations are using diverse technologies such as big data and analytics, robotics, artificial intelligence (AI), Internet of Things (IoT), automation and cognitive computing for operational efficiency. Read on to know the impact of embracing these technologies for your enterprise growth.

Every day, we see new technologies emerging to solve organizational challenges. Choosing the right platform has become an intricate process, as determining whether it matches the business needs precisely can be difficult. Leveraging the right technology in the right way can help companies of all sizes address current and emerging challenges, increase market outreach, and gain a competitive advantage.

Leveraging emerging technologies for business planning

We live in a technology-dominated and fast-paced world. Businesses are debating how investments in technology and its programs can usher us into the new digital transformation era.

Predictability is critical in many business decisions, and technology that offers this precision can help key decision-makers call the shots more confidently.

We help our customers determine today’s concerning factors and strive to generate solutions for tomorrow’s challenges by harnessing futuristic technologies. These challenges could be potential problems or opportunities that still need to be distinguished. However, vanquishing them will enable your organization to enter new markets and create a power shift in the industry. Technological advancement is one crucial aspect that business leaders actively engage in for effective business planning.

Emerging technologies influence business readiness

The efficiency of an organization’s innovation, operational resilience, customer experience, and overall success are all significantly influenced by emerging technologies. Executives must strategize and embrace adopting new technology to future-proof their organization and guarantee a stable operating model.

Several market-leading businesses are intersecting business strategies with technology to take robust action on significant investment decisions. An organization that considers technology part of its core business will always have a competitive advantage.

Companies are now changing their market approach because of emerging innovations in business-focused technology. The implementations are causing dynamic growth in solving complex business issues, enhancing resilience, and gaining insights for immediate client planning.

Overcoming tomorrow’s problems today

There are as many risks as opportunities in the present business world, if not more. Organizations of all stature across industries are facing challenges out of their control, such as inflation, rocketing energy costs, interest rate hikes, supply chain disruptions, changing customer interests, cyber threats, and workforce reskilling.

Additionally, companies are increasingly adopting a sustainability focussed approach that delivers value for themselves and society at large. A common denominator is how to utilise data to fuel robust performance. It is startling to see how massive the data is in quantity.

2.5 quintillion bytes of data are produced each day, a rate that is only snowballing because of the interconnectedness of digital items (e.g., the Internet of Things). 90% of the world’s data has been created in the past 2 years alone. Google currently handles over 40,000 searches every second, reaching just about 3.5 billion daily searches. In a single day, a connected automobile generates 4 TB of data. In addition, the global e-commerce market will touch $6.7 trillion within the next two years.

Businesses can now build their risk-free future. This newfound wealth of data created by organizations and consumers will redefine how business is done forever, thanks to those pioneering in capitalizing the new-age gold. Maximizing today translates directly into solving crucial challenges and discovering new opportunities for all stakeholders. Emerging technological innovations remain the central aspect of all action while also playing a significant role in future decision-making.

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Data-driven insights helping navigate business risks and opportunities

Emerging technologies like AI, ML, augmented reality, IoT, and quantum computing assist organizations in scaling as needed, enhancing resilience, optimizing infrastructure investments, and accelerating new product or service launches. These cutting-edge technologies help companies significantly change their operations to increase revenue and surpass competitors. The vast amounts of data generated enable organizations to establish a circular economy within their supply chains and the products they produce, leading to new business models.

Organizations are leveraging insights from connected products (IoT), implementing new servitization-based business models, and transforming product-based companies into service-oriented organizations.

For example, the integrated production shopfloor uses AI and prediction-based models, enabling manufacturers to shorten design-to-delivery cycles and modify products in near real-time to stay ahead of customer demand. This allows them to offer new or improved products, enable on-demand inventory through supply/demand forecasting and maximize sales possibilities while addressing sustainability objectives. The renewable energy sectors are fuelled by advanced digitalization – opening up unlimited opportunities for new energy sources critical to our future.

This is just the beginning of how the latest tech-enabled innovations will help organizations become powerful enough to disrupt the entire industry. There is no other time now to run a business or be a technology expert, as the stakes are uncompromising for a sustainable future. Solving today’s yet-to-be-known challenges can completely alter how the company runs.

Disclaimer Any opinions, findings, and conclusions or recommendations expressed in this material are those of the author(s) and do not necessarily reflect the views of the respective institutions or funding agencies