Digital Trends: Time for Change

Posted by Akshay Balachandran on Nov 30, 2018 8:27:14 AM
Akshay Balachandran
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“The greatest danger in times of turbulence is not the turbulence — it is to act with yesterday’s logic.” - Peter Drucker

 

By Akshay Balachandran

 

DIGITAL TRENDS

According to Forbes:

  • 1% of data is currently being used effectively
  • Data usage will grow to 4% with use of artificial intelligence (AI)
  • 2 years for blockchain to be easily implemented in applications beyond cryptocurrency
  • 40% of businesses will adopt "chat-bots," with enhanced capabilities by the end of 2019 

DIGITAL CHANGE

Embracing change does require an exploratory mindset and willingness to learn. Organizations need to adapt to new technologies to grow. Digital applications provide an opportunity to transform a business and its core operations in-flight. Based on research conducted at MIT, there is a huge scope for companies to integrate business functions using digital technologies, such as analytics and cloud services, rather than solving discrete siloed business problems. Whether it be your watch turning digital or your car, digital technologies and applications help drive business and society, making them more productive. Embrace and drive digital change to transform your business.

 

DIGITAL TRANSFORMATION IS HAPPENING: ERA OF CHANGE

 

Industry 1.0

factory
  • Mechanical mass production – steam and water driven technology
  • New socio-economic structure introduced
  • Iron production increased by 30X

 

Industry 2.0

bulb
  • Use of electricity as a primary source of power - making machines portable
  • Mass production of goods, using assembly lines
  • Car production increased by 8X
 

Industry 3.0

computer
  • High speed internet access and mobile connectivity
  • Development of software systems, capitalizing on existing hardware
  • Cost reduction in operations, using programmable controllers


 
 

Industry 4.0

network
  • IoT applications and AI, used to analyze data and optimize decisions
  • Development of smart factories – systems that talk to each other

 

BUSINESS GROWTH

Digital technologies such as data analytics, cloud storage, IoT applications, and blockchain can help businesses grow by automating functions and enhancing decision making. Understanding multiple scenarios, and looking ahead for the next cyclic change in business, helps decision makers make pro-active decisions. It is vitally important to gain clarity of the business and technological impact that the technology provides before implementing.

 

CGN VALUE

CGN Global is uniquely positioned to recognize and address opportunities where a business can grow and diversify through digital transformation. CGN transforms organizations worldwide to improve performance and global competitiveness. We use our diverse experience, and broad knowledge, to provide strategic insights, actionable recommendations, and focused execution to drive results.