Future Technology - Should be IT based Technology
There was a time when heaps of files and registers used to be filled with data entries, transactions, receipts, acknowledgments, strategies, roadmaps, etc. Indian companies worked this way for decades together. Extracting historic data used to be very difficult.
In the early 1960s, the IT sector was developed wherein only the government-owned companies had the leverage to operate in this sector. As the demand increased, both Indian and Foreign private sector businesses started growing and showed enthusiasm in adopting this technology.
But, the advent of Information Technology changed the lookout of the economy. It has been evident due to globalization, this new phase of the techno-economic paradigm has indeed restructured all forms of businesses ranging from domestic, multi-domestic, transnational to multinational corporations.
But at this time, positivity has become a little weak, as most of the people are not absorbing or creating it in surroundings. The most affected part of this destructive environment is our sensitive mind, which is now exhausted. It is not capable enough to fight that intensity of negativity. But the good news is that our damaged mind and soul could be healed again. The tremendous growth of the information service sector has radically changed the world. It has boosted a new society that is highly focussed on knowledge sharing, resulting in the new domains of productivity, efficiency, research & development, manufacturing, employment, and enhanced factors of growth. Every other industry has been inclining at a fast-moving pace towards adopting modern practices. This revolutionary move opened doors to many Information Technology-based industries to shift the focus from hardware manufacturing to software development, technical competence, and domain knowledge expertise that created a healthy competition across the industry in this developed world. We have come a long way from paper-based transactions and plans to the era of digitization. From the inception of computers in the Indian industries, the revolution started booming in slowly and gradually. With the commencement of IT industries and their working methodologies, all the tedious work that involved mundane manual work were replaced by automated systems with proper tracking and storage of data. This not only saved a lot of money but also made optimum usage of resources and time. There is no limit to innovation. A new idea never lasted long in the market. There are always new competitors growing who are bringing up new features that are appealing to the customers. That is why consumers are pushing the companies and demanding better and more innovative services. Enterprises across all domains in India and around the world are going through a phase of transformation that involves the adoption of new and upcoming technologies and methodologies. Digital Transformation has become the new cool today. To be at the top in their respective fields, every organization has got the urge ad vigor to adopt modern upcoming technologies like artificial intelligence, Blockchain, augmented reality, analytics, Internet of things, cybersecurity, and hybrid clouds. This is not just restrained to big corporations this technology is fuelling entrepreneurship and supporting millions of small and medium-sized enterprises (SMEs) in India who are now the major contributors to the country’s GDP. All big organizations are acquiring these enterprises to imbibe modern technology into their current processes.
Industries adopting IT-based technologies
Now let us look at different industries that have been at the forefront in adopting modern technologies.
Food and Beverages
FMCG industry, restaurant, fast food chains are powered by food tech companies names like 'Zomato' and ‘Swiggy’ with Amazon entering the league. These companies provide the upcoming electronic supply chain systems, enabling even an entrepreneur to have a passion for cooking and working from his kitchen at home to deliver food anywhere and everywhere in the city.
This sector is in the demand especially during this crisis where dining is not possible and is offering employment to millions of well-deserving candidates. In an analysis carried out by RedSeer Consulting states that there has been a rise in this sector from a daily order volume of 3.7 lakh in 2017 to 15 lakh as of September 2018.
The transportation industry has also seen a big leap in India. It all started with Meru Cabs in India and now Cab aggregators like Ola and Uber have overtaken the market with a concept where they can use other’s vehicles. If your vehicle has been in the garage for a long time why worry when Ola, Uber are to your rescue. Their core business runs on the cloud, where customers can see the availability of cabs near his area and book with the help of the app through their smartphones. The best use of google maps and real-time technology is seen in this. These companies render their services, track a fleet of cabs, and then process payments.
The hotel industry has also been disrupted by technology with apps like Airbnb, make my trip, etc. They do not own any hotels but have tie-ups with them that benefit both the company and the hotel. Convenience and Affordability are achieved.
MakeMyTrip, Cleartrip are among the ones who believe in cross-selling. If you are traveling by air/ train are more likely to book a hotel and a cab to escort you to that hotel. This business model has indeed proved to be a major success with competitors coming in every day with new discounts and offers.
The e-commerce sector has also been growing steadily in India and has seen to be adopting the most sustainable and clean solutions during this pandemic. It is not just Amazon and Flipkart but other apparel sites like Myntra, Ajio are making their efforts to satisfy people and make them happy.
The Manufacturing industry, especially the automobiles sector has increasingly witnessed the inception of lean technologies and easier tracking systems in their processes. Lean manufacturing had gained popularity from the famous brand Toyota. Technology is being used on the shop floor, systems, machinery, and also in cars with safety features, next-generation navigation & infotainment systems, and voice-assisted driving.
Traditional IT companies like Dell and IBM, engineering companies like Bosch and Fujitsu, are collaborating with car companies for innovative solutions. With self-created frameworks and models, these companies are working with Indian automobile manufacturers to bring in hi-tech, safe, trendy new-age vehicles.
How IT companies are responding
Diverting from hardware manufacturing to software manufacturing, the IT industry in India responded by developing ERP and CRM solutions. Business Intelligence arrived in the form of analytics and visualization dashboards gave a snapshot of the business with real-time data. As enterprises got accustomed to such a mixture of solutions, the infrastructure became complex and high maintenance and this gave rise to cloud computing models.
Future of IT
Technology has changed the way we interact with each other, pay our bills, and even how we watch TV. No doubt that the industry is ever-growing.
Artificial Intelligence & Robotics
Artificial Intelligence is familiar for 60 years but has become popular only in the past decade. Many developed companies like the United States, Japan, Singapore are introducing AI-powered products like Self-driving cars which is not only sustainable but also independent from human intervention. AI powers other innovations like robotics, new teaching methods, and personalized medicines.
Another example of artificial intelligence's versatility is within the financial sector that is to integrate AI into regular banking operations, such as mortgage loans. If an individual is having a mortgage with a particular bank and the renewal is due in 90 days or less. If That person passes by a branch, he would get a personalized invite message to go to the branch and renew the purchase.
It has become a necessity to manage a huge amount of data and analyze them. Machine learning can rapidly analyze the data, identifying patterns and anomalies, and bring in various insights that will be useful for future strategy roadmaps. Machine learning helps to bring out the hidden facts and optimize the work largely. With the help of ML, a machine in the manufacturing plant can identify the areas that are operating at a reduced capacity and can notify decision-makers to implement appropriate remediation and increase its capacity.
But, machine learning is a relatively broad concept and has several classifications and diversifications. The development of artificial neural networks has given rise to the concept known as "deep learning." Which is the new domain to explore upon?
One of the upcoming technology that is changing the industry. Businesses must integrate Distributed ledger technology (such as blockchain), Artificial intelligence (AI), Extended reality (including virtual and augmented reality), and Quantum computing.
Volkswagen is one such company that uses Quantum computing to test traffic flow optimization and accelerate battery development.
Augmented reality proves a hit in the manufacturing industry. An industry where you cannot afford to make even a small mistake is reducing its waste and increasing productivity by using augmented reality.
The technology is mainly used for spotting errors. It is also finding its way in prototyping and digitizing 3D printing.
AR also paves its way in the healthcare sector where medical experts and professors can easily describe ailments and treatments to their patients and students. This 3D visualizations help the surgeons to be more precise in real surgeries and will increase the success rates.
Augmented reality also has a high scope in entering the fashion and retail sector. Virtual dress trials, automatic dress availability, and suggestions according to the body size, etc are the evolutions that companies are trying to implement.
Internet of Things (IoT)
Today, IoT is present everywhere ranging from portable devices to health-related accessories.
In the industrial environment, IoT makes it possible to automate an entire factory as they generate a massive amount of data. IoT helps gathers such data to analyze and generate insights on maintaining the factory’s performance and identifying optimization. Amazon has already started automating some of its plants with their famed Packing Algorithm. It determines the size of the package for a customer’s order, the number of packages that can fit in a delivery truck, etc.
So the future technology must be highly based on IT-based algorithms and technologies that will not only help each firm to run its operations to the full capacity but also optimize their processes and reduce waste.
Written by: Anuradha Iyer
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