Articles
The digital revolution has forced companies operating across multiple sectors to wrestle with new ways to engage their customers. These businesses are fighting a war on two fronts: attempting to keep up with new-age digital competitors and keeping their businesses up-to-date with the latest technologies, while maintaining their day-to-day operations. Much of the conversation today centres around the encroaching army of digital disrupters. So what have traditional enterprises been doing to embrace the challenges of Big Data and the Internet of Things?
Manufacturing is one industry in particular that has been, and will continue to be, disrupted by the digital age, according to Nitin Rakesh, chief executive of digital modernisation firm, Syntel. Companies operating in the manufacturing sector need to find new ways to engage the generation of ‘always on’ millennial consumers, he says.
“Businesses must transform their manufacturing processes to allow them to thrive in an increasingly competitive environment,” he says. “Financial pressures are prompting organisations to reassess how they use technology in their operations, to determine how they can modernise systems to maintain an edge.”
Modernising and automating back-end support systems enables manufacturers to cut costs and improve efficiency, says Rakesh. “Cost-conscious businesses need to realise that their long-term running-the-business costs will be higher without a proper technology infrastructure.”
He believes the digital revolution has reached the factory floor, and that investments in Internet of Things-enabled machinery and connected devices now enable manufacturers to harness data to optimise operations. “The insights available allow organisations to monitor the input, boost their output and maintain a high level of quality control. Through integrated sensors and automation technology, organisations are positioned to make more effective decisions in other areas.”
The level of data now available from analytics provides useful information to manufacturers and service providers – a trend that business needs to embrace. “Every company needs to turn into a technology company and adapt – they need to find a balance to future-proof their business,” says Rakesh.
This balance may be a struggle for some companies that have been around for many years and now need to figure out how to innovate and embrace technology as well as protecting and servicing their business. “This is where the two worlds meet – the digital and the traditional,” he says.