
Recent years have been marked by relentless transformation, spurred by emerging technologies like artificial intelligence, geopolitical shifts, changing consumer expectations, and a swift energy transition. To succeed in this landscape, businesses need to swiftly adapt, anticipate changes, and turn potential disruptions into strategic advantages, stated the World Economic Forum.
This transformation is not a singular event but an ongoing evolution necessitating perpetual adaptation across all business aspects, from agile supply chains and rapid product development to preparing workforces for the future. In essence, perpetual change demands perpetual adaptability.
As stated by the WEF, the concept of the 'perpetually adaptive enterprise' highlights organisations that not only endure uncertainty but also learn to thrive within it. A technology-driven approach is crucial, and technology undoubtedly will play a key role in how organisations anticipate future risks and seize emerging opportunities.
WEF, based on Tata Consultancy Service’s (TCS’) real-world expertise, documented by CEO and MD K Krithivasan, sheds light on how to navigate the ‘Intelligent Age’:
1. Move toward human-centred AI strategies: TCS’ recent study titled 'AI for Business' reveals that 94% of businesses worldwide have adopted Generative AI or other AI solutions. However, only 12% of these use cases have achieved tangible business outcomes, with a primary focus on enhancing productivity. The study suggests that to maximise benefits from AI, adaptive enterprises should employ a multilayered approach that prioritises human involvement.
2. Use digital tools to accelerate the path to net zero: Adaptive enterprises are increasingly turning to digital sustainability tools to mitigate their carbon footprints and align with international sustainability objectives. These tools may include Internet of Things (IoT) devices for optimizing energy use, AI-driven supply chain transparency, emissions monitoring, and even blockchain technology for tracking carbon credits. Such technologies can help organisations save time and resources, meet regulatory requirements, and add value for both shareholders and society.
3. Embed advanced technologies for real-time responsiveness in supply chains: Big data analytics, which combine both structured and unstructured data from within and outside companies, can offer real-time insights into supply chain dynamics. This allows enterprises to anticipate disruptions and respond swiftly.
4. Deploy AI-powered automation for intelligent operations: Businesses integrating AI, machine learning, and robotic process automation can streamline repetitive tasks, optimize processes, and limit the need for human intervention. This technological advancement is set to transform operational efficiencies across industries. Furthermore, the use of IoT sensors and real-time data analytics facilitates predictive maintenance.
5. Prepare a future-ready workforce with new digital skills: Recent research indicates that nearly half of business leaders believe artificial intelligence (AI) will have an impact as significant as the internet. Many anticipate that most of their employees will be using generative AI daily within the next three years. To facilitate this transformation, it is essential for business leaders to have a comprehensive strategy for upskilling and reskilling their workforce.
6. Catalyse rapid product development: The advent of digital technologies in the Intelligent Age presents a significant opportunity for businesses to transform their operational methods. By moving away from outdated concepts, companies can leverage the strengths of their ecosystem. These technologies enable businesses to innovate, iterate, and enhance their operations at an unprecedented pace. Research consistently indicates that organisations adopting technology to support innovation and differentiation outperform their competitors, growing 2.8 times faster than their peers.
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