Enterprise 4.0: Building a predictive Enterprise with Technology
Around the world, business are grappling with the sudden onset of having to digitally transform themselves quickly, accelerated by no small means by the pandemic and the growth of technologies like Artificial Intelligence, Deep Learning and Autonomous Processes.
CXO Perspective – Be an Enterprise 4.0
The key challenge is not in the ‘HOW’, but ‘WHEN to embark the journey of Digital Transformation?’, & tipping point is ‘NOW‘ . In the new world order (Post Pandemic) there is realization of the fact that enterprises need to be more resilient than ever & be future ready.
Every business to succeed, in current times needs to imbibe a predictive approach. Predictive analysis helps navigate the direction of the company, its products, pricing, talent, sales etc. Digital Transformation is empowering enterprises in a significant way to use data & generate insights on the go.
Would Nokia who lost the smart phone market have benefitted from being an enterprise 4.0 company? Would the mass of data that flowed, trends that were happening all around have signaled to Nokia that consumer adoption habits were changing? Likewise would WhatsApp have gained such quick popularity had Blackberry with their ubiquitous IM services being able to predict the future effectively?
How digital transformation drives predictability & efficiency ?
Today’s businesses are replete with volumetric data points, for instance finance as an example, the point of supply chain to the point of balance sheet, the quantum of processes involved are humungous as is the degree of data points.
For instance today such technology platforms & tools are available that work in tandem with ERPs & allows enterprises to automate the entire #businesstransaction for the vendor, customer & employee including seamless sync-up with related government portals & external systems etc.
When one is able to amalgamate processes into an automated data flow loops / journeys – structured & reliable datasets are available on the go without human dependencies which are then used for business intelligence via AI & ML learning systems enabling the companies do future planning in more informed manner besides driving greater efficiencies.
Digitally transforming into Enterprise 4.0- Key Focus Areas
1. #Endtoendautomation of Supplier, Vendor & Customer processes (Finance) – The lifeblood of any organization lies in its ability to have an efficient run financial department, decentralized financial processes across multiple locations can take advantage through intelligent automation of their #accountspayable and #accountsrecievable processes, leading to better financial predictability..
2. #Endtoendautomation of Employee processes (Human Resources) – Productive, motivated employees are the backbone of any organization. Better talent acquisition & retention can help in building an innovative and culturally strong enterprise. Digitizing the process of talent acquisition with the right tools that help in better identification of talent, screening, testing and ultimately selection can help in bringing the right talent within the organization. Likewise better-automated tools that bring employees and organization closer can build a sense of trust and assimilate WFH workforce with office workers.
The future lies in building a world-class enterprise 4.0 business, where technology and human intelligence work seamlessly.
Developing an organization capable of leveraging the quantum of data points intelligently using AI for predictive purposes will go a long way in helping company’s succeed in the new world order.