by Mitul Mehta, on Apr 20, 2020 1:33:33 PM
Estimated reading time: 3 mins
Being confronted with challenging times like the COVID-19 outbreak, navigating through together has become an imperative. Managing the multiple responsibilities of statutory compliance, well being of the resources, and business commitments while maintaining the same levels of business agility though difficult is not impossible. With collaboration becoming the key during such extra-ordinary situations, technology offers the natural recourse.
Evolving technology trends, Changing Paradigms
Some trending technologies to tide over COVID-19 business challenges:
- Robotic Process Automation & Artificial Intelligence
- Everything as a Service
- Cloud
Traditional business models are good; they are alma mater. However, the changing times and the need for being agile in unprecedented circumstances like COVID-19, increasingly necessitate to take a note of the evolving technology trends. Most of these models implore businesses to move towards massive scale collaboration across the value chains.
- Robotic Process Automation (RPA) & Artificial Intelligence (AI)
These technologies are so far being used to automate repetitive transactional tasks in peripheral pockets. RPA has the potential to connect two remote systems over the web as well as cloud towards comprehensive automation. Essentially a low code no code technology, it is at the confluence of a major digital disruption by using a holistic approach. Predominantly used in BFSI sector, it can be used in almost all business sectors, where you need to synchronize information across multiple collocated as well as remote business systems in real-time.
AI extends the capability of RPA. This technology amalgamation enables customer profiling at one end and enables fraud detection at the other end of the spectrum using unstructured, asymmetric information. AI also helps amplify the capabilities of other cutting edge technologies such as Augmented Reality (AR) and Computer Vision to generate 360 degree real-time views of heavy machineries in the Manufacturing sector and capture defects. This paradigm offers high visibility as well as enables supervision and see through of manufacturing processes even from remote locations.
- Everything as a Service (EaaS)
Subscription based business models on the lines of Software as a Service (SaaS), Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Business Process as a Service (BPaaS) are becoming the new normal. Here heavy machinery in the form of engines, tilling equipment, high definition cameras continues to be built by manufacturers but reaches the consumer in a pay per use mode. This arrangement reduces the cost burden on the end user but still ensures monetization for the manufacturer. This shared ownership of machines goes a long way in maintaining the economic balance in the business ecosystems and keeps the wheels of the economy chugging.
- Cloud
The cloud technology has changed the face of business. In Information Technology, cloud and EaaS are synonymous. Born in the Cloud (BIC) companies jumpstart their business in a matter of days by using SaaS, PaaS, and BPaaS modes. The business model helps you to effectively manage periodic inflections in the workloads in a very agile and effective manner and improves productivity of knowledge workers. Cloud supports an entire business ecosystem and enables remote operations not only for the back office but the front office as well. It offers a framework for conducting business even while maintaining social distancing. It is an ideal business model for ensuring business continuity in times of massive scale lockdowns and pandemics.
Business impact of technology on COVID-19 like circumstances
- Ensured business continuity at all times
- Improved productivity powered by remote operations
- Continued chugging of the wheels of economy
In summary
Businesses have tested uncharted waters earlier, however, they continue to face unprecedented challenges. Technology enables enterprises to jumpstart work even amidst lockdowns in a matter of a few days by using flexible, agile, and scalable business models, which have collaboration across the value chain as the paradigm.
