They say, ‘Change is the only constant’. Companies should know this better than anyone else. There is a need to continuously innovate, welcome new technologies and get your strategy right in order to remain in the game. Boston Consulting Group lists out twelve forces that will revolutionize how organizations function. In this article, I would discuss some of the forces that caught my eye and my thoughts on the same.[1]
Technological and digital productivity is of paramount importance to companies these days. Most of the jobs done manually can be automated and companies are constantly looking out for opportunities to do so. ABB created YuMI, which was the “world’s first truly collaborative robot”. It is a small-parts assembly robot solution which makes the “collaboration between humans and robot a reality”.[2] Bosch RexRoth created ActiveAssist assembly assistance system which is a smart workstation. [3]As an Adobe employee, I myself worked on 200+ Process Improvements, mainly SQL scripts, that would automate redundant work and save the company time and money. Automation has already started revolutionizing how companies function and this will only grow with time.
Being CMU and specifically Heinz students, we all know the power that Big Data and Advanced Analytics hold. With low barriers to entry in almost every industry, companies are constantly looking for ways to stay ahead of the curve and data gives the much-needed information. Good for us, this is causing a change in the demand for talent. Artificial Intelligence is also creating a new wave of interest and excitement. Just last week, I learned of a Christmas carol called’ Joyful time in the city’ which was created by Microsoft’s AI technology in a matter of just 2 weeks! The AI tech performed careful analysis of over 50 Christmas carols which were fed to it and used Machine Learning to form its own interpretation of what makes a good Christmas carol.
Amid how technology is easily accessible these days, agility and innovation truly play an important role. Agile is being adopted readily by companies across all industries. The framework provides a structure to the otherwise tedious product development process. In addition, nowadays, firms have an ‘innovation lab’ that focuses on only new upcoming technologies and how they can deploy the same in their organization. This ties to when Professor explained how Apple created a separate division as well, with a Pirate flag hoisted on the building. I also remember reading about how companies were going crazy over Blockchain; thinking of innovative ways they can make use of this technology.
It’s clear that there is a need for companies to imbibe the industrial, environmental and digital transformations taking place in their strategies, else there is a huge risk that they will lose out in the long run.
[1] https://www.bcg.com/en-us/publications/2017/people-organization-strategy-twelve-forces-radically-change-organizations-work.aspx
[2] https://www.distrelec.de/current/en/robotics/these-6-companies-are-leading-the-way-in-industry-automation/
[3] https://www.distrelec.de/current/en/robotics/these-6-companies-are-leading-the-way-in-industry-automation/
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