Emerging Digital Business Models

We need to appreciate new digital business models and their impact. We are increasingly reliant on digital engineering and science. There is scope to have radically different product development and processes to manage. These are multiplying by this rate of industrial change. The traditional supply chain has a very different potential when factories and operations become highly connected and start operating as Industry 4.0 entities. I remember from one of the interactions with Mr. Jaime Reyes Hon’ble Minister of Innovation, Science and Technology of Jalisco, Government of Mexico in 2016 (in Pic) when he said emphatically that by 2030 all that we have learned so far will become obsolete and new skill sets will be needed to deal with the new business challenges.

The new business models will emerge from the way they can be operated, be responsive in the supply networks.?All this requires digital management. As we connect more, the customer experiences can hugely benefit. We can target, sell, and market on greater connecting knowledge platforms. We can understand channel choice and provide more tailored pre-and post-sales support to manage the entire lifecycle as we continue to build the connected industry 4.0 ecosystems.?Further, blockchain technology is not only disrupting banking and finance, but it also has the potential to impact many industries and communities as a whole. For instance, this technology can enable a car to respond as per the need by installing a digital wallet based on Blockchain technology. This wallet works by logging all transactions made involving the vehicle, including maintenance, modifications, charging or filling up gas. It makes it possible to predetermine the total cost of ownership and calculate return on investment for the car on a very detailed level.

The integration of digital infrastructure to streamline public health to respond to the Covid-19 pandemic is very crucial in the context of epidemic forecasting and decision-making, one such example in India is the Arogya Setu App by the Government of India.?This app is the Government of India’s official COVID tracker, the Aarogya Setu app which has been downloaded by more than?75 million users on their mobile phones and rapidly increasing day by day. This explains that digital contact tracing is conferring a new form of immunity – digital immunity. The fastest scalable solution to India’s Covid-19 challenge was to employ digital technology for diagnosis and for contact tracing. Arogya Setu App can also be tapped for providing telemedicine, especially in remote parts, during this moment of crisis.

This digital infrastructure implementation increasingly fuels the digital transformation initiatives within an organization as well. But due to the pandemic, the transition will see significant changes in industries especially in technology, food delivery services, customer service, and virtual events. In the present situation, we are seeing major occurrences worldwide, including soaring adoption of online services, an enormous requirement for internet services, and enhanced connectivity among industries, regardless of their sizes.

The impact of the Covid-19 pandemic has demonstrated the value of IT and digital transformation across industries and businesses and they must utilize this time to speed up the transition. It has been demonstrated in the enhanced corporate ability of long-distance collaborative work, wide recognition of the value of digital transformation and information technology among all employees, and the ability to market online and business development.

In the time of coronavirus crisis, digital Industry 4.0 plays a vital role in envisioning and modeling outbreaks. As the pandemic continues to spread around the world, it will become imperative for organizations to look for new solutions or ways to stay ahead of the competition. Because most enterprises will fail to spot their financial targets due to supply chain disruptions and lowered customer demand. The COVID-19 pandemic hit manufacturers in an unexpected and unprecedented way. For the first time in modern manufacturing history, demand, supply and workforce availability are affected globally at the same time. Social distancing and employee safety measures put an additional level of pressure on manufacturers, as 40%-50% of their workforce will be unavailable to perform their functions on-site. While office employees and knowledge workers are able to shift to remote work as the default operating mode, most factories are simply not designed to be managed remotely and lack the digital tools and infrastructure needed to support such activities.??

However, this situation must be viewed as an opportunity and companies?must focus on digital infrastructure. Organizations that adapt their technological capacity and investments on digital platforms can alleviate the impact of the Covid-19 and keep their businesses running in the long term. So, as companies move to become more digital, I believe they can drive more value in terms of customer experience as digital solutions enable business-customer relationships on screens rather than in person. #digitalinfrastructure

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