Technology and Innovation in Indian Industries

In the era of mobile world, cloud computing are attempting, and new start up business communities have been trying to harness the potential of Information Technology to transform their work.

The technology understanding and adoption in Indian industries are low among the users and business leaders fail to tap the potential of technology in their business in Indian industries. This trends have been seen particular mid-size industries in India. The business leaders of mid-size Indian Industries have their own perception to use low cost human resources available in India instead of harnessing the potential of technology in increasing productivity, faster decision making, authentic information etc.

We have been witnessed that the technology being used mainly by private banks initially and then adopted by the public sector bank, which seen ATM’s and Mobile Applications everywhere in urban areas. These banks prompted banks to start deploying more innovative and effective delivery channels such as, Tele-banking, Internet banking, Mobile banking etc. The adoption of electronic payment systems such as the National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement System (RTGS) has also enhanced efficiency.

The end users of computers and mobile with data connectivity routinely browse social networking sits and application respectively. This trends need required to be changed among the users and technology must be given priority for learning, innovation and enable them to empower for enhancement of productivity, increasing efficiency and potential growth of the enterprise.

The lack of technology adoption in Indian industries mainly due to following reasons.

1. The business leaders are not much aware about the technologies.
2. The business leader’s focus on administration of the finance and operations activities of business
3. IT Departments of functions are treated as service department instead of business enablers
4. Less spending on the technologies and innovation
5. The organizational development by HR in training, workshop and seminars of technology awareness not happening in Indian industries

Owing to these factors of the industries and our education system which are more academic then industry oriented. The spending on the research & development in Indian industries and universities may lagging behind us in innovation, expected growth and achieving overall development in comparisons of the developed countries. The developed counties (US, Japan, Germany, France, UK) are tapping the advantages of IoT (Internet of Things), Technology Disruption and now started their journey towards the robotics and may replace the human labor force in future. The giant mobile manufacturer FOXCONN deployed the robot between 2 workers and increase this capacity with deployment of a robot among 4 workers in near future.

If this scenario of technology adoption and understanding in Industries will continue, it would may peril and threat to development and growth and may face competition with start-up focusing on technology and innovation. The technology adoption may create an opportunity for them and if fail to achieve it, they will face threat of tough competition with new companies lead by young generation entrepreneurs.

The adoption of top strategic technologies which should be adopted by the Indian industries over next 3 to 5 years are below.

1. Data Mining & Analysis
2. Private Cloud
3. Mobile Applications
4. Sensors
5. Cyber Security

The way out of deployment of the technologies in Indian industries to adopt for its growth and sustaining in the market place and few listed are below

1. Enterprise Resource Planning (ERP)
2. Business Intelligence
3. Document Management System (DMS)
4. Internet of Things (IoT)
5. Dashboards

The business leaders of the Indian industries need to harness the potential of technology with adoption of technology in won enterprise and result may facilitate with its enabling in growth enhancement, operation cost reductions, improving user productivity and building sustainable competitive advantages in diverse market and harness the business opportunity.

The approach of business leaders towards technology and innovation will create opportunities in diverse sectors with creation of jobs in manufacturing, consulting and service industries. These will make demands of new infrastructure and growth and development of the nation. Once technology adoption starts and extends for use of the last mile citizen, it will create demand of more and more and opportunity of supply will be created.

The limitation of technology and innovation need to see beyond mobile application and we should create new opportunities in automation and in many unexploited sectors i.e. waste management, agriculture, supply chain, transportation etc.