Redefining Business with Technology Advantage | Dr. R. Chandran

Dr. R. Chandran, CIO, Bahwan Cybertek throws light on redefining business with technology advantage by elucidating how business models changes over the years along with technology as an advantage. He also shared the prominent role of technology in the ongoing COVID-19 pandemic further during his address.

-Background of current business need:

• The industry was struggling with the need to evolve and transform business and operating model:
• Profitability has been declining.
• To achieve right balance of outsourcing/co-sourcing/insourcing and to attract and retain right talent.

-What are business expectations?

• The business moved from strategic priority to strategic imperative.
• Digitalization is an urgent need.
• The evolution of partnership and channels are inevitable.
• Stratification of the market
• Resilience of the supply chain and third party due diligence.

-What does technology mean to business?

Business technology as a concept describes all technology that helps an organization run its business and operational process.

-How technology helps business to grow?

Technology gives business owners and their employees the option to work in the office, from home, on the road, and even across the country.

Technology help business gain a competitive edge in the global environment.

-Consideration for business

• Strategic evaluation
• Digital transformation
• Partnership
• Portfolios
• Processes
• People
• Innovation and adaptability
• Clarity and agility

-Technology changed the way we do business:

Technology has changed business in the evolution of making more profit in business with high speed

• To get more customer
• To be able to serve people world wide
• To improve product quality and service efficiency
• Flexibility and better supply chain management
• To speed up business process
• Less use of human power in high risk intensive works
• Better employee management and culture

-Why technology is important?

• Technology has important effects on business operations.
• Improved operating costs
• Improved efficiency of operations
• Securing sensitive information
• Improved communication processes
• Broaden Customer base
• Research capacity

-Technology in business helps to improve:

• Efficiency of its process
• Consistency and quality
• Eliminated redundancies and shortening time of communication chain

-Business need to keep up with technology ~ Technology can be used to protect:

• Financial data
• Confidential executive decisions
• Proprietary information that leads to competitive advantages

-Modern technological trends in business:

• The rise of 5G data
• AI and XAI
• AR and VR
• Cloud computing software
• New payment technologies
• Hyper automation
• Cyber security
• IoT
• Blockchain
• Data service and Analytics
• Robotics

-Did technology inspire the business changes or it is the other way around?

Advancement of new technologies has definitely inspired changes in the business in many ways

With the help of technology businesses have become more competitive and robust

Technology has given new ideas of marketing for a business.

-Prominent role of technology in the ongoing COVID-19 pandemic:

• Facilitating remote healthcare services
• Monitoring body temperature in the crowd
• Tracking peoples location
• Conferencing and consulting digitally
• Promoting online learning
• Streamlining remote working