Tata Consultancy Services (TCS) is a company driven by innovation, and no more relevant to that drive is digitalization with far reaching effects for both corporations and individuals. So, in order to navigate the rapidly-changing digital business landscape of 2016, here are five trends to watch to stay ahead of the game:
1. The robotization of software
In 2016, we will see the breakthrough of software robotics and artificial intelligence that will call in a new industrial revolution. In this realm, software robots automate processes to take the burden off of human workers as they presently do in assembly lines. Software robots differ from their physical counterparts in manufacturing, however, because that they are able to learn from past situations and work without human intervention to solve complex problems. Fundamentally, they are also able to repair themselves when something goes wrong.
2. Hyper-personalized shopping experience becomes the norm
In 2016, the customer truly is the king. Thanks to developments in online business and sophisticated analytical tools, vendors have more and more detailed information about their customers. Instead of marketing to general demographics such as “35-to-45-year-old women living in suburbs” they are now able to provide hyper-personalized marketing based on a consumer’s individual shopping patterns. In this world, the businesses that succeed are those that are able to provide timely, relevant, and personal information to their customers.
3. Security and privacy issues are paramount
In the digital world, information is currency and cyber criminals know there is much money to be made by stealing it. Without proper security, all firms are potentially vulnerable. It is important to understand that today every company runs on IT, even assembly lines. If you cannot guarantee that your information is secure, you don’t just lose digital bytes – you lose real money. What’s maybe even more important, you also lose trust.
4. Real-time business requires automated governance
Today, all businesses have to be agile and react swiftly to changes in the business environment and to customer behavior. Successful companies use actionable insights they get from automated processes and are able to change course, even radically if the situation requires it.
In real-time enterprises, effective practices and good governance are of utmost importance. Companies that let automation take care of repetitive administrative tasks free resources for operations that serve the customer better.
5. The Internet of Things is now business as usual
In 2016, the world is not either digital or physical – it’s “digical”. The Internet of Things (IoT) has gone from hype to being a part of our everyday business operations. Sensors have become commonplace and are involved in almost everything. The mashup of digital and physical worlds can give a new competitive edge to companies that are able to build their strategies on serving customers better in the “digical” environment.