Addressing the MBA Batch of 2022-24, Mr. Abhrajit De, Corporate IS Head & Digital Transformation Lead and Executive Vice President of Genus Power Infrastructures Limited stated that with more innovation in technology, new businesses are created. With more business, technology comes to the rescue by making things easier. The two exist in something of a symbiotic relationship that ensures they will always coexist.
He said that Business has been around since prehistoric times. It may have begun with nothing more than barter trade if the history books are to be believed, but it has since morphed into something far more complex, and none of that would have been possible without technology. The major industries of the world would collapse if the existence and use of information technology were to be snatched suddenly from businesses. That's because most business transactions and operations cannot be conducted in the 21st century without technology.
Mr. De reasoned that technology enables us to automate numerous processes, which thereby increases our productivity. This is possible because it enables us to use fewer resources, thereby enabling us to improve on quality at a low cost and to improve the speed with which we can deliver to customers. In the process, it has become possible to serve even more clients.
He further added that technology also makes it easy to store more information while maintaining the integrity of that information. We are better able to store sensitive and confidential information in a way that makes it less vulnerable to a data breach. The information can be retrieved instantly when needed, and it can be analyzed not only to study past trends but also to forecast the future. In turn, this can help with the decision-making process.
Mr. De opinionated that technology has made it possible for businesses to have a wider reach in the world. The best example of this is the internet and the World Wide Web. The internet is now a crucial part of any business’s marketing campaign, as it enables the business to attract customers worldwide.
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Speaking on the Mobile revolution he said that mobility is seen by many as the next great frontier for businesses. Google’s algorithms reflect this, as they make mobile websites a priority. Your business and every aspect of it can be handled, using nothing more than a tablet or smartphone. From content marketing to customer relations, to sales, the back-end stuff like invoicing and shipping, all of that power is in your hands.
He also elaborated on cloud computing, saying that it has made possible for businesses to outsource many of their functions to third parties using the internet. It makes it possible for variable data packages to be handled but also makes it possible for businesses to expand rapidly and embrace mobility without having to worry about such things as crashes, downtime, and lost data. This has enabled small and medium-sized businesses to gain access to resources that would have cost them a fortune only a few years ago. In effect, the playing field has been levelled.
Since more and more data is flowing, it is now much easier to analyze and gain deep insight into the things that customers are looking for. Analytics services are expanding by the day and are allowing businesses to segment their prospects into more and more specific groups, making it much easier to target them and get more value for their advertising money.
There are two main things that have come together to make what is called a “buyer’s market” possible. These are the fact that both hardware and software that are needed in creating the necessary software solutions have become more affordable and the fact that more and more entrepreneurs who are also tech-savvy are appearing by the day to make use of these technologies.
There was a time when it would take a large company about a year to build a back-end inventory system. Now it takes a few college graduates a matter of weeks to build the same thing. Since the solutions are offered affordably and very easy to use, businesses do not have to invest too much money into them and that has made business easier.
Mr. De concluded by advising the students to make full use of the opportunities provided by IPS BUSINESS SCHOOL to become techno-savvy through the comprehensive IT programs run by IPS in Digital Marketing, Data Analytics, Python, etc.