Are These The New Norms?
With the rapid growth of invention in the tech world, the current industry trend has changed adopting new techs in our day to day activities where we are completely depended on different kind of devices from handphones, ipads, laptops, auto function offices, smart homes to smart holidays. From scheduling to plans for work are done by our hand devices.
Digital communication is the command of the day and with the introduction of 5G by telecommunications, the new fifth generation network connection is designed to connect virtually everyone and everything together including machines, objects, and devices and with further invention on robots and related devices the day is not to far that what we will think will be in our hands without clicks as we are doing today.
The pandemic of COVID19 has several rules and guidelines which restrained from carrying on businesses and generating revenues and thus came innovations when several kinds of tech tools were introduced like conducting of virtual meetings for coordination, deal closures, holding of exhibitions were done in devices. We are depended on our hand devises for practically everything from `to do' lists of our plan for the day to setting of reminders to making payments, food, clothing, shopping and even entertainments of films and series are done with clicks by finger tips on our devices.
The current trend in tech has not only has made communication and coordination smoother but also have made other means easier viz the Decentralisation of Finance known as the DeFi which also fast-growing sector of the cryptocurrency is creating decentralisation to store value separate from any government backed fiat currency thus making financial instruments separate from traditional centralised institution.
The new office models are under implementations with the techs and even the non-tech staffs are using devices and system with processes in ease
Further the fast expansion of Retail technology where tech manages the complex functions of retail operations including market knowledge, control of data and information thus assisting in obtaining a competitive advantage in the retail sector to the extent of collecting and analysing customer data while enhancing differentiation.
The current industry is also encouraging Artificial Intelligence accentuating development of intelligent machines more particularly devices having the capability of thinking and working like humans like speech recognition, problem-solving solutions, learning tools and planning and with implementation of these machineries, we will be far more ahead of achievements at our hands length.
Due to this pandemic the market scenario is bad with rapid fall in economy and GDPs, it has become necessitate for the leaders working in different sectors even if they are not in the business development to think of innovation for increase in revenue while keeping the factor in mind of the limitations of various government regulations and only where virtual meetings are possible there are challenges for target achievements. Irrespective of this, it has been observed that there are few areas where innovations are in process and people have adopted to the new change. Virtual meetings are successfully being conducted and results are being near to achievements. The new office models are under implementations with the techs and even the non-tech staffs are using devices and system with processes in ease. If this continues, we will not be too far to reach out of the targets of corporates and organisations.
Further the expansion of E-Commerce is now having targets to deliver to the rural parts of the country whereas few years back people were sceptical to buy products online. With the penetration of Internet to almost every part of the country, today the budget of Digital Marketing is almost quadrupled in last two years because acquisition of customers through online platforms is quite easy as comparison with traditional marketing techniques. Hence, digital marketing industry is supposed to grow in the near future extensively. With the exponential increase in population of the country which results in the unemployment, Network Marketing is something that is supposed to employ a big number of individuals by 2020 and hence it will definitely grow in the next few years.
Fostering innovation is the basic objective of the initiative. It aims to support new ideas which will also bring forth the young talent in limelight. Government policies are under implementation to provide best infrastructure to support its "owned" creation thus building smart cities and beefing up the modern infrastructures. The policies to boost production in India are targeted to be friendlier and there are expectations for entrepreneurial sectors to drive employment opportunities and this can be achieved through big investments in start-up companies while nurturing innovation and bright ideas across sectors.
The focus is on sectors like electronics, pharmaceutical, information technology, textiles which are globally competitive and to protect Intellectual Property Rights that is protecting of ownership of conceptualisation, creation, invention and innovations and developing specialised skills. Upgradations of IT infrastructure in compliance with global standards have made it easier for making application and get registrations. Hassel free filing of e-returns through a unified form, making use of digitisation has made it easier for all of us to file returns within stipulated timelines. Relaxation on FDI caps will empower the entrepreneurs to deliver changes and make an attitudinal shift towards entrepreneurship. Special polices for specific industries has also been considered by the government. As a result, area-based incentives, state-based incentives, and export incentives (under foreign trade policy) are a part of the policy.
For Fortune India with the introduction of 5G technology, we as leaders need to consider the 5Gs as our mantra to achieve our goals that is Governance, Granularity, Growth, Goodwill and Gusto.