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"A lot of companies have chosen to downsize, and maybe that was the right thing for them. We chose a different path. Our belief was that if we kept putting great products in front of customers, they would continue to open their wallets."— Quote by Steve Jobs, Apple and an American business moghul.
The move to technology, Artificial Intelligence, digitalisation and machine learning is no longer a subject for discussion or debate in the 21st century. If you as a business don't see these as an integral component of your work process/flow, then you are bound to be a laggard when it comes to companies who are competing with you in the cut-throat market that is India. Every move, every step is in the direction to keep a business afloat while others sink to the bottom of the sea. This move and this step is the adoption of all forms of tech to harness their power to come on the top.
The Covid-19 pandemic which is currently in major flow in India with cases on the rise in many states has woken up companies from their slumber. As lockdowns and physical distancing took its toll, the companies who had embraced technological solutions and innovations have been able to keep their business afloat. For companies relying on physical interactions etc, the pandemic has been very hard with job losses and revenues reduced drastically.
AI and machine learning have been put into use by companies to ensure that their products and goods reach the length and breadth of India. Nicolas Darveau-Garneau, the Chief Evangelist at Google, said in a recent conference that the Internet had revolutionised a lot of things, but now “I think the machine learning and intelligence revolution is going to be even more impactful for businesses”. Each company is being forced to adopt various tech mediums to run their business smoothly and ensure that they remain in business.
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Big organisations have are harnessing and using data to be more customer-focused and provide their customers & prospects with a better journey and experience. One of the best examples of using tech and data to its advantage is the mega Amazon which suggests recommendations and alternatives to its customers based on their previous browsing and purchase experience. This is why Amazon is leading in the e-commerce business despite being new to the territory as compared to its homegrown competitors such as Flipkart.
Rajesh Verma who runs a family-run pharmacy in Hauz Khas, Delhi says "with physical distancing being a norm, a simple tool like Whatsapp has come to our rescue. Orders are taken on Whatsapp and payments received via money e-wallets such as Paytm etc, whereas deliveries are contactless. " This is an example of a small business using simple tech solutions to provide customer-focused service and adhering to the norms of physical distancing.
Have you prepared your company for the needs of the modern era? If not, what are you waiting for? To survive, use AI and machine learning right away as we all adapt to the "new normal" in the coming years.
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