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Technology and Business

Major technological advancements have been made that will enhance the productivity of field operations. The first is lower costs thanks to smarter workflow tools, that are integrated well with the overall system. Productivity has also been boosted thanks to the proliferation of Artificial Intelligence and Machine Learning. There is a lesser need for repeat visits as Augmented Reality (AR), can help those located remotely to get visual insights. Travel time has also been reduced drastically, due to better talent management practices, that have helped shape an on- demand workforce. Companies need to now tie up with solution providers. Those with skills in digital tools or with business analytics, need to be provided a free run. Workers’ mindsets need working upon. Likewise, a redesign is needed of the organizational structure.

Source:https://www.mckinsey.com/business-functions/operations/our-insights/the-coming-evolution-of-field-operations

Uploaded Date:29 August 2019

As per a recent study by PwC, robots are set to cause much impact on the C Suite. Two kinds of robots will be part of this scheme. These are the industrial robots and service robots. The former type is already found much in factories, especially those working within the assembly- line style. The latter is to work humans, using RPA (Robotic Process Automation) or AI (Artificial Intelligence).These far reaching changes will affect each axle of the C Suite. For the CEOs, the task will be to curate the board of directors in a manner, that they all understand robotics and automation. The CFOs will need to execute the takeover of robots on several back- end tasks. The COO’s task will be to get the overall business strategy aligned with the team’s robotics approach. The CHRO will be in charge of all corporate training programmes aimed at re- skilling or upskilling. CMOs meanwhile will have the task of best utilizing business analytics with the marketing potential of the firm. The role of CTOs, CIOs and the CDOs can only rise with time.

Source:https://www.strategy-business.com/article/How-Robots-Will-Transform-the-C-Suite?gko=012a8

Uploaded Date:21 August 2019

 

Digital technologies, while ubiquitous, have now started piercing through industries. This will have substantial implications on profits, opportunities and the revenues to boot. This is further compounded thanks to the emergence of new markets. There will be ahead, even greater digitization and a corresponding performance pressure. The greatest impact has already been seen in the media and entertainment sphere, thanks to the rise of digital marketing. The next most affected industries have been retail, high tech, healthcare, telecom, travel and logistics. Towards the bottom in terms of impact have been professional services, financial services, automotive and the least in consumer packaged goods. Companies also need to carefully assess, where to make their digital investments. This is because these investments have seen an uneven return ratio. Looking at the digital winners, it is clear that those with bold strategies, have come out on top.

Source:https://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/the-case-for-digital-reinvention?cid=other-eml-ttn-mkq-mck-oth-1712

Uploaded Date:30 July 2019

Renewable sources are increasingly occupying a substantial pie of the energy requirements in several countries. This is especially true for Europe, but also increasingly, in North America as well. New resources however, also require a corresponding change in the strategies. There are in total four critical areas, where action now needs to be modified. First of all, new services need to be created to cater to the present realities. These changes need to be aligned with the corporate training and development imperatives. The market participation models for the legacy industry leaders needs to be updated. Some services need to be built in to ensure flexibility. Yet others need to be extremely resilient. The scope of the grid- planning too must be expanded. All grid products and services must get integrated via a common platform. The rate design needs an innovation. Hybrid models can work best in the current scenario. This will help leverage the diverse resources.

Source:https://www.mckinsey.com/industries/electric-power-and-natural-gas/our-insights/less-carbon-means-more-flexibility-recognizing-the-rise-of-new-resources-in-the-electricity-mix?cid=other-eml-alt-mip-mck-oth-1810&hlkid=3b297173de3b45508008d983604ba047&hctky=2657824&hdpid=0f7efac6-7c97-4248-8bdd-6527357dd612

Uploaded Date:02 February 2019 

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