From the CEO’s Desk - “Leveraging Technology is the game in 2020” | Ashvin Gami | StrategicERP

Summary

In this engaging discussion, Mr. Cheng, Managing Director at Strategic ERP and an IIT Bombay alumnus, emphasizes the transformative role of technology in industries. He identifies a lack of awareness about the latest technological advancements like cloud computing, artificial intelligence, IoT, and business analytics as a key challenge. He introduces the concept of 'digital twins,' where physical objects have virtual counterparts in the cloud, which can be made programmable and smart. Cheng believes 2020 will be a breakthrough year for digital transformation, urging industries to embrace these technologies for increased efficiency and customer satisfaction.

Takeaways

• 😀 IT solutions are becoming a major priority in the industry, but there's still a long way to go in terms of awareness and adoption.
• 💡 Many customers lack awareness of the benefits of the latest technologies and aren't being educated by consultants.
• 🔧 New technologies such as IoT, AI, and business intelligence are crucial for businesses to stay competitive.
• 👑 While customers are often referred to as 'kings,' many don't feel valued, and technology can change this dynamic.
• 📊 CRM and ERP systems are vital tools that centralize information and improve customer experience, but new technologies provide the necessary synergy.
• 📉 Businesses that don't adopt digital transformation are falling behind and are seen as inadequate by tech-savvy customers and vendors.
• 🌩️ Key breakthrough technologies for 2020 include cloud, mobility, business analytics, and artificial intelligence.
• 🪑 The concept of 'digital twins' will revolutionize industries by creating virtual objects in the cloud that mirror physical ones.
• 📱 Programmable and smart digital objects, such as chairs that adapt to user preferences, are the next steps in technology.
• 🌟 2020 is expected to be a major year for digital transformation, and companies need to prepare to maximize the benefits.

Q & A

Who is Mr. Cheng, and what role does he play in the industry?

Mr. Cheng is the Managing Director at Strategic ERP and an alumnus of IIT Bombay with a background in electronics and communication. He is passionate about R&D and innovation, particularly in developing ERP software and IT solutions that help boost productivity and profitability for his clients.

What major challenge does Mr. Cheng identify in the industry regarding technology adoption?

Mr. Cheng highlights the lack of awareness about the benefits of the latest technologies. Many businesses have not prioritized these advancements, and consultants often fail to educate them on how these technologies can enhance their operations.

How does Mr. Cheng view the role of customers in relation to technology?

Mr. Cheng points out that while businesses claim that 'the customer is king,' many customers do not feel valued. By using the latest technologies, such as CRM and ERP systems, companies can provide customers with more information and a better overall experience, making them feel more valued.

Why does Mr. Cheng believe that the latest technologies are underrated in the industry?

Mr. Cheng believes that many businesses think their existing CRM and ERP systems are sufficient. However, these companies are not keeping pace with breakthrough technologies like IoT, AI, and business intelligence, leading to a perception that they are inadequate from the customers' perspective.

What are the four breakthrough technologies Mr. Cheng predicts will shape 2020?

According to Mr. Cheng, the four key breakthrough technologies for 2020 are cloud computing, mobility, business analytics, and artificial intelligence.

What is the concept of 'digital twins' that Mr. Cheng mentions?

A 'digital twin' refers to the virtual representation of a physical object in the cloud. For example, a physical chair can have a digital twin in the cloud, allowing it to be monitored and even programmed remotely.

How does Mr. Cheng envision digital twins evolving in the future?

Mr. Cheng envisions digital twins becoming programmable and eventually smart. For instance, a chair’s digital twin could be programmed via mobile devices to adjust itself and later evolve to automatically recognize and adjust to the person using it.

How does Mr. Cheng relate digital transformation to competitive advantage?

Mr. Cheng emphasizes that businesses that fail to adopt digital transformation technologies are essentially playing with one hand tied behind their back. To remain competitive, companies must leverage digital tools like AI, IoT, and analytics.

What does Mr. Cheng believe 2020 holds for the industry in terms of technology?

Mr. Cheng believes that 2020 will be a pivotal year for digital transformation, with companies needing to fully embrace new technologies like cloud computing, AI, and mobility to remain competitive.

What message does Mr. Cheng leave for the industry regarding the future of technology?

Mr. Cheng encourages the industry to make the most of digital transformation in 2020, as it offers immense potential to enhance productivity and customer satisfaction. He believes businesses must prioritize these advancements to thrive in the future.