As we enter a new year and perhaps a new era, both, the nature and model of ‘good business’ are transforming phenomenally. The meaning and impact of good business will differ according to the audience and their priorities, considerations, and perspectives. I believe that value-driven technology is a factor that can fuel and enable this deeply subjective essence of good business. Technology has become horizontal, covering all verticals, driving and enabling customers, employees, investors, and business partners to do what they perceive as good business.
The wider role, purpose, and meaning of business have never been more relevant. They assume greater importance when you consider that being a good business can provide meaningful experiences for people. And if that means disruption and breaking the status quo, that is what we should do. Let us see how technology adoption will help people deliver what they perceive to be good business.
Telemedicine – future of good business in healthcare
2020 is almost gone, but Covid-19 and its effects are still around. Technology helped most of us survive the pandemic. Just like any other sector, Covid-19 impacted healthcare too. The sector used technology to convert this challenge into an opportunity. We are now getting used to telemedicine and its numerous benefits. This will also take us closer to the vision of ‘healthcare for all’ and in effect enable, ‘good business’. Healthcare and insurance investments will go up as advanced technology in the health sector means better and effective treatment.
EdTech – future of good business in education
Teachers in villages of Kerala have experimented with Augmented Reality (AR) to impart lessons in science and social studies during the Covid-19 pandemic. It is incredible, not just the use of technology, but the metamorphosis to stay abreast with changing times. They have been the flag-bearers of the change we all want to see in the ‘New India’—decisive, digitised, and most importantly, self-reliant.
A change in education requires reassessing our education strategy. We need more focus on customised learning courses that are tailored to complement students' capabilities, skill sets, and employablity needs. It also requires educating and retraining teachers and students in the field of technology. Let us be clear that we will not go back to the pre-COVID era of the education system. The infusion of technology in education will be phenomenal.
Cybersecurity – future of security for ‘good business’
The use of technologies–the ones that we know of today, the ones that are yet to be unveiled, and the ones that are on the drawing boards–will redefine cybersecurity.
Cyber attacks and consequent damages have undergone many hues. Understanding crime in digital and the cyberspace is not complicated, but making cybersecurity an integral and continuous process of everything that we build is what counts. The story of the three pigs and the fox give us morals of hardwork and dedication, and holds absolute relevance in the cyber world. Institutions need to remember this and remind themselves again and again.
5G – The next of everything
The message is loud and clear—technology will continue to grow and impact lives. Internet of Things (IoT), Augmented Reality/ Virtual Reality (AR/VR), video surveillance and analytics, robotics, drones, connected vehicles, 3D printing, and many more will be fuelled by 5G.
We expect a massive opportunity for 5G solutions and services. Therefore, there is a fair amount of collaboration needed, and all of us—the government, 5G regulators and enablers, network operators, and individuals—must all work together towards it to reap its benefits.
So the reality is...technology will be a non-negotiable for good business
The power of technology is invincible, and the human race understands it. Some romanticise it, and a few are paranoid by it. Most of us want to use it for the advancement of human development and explore the unexplored. In reality, technology is part of our lives and will become all-pervasive. Globally, our effort as an industry is to build on technology, help customers realise their dreams, make breakthroughs in sectors that hitherto were not in our domain.
As countries around the world enter new phases of reopening their economies, the technology industry has an important role to play. To be ahead, to know this reality, is the start we should look forward to in the new year.
I wish you all a very happy, safe, and prosperous new year 2021!
The writer is MD and CEO of Tech Mahindra
The thoughts and opinions shared here are of the author.
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