Mastering Business 4.0™: Harnessing Abundance & Ecosystems
The 14th annual Tata Consultancy Services Summit Asia Pacific is just around the corner. This year’s event brings together many distinguished business leaders and technologists to explore the theme of “Mastering Business 4.0™: Harnessing Abundance & Ecosystems” and how TCS’s thought leadership framework called Business 4.0™ is empowering companies to exploit new value opportunities using disruptive technologies. But first it’s important to understand just what Business 4.0™ means in the era of digital transformation.
Business 4.0™ is leading to transformation, enabling companies to strengthen sustainability, improve efficiency and harness unseen before possibilities for revenue growth, expanded markets and competition on a global and digital stage.
Paving the way with Business 4.0™
A blueprint for success, Business 4.0™ is paving the way to business success as disruptive and innovative technologies such as the Internet of Things (IoT), artificial intelligence (AI), cloud and analytics are rapidly changing our society and the way businesses operate.
In this new era, companies around the world understand that digital transformation is critical to sustainability and advancement. By unleashing the power of technology to drive enhanced customer experiences, robust ecosystems, and unparalleled innovation and growth, yesterday’s traditional enterprises are digitally transformed into today’s future-ready organisations.
Business 4.0™: The behaviors of digital transformations
Business 4.0™ is a framework of business behaviors that optimises the digital advantage to create customer value. Adopting the four key behaviours of Business 4.0™ is enabling businesses across all industries to leverage new and emerging technologies to drive transformation and growth.
1. Driving mass personalisation to a market of one customer, and at scale
Technological advancements are changing the way companies interact with their customers. Buyer loyalty is being driven by differentiation through exceptional customer experience. The most successful businesses are those that are rising to the ever-increasing demands of consumers for individualised engagement and personalised products and services. By adopting this Business 4.0™ behaviour companies, from retail to financial services, are harvesting user and entity data to extract insights enabling them to better tailor their offerings and create greater efficiencies. Digital markets are also enabling businesses to offer personalised multi-channel connected experiences at scale across bricks-and-mortar and online platforms.
2. Redefining business models to create exponential value
With customer experience and loyalty driving innovation, businesses are looking for new ways to create value and expand into global marketplaces. Top companies are employing the Business 4.0™ behaviour of unlocking exponential value from their current operations to explore wider addressable markets. App- and web-enabled markets are opening up paths for companies to target a wider range of customers or provide new products and services. Mobilising data analytics, machine learning, the power of the cloud and the Internet of Things is unlocking a new realm of value at multiple levels while moves towards servitisation or products-as-a-service are also augmenting or generating additional value.
3. Leveraging ecosystems to fuel innovation and growth
Companies that thrive in this era of digital transformation will be those that evolve their business models by taking up the Business 4.0™ behaviour of leveraging their wider ecosystem. Collaborating with multiple partners inside and outside traditional supply chains using data analytics, the Internet of Things and digital trade is enabling many companies to extend their offerings. Cloud technologies are also enabling growth – simplifying and accelerating business integration following mergers and acquisitions by offering companies access to infrastructure and services on demand.
4. Embracing risk
New digital technologies and agile methodologies is making it easier for companies to adopt the final Business 4.0™ behaviour of embracing risk. The stack of next-gen technologies is allowing companies to enhance productivity and free up resources for innovation leading to new business models and channels for growth. Artificial intelligence, the cloud and automation are fueling this growth by enhancing the ability of companies to test new products and services faster and more cost-effectively.
Thriving in a Business 4.0™ world
This year’s TCS Summit Asia Pacific enables us to hear first-hand how the Business 4.0™ blueprint is enabling prominent Australian and New Zealand businesses to harness the abundant IT capabilities, resources and ecosystems. They join thousands of companies across all industries around the world in pursuing a comprehensive strategy to prosper in an era of rapid change through transformation and innovation.