PANORAMIC PERSPECTIVE

SUCCESS IS SUCCESSFUL ADAPTATION

The pandemic has brought forth considerable changes in the human behavior that are here to stay and get stronger, affecting us all personally and professionally. Organizations need to quickly understand and adapt to them in order to survive, let alone grow and thrive. Although the nature and the enormity of the impact, and the pace to get used to those changes will differ from organization to organization, depending upon the kind of their business and segment, re-imagination has to happen across the board. The Education sector has been significantly disrupted leading to an overhaul in the ways we learn and get trained. The Entertainment industry has likewise changed its game plan and so has the Hotel & Food industry. Similarly transformed is the way we would shop and buy, from things of daily needs to white goods and automobiles.

A highly noteworthy occurrence, meanwhile, has been the emergence of a multipurpose hub that was once called home and used as a purely personal space to unwind. Decision-makers are living, working, interacting and conducting their affairs in an environment far removed from the scene of action. This has a consequence on their interactions and, most importantly, their decision making.

Adapting to changing times

Organizations and businesses must retool themselves to cater to people and their needs across platforms and channels with video conferencing virtual reality, depending on the right mix and the segment. The key issue is to work this home platform economy and integrate it into one’s business ecosystem effectively.

From a machine tool and manufacturing perspective, key addressable issues continue to be productivity, effectiveness, cost, and customer experience across users, enablers, decision-makers, and their teams. While initiatives to use IT in manufacturing and IoT have made headway in collecting data and building tables or dashboards, not much has happened in the analysis of the data gaining actionable output. These are the areas that need to be acted upon urgently to increase managerial manufacturing effectiveness and sow the seeds of using technologies of machine learning and AI that are available today. Hence, it is important to seriously evaluate the need for change in the organizational structure from an analogous perspective to a digital perspective.

Although the nature and the enormity of the impact, and the pace to get used to those changes will differ from organization to organization, depending upon the kind of their business and segment, re-imagination has to happen across the board.

T K Ramesh
Managing Director and CEO
Micromatic Machine Tools Pvt Ltd

The views expressed by the author are personal and he can be contacted at rameshtkr@gmail.com