Article: The future of technology is now: Oracle’s Satya Prasad

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The future of technology is now: Oracle’s Satya Prasad

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The key business differentiator in the future will be the unique experience that companies are able to offer their customers. Find out which technologies are going to make the difference.
The future of technology is now: Oracle’s Satya Prasad

Opening the Impact 2018 Conference, Oracle’s Satya Prasad – Vice President, Application Sales for India set the context by talking about how technologies are dramatically transforming the experience.

Prasad spoke about how Adidas partnered with ‘Carbon 3D’ to deliver a unique offering to their customers: A custom sole and a 3D printed shoe – based on the data that was collected from customers in their store. A first-of-its-kind mass-market 3D printed shoe, which effectively converted the store into a factory. 

Its revolutionary ideas like the 3D printed shoe that’s going to become commonplace in the business world. And it is going to take the customer delight to a whole new level. 

But to deliver that level of experience, there are a number of factors that need to be taken into account. In Adidas’ case, it would mean having access to the right material at a vast network of locations. And to be able to deliver that degree of customization to millions of customers.

In the same way, emerging new technologies like Artificial Intelligence, IoT (Internet of things) and Blockchain are changing the way we interact with systems and applications. Many companies are already using Voicebots, Chatbots, and Augmented reality to supplement their customer experience. These technologies offer immense possibilities and greatly improve efficiency.

Big problems need transformational tech

The potential of Applied AI in the enterprise delivers context-driven optimization across systems in real time. Here’s how it is transforming individual functions:

  • Marketing – Applied AI can be used to personalize offers based on individual customer requirements

  • HR – Employee retention and job satisfaction can be achieved by matching employee skills

  • Services – Elimination of waiting by using context-aware personalized chatbot interactions

  • Finance – Managing risk using predictive analysis and planning

  • IT Ops and Security - Automatically detect threats and stay ahead of malicious attacks.

The use cases of Blockchain technologies are cutting across many areas. The most common use cases include Digital Currencies, Financial transactions, Extended Supply Chain, Government Records and Health records. Most recently, the NITI Aayog has put together a discussion paper on how blockchain technology can be used to maintain land records. It’s an idea that is being explored by the state government of Andhra Pradesh as it is working towards building its capital city in Amaravati. 

Imagine using a digital assistant that can help you by ordering groceries. The Internet of things (IoT), another emerging technology is using data to help enterprises become far more proactive and efficient. Sample the kind of insights or process improvements that this technology can enable:

  • Marketing and Sales: Customer Insights, Flexible pricing, Usage tracking, Self Service

  • Operations: Asset Tracking, SLA monitors, Fleet management and Health tracking

  • R&D: Product usage analytics, quality management, SLA tracking

  • IT: Security and Identify, Data integration, Automated analytics, and Fast app deployment

  • Service and Support: Remote Services, Condition-based maintenance, inventory planning

The real transformation will be dependent on IoT with a layer of AI. And blockchain can be used to hold the transaction in an immutable way. For example Digital assistants can be notified to make domestic purchases. Medical histories can be documented to prescribe future medication. 

Transformative technology is not just enabling large corporates to accelerate their business, it is also being used to solve common world problems. For example 70% of the world’s fresh water resources is being used for farming. Using technology, farmers are able to collect information across a number of factors and optimize irrigation. 

So what does one takeaway from these examples?

The future is already here!

It is up to the business leadership to think more deeply about how to use technologies. While we hear about their use individually, if an organization is able to bring these technologies together then it would make a lasting impact

*This article is based on the opening note by Oracle’s Satya Prasad – Vice President, Application Sales for India

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Topics: Technology, #Lets Talk Talent, #Innovation

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