Tuesday, April 2, 2019
An exclusive interview with IT. Voice, Mr. Asoke K. Laha, President and Chief Executive Officer, Interra Information Technologies, Inc. reveals his strategies for business in India.
Mr. Asoke K. Laha, Founder, President & CEO InterraIT Inc., has significant experience in starting and growing offshore development centers. Asoke’s career in high technology spans more than three decades. Previously a senior software manager in companies like Digital and GTE Communication Systems. He won the Corporate Quality Award from Cadence and was responsible for the ISO 9000 certification earned by the Cadence India Center.
Nisha Harshwal:-Why and How IoT has entered into the Business Ecosystem of India?
Mr. Asoke K. Laha: -According to NASSCOM, it has been estimated that the IoT market in India will reach USD 15 Billion by 2020 which will account for nearly 5 percent of the global market. There are a lot of opportunities for further growth, as there are nearly 120 companies (according to NASSCOM) offering solutions related to IoT.
The Indian business ecosystem has grown drastically due to the advancement of the Internet of Things (IoT). The Internet or technology has become an integral part of our lives, so much so that we cannot stay away from it and completely rely on it. This is because of the fact that IoT has blended seamlessly into the business sphere.
The last decade has seen tremendous growth when it comes to business developments related to IoT. IoT has helped businesses receive information or data which will have beneficial insights for them to grow and offer customized solutions.
Businesses today are being able to connect to the ecosystem easily mainly because of IoT. IoT solutions have made tremendous progress over the last 10 years. Customer experience is ensured every time as IoT helps in maintaining quality across the entire ecosystem.
Nisha Harshwal:-What are the opportunities and Challenges in 2019 for Technology business?
Mr. Asoke K. Laha: -Looking at the exports made by the IT industry for the financial year 2018, it has increased to $126 billion. Domestic revenues increased to $41 billion. The Indian IT industry has attracted significant investments from major countries. According to the data revealed by the Department of Industrial Policy and Promotion (DIPP), the IT sector has attracted cumulative FDI flows worth $32.23 billion between April 2000 to June 2018.
Leading IT firms are diversifying their offerings and are coming up with leading ideas in cloud computing and AI. This is being possible because IT companies are building innovation hubs and R&D centers to create these differentiated offerings to clients. In the coming years from now, health tech will play an increasingly important role, with the help of smart and connected technologies allowing us to take greater ownership of our own health and fitness and provide valuable data insights. The advancement in the health tech sector will also help in personalized health care.
Digital transformation is going to play an important gamechanger and will create huge opportunities. Initiatives are taken by the Indian government in order to boost the IT sector. The government has identified IT as one of the major service sectors and thus an action plan is being created.
Nisha Harshwal:- What are the Ways of Technology that can help you Grow Business Effectively?
Mr. Asoke K. Laha: -Technology has revolutionized the daily activities in an organization. Technology has allowed customers access to all kinds of information about the company. Technology has also changed the way employees perform their regular activities and has made them more efficient.
Technology has helped businesses to provide innovative products and solutions. Services to customers have also improved due to the advancement in technology. When technology is utilized effectively, it will help the organization achieve the growth and success it aims for. Technology should not just be a tool to automate processes, instead, it should open up new ways of doing business.
There has been a transformation in the last two decades with regards to how team members connect with each other. Technology has allowed colleagues and team members to connect at any given time and from any location. This has helped in improving the organization’s flexibility to deal with queries quickly and efficiently. This improves teamwork across the whole business.
Companies are using the advantages of technology to connect with their customers much easier and can respond to customer queries and receive feedback much faster. Interactive websites, online chat support services and 24/7 customer service via any social media platform will help the company gain credibility as customers become their priority. This helps an organization set apart from its competitors and thus helps increase profitability.
In today’s scenario, technology has allowed companies to build an eye-catching website, while social media platforms have made it easier for organizations to promote their business.
Email marketing allows the organization to reach out directly to your customers with news and updates.
The workplace is changing due to the constant technological development taking place. This will help businesses to enjoy the benefits.
Mobile technologies can be beneficial and help strengthen the growth of the company.
Mobile technologies help companies to promote a happy workforce, as employees can enjoy work/life balance. This will in the end result in the increase in productivity and will reduce costs as a result of increased staff retention. Mobile technologies will enable employees to be more efficient and productive. This is because this technology will allow employees to complete tasks from virtually any location.
To make the most of the mobile technology, companies should consider cloud solutions which will allow employees to access the same applications, information, and services from multiple devices and locations. This will help employees to work and track developments from different and remote locations
Companies need to be smart with regards to investing in the right kind of technology. Adopting the right kind of solutions, which should be according to the needs and challenges of the company, it is only then when growth and success will become easier to achieve.
Nisha Harshwal:- What is the top Technology Trend for 2019?
Mr. Asoke K. Laha: -Technology has now become the central focus of every industry – from automotive to healthcare to agriculture. 2019 will see disruption and new business models in technologies such as artificial intelligence (AI), cybersecurity, 5G and not to forget blockchain.
The year 2019 is going to see the advent of 5G technology which will improve the processing speeds by more than 10 times. With the help of this technological advancement, one can now expect a remote surgery in rural areas. Though this is a bit futuristic, with the help of robot surgeons powered by AI, new innovation and accuracy can be brought to the operating room. Scientific breakthroughs will continue to take place with the help of AI innovations. This cannot take place without the vast amount of data that has been collected and now available.
The two industries which will see the most rapid developments during 2019 are autonomous vehicles and robotics.
It is expected that there will be a convergence of AI, Machine Learning, and Deep Learning in business applications. As AI and machine learning technologies get to work together in order to reach better results, AI will have greater accuracy at all levels.
Quantum Computing is still at a very nascent stage, as it is still an emerging technology. The process is still on to bring out the first fully-functional, fully-working quantum computer. In the years to come, quantum computers will most like be a cloud service and will replace the on-premise machines. There are a handful who are already offering cloud-based quantum computing services.
Apart from these, the top technology trends that can be noticed this year will be an advancement in technologies such as smart home devices and wearable technology, Predictive Vehicle Technology, Increased Adoption of blockchain, augmented reality and data security.
Nisha Harshwal:-How to use Artificial Intelligence to develop new flavor in business?
Mr. Asoke K. Laha: -In the last couple of years, AI has gained momentum in verticals ranging from healthcare to manufacturing to logistics to retail. In order to improve productivity and performance, different industry verticals have started to use AI-based applications.
Some of the AI applications can be applied by companies in order to grow and succeed are:
Organizations are able to collect and store a large amount of data due to the improvements in network and storage technology. Until and unless this data is analyzed, the data collected remains useless. It is only with the help of machine learning and algorithms; companies can analyze such a huge amount of data.
AI-based applications can handle routine tasks. AI can customize information regarding marketing and sales for consumers. AI-based Chatbots help with responding to customer service requests to improve customer satisfaction and create recommendations for upselling.
Inventories can be better managed with the help of machine learning algorithms. AI can automatically refill requests and optimize supply chains. AI also has the ability to help the manufacturing and transportation sectors to improve their maintenance schedules.
The process to find the right talent is time-consuming. AI-based applications like facial recognition applications can interview candidates and evaluate their performance using emotional cues. This AI application can help companies streamline their recruitment process making the process faster and easier.