Virtual Business: Building a large networked business
The past two years have shown the power of exponential technologies such as AI, automation and cloud computing to accelerate digital transformation, as companies look to better serve…
The past two years have shown the power of exponential technologies such as AI, automation and cloud computing to accelerate digital transformation, as companies look to better serve their customers and find new sources of value. coming out of disaster. Today, new importance, such as sustainability and security, are at the top of the minds of business leaders, and these leaders must deal with new geographic and market challenges that affect their supply chains, capabilities, and costs.
As we talk to clients around the world about their post-COVID strategy, we gain insight into the types of organizations most likely to succeed in the next decade. Successful business leaders embrace what we refer to as the virtual business – a new area of modern business where advanced digitalization, tools and collaboration are the key blueprint for competitive advantage. The craft company has the following methods:
Grow an ecosystem of partnerships Openness is central to modern business, and in this interconnected digital world, ecosystems will nurture and grow businesses. State Bank of India, for example, has partnered with more than 100 e-commerce vendors to transform its traditional banking platform into an online marketplace for third-party payments and a digital financial store — SBI YONO (“You Only Need One”) — which aims to attract younger, more digital consumers. SBI YONO has grown rapidly as a mobile platform with over 10 million daily logins and 64 million downloads.
Innovate with cutting-edge science and data-driven methods. In today’s modern world, openness accelerates the process of scientific discovery. The availability of technologies such as AI, automation and now digital computing are enabling businesses to sift through vast amounts of data and use it as a source of innovation across all ecosystems. The Cleveland Clinic, for example, is building a Discovery Accelerator, a center that will deploy cloud computing, AI and quantum computing to advance research in genomics, cell transcriptomics, clinical applications and drug discovery and public health.
Develop intelligent workflows. Organizations are increasingly applying AI and automation to revitalize internal business processes such as recruitment, supply chain or customer service. Extending this smart workflow to ecosystems provides more ideas to fuel change. In the aftermath of the disaster, Pandora, a global jewelry manufacturer and retailer, was forced to close most of its stores and its online retail hub. The company quickly leverages a comprehensive management system to manage an omni-channel “business-as-usual” solution. Intelligent workflows now provide in-store employees and customer service agents with an end-to-end interface to better meet customer needs.
Create an inclusive partnership between people and technology. One thing we have learned from the experience of disaster is the importance of compassionate engagement. Virtualization has created integrated ways of working across an organization that require leaders to look closely at the intersection of talent and technology. As it looks to create new customer products through digital channels, Orange France has launched a comprehensive program “Orange Campus” to promote the digital skills of employees based on the vision of how human talent and technology go together. can work without interruption. Orange France boosts labor mobility by helping workers acquire essential digital skills; Fifty percent of telecommunications company employees have acquired these new skills through the program.
Embrace the power of consistency. As CEOs report that increasing sustainability is one of their top priorities, business models enabled by new technologies can help solve the biggest environmental challenges. As part of its efforts to create a sustainable world without hunger, Norway-based Yara has built a digital platform for sustainable agriculture with the aim of connecting and empowering independent farmers around the world. The Yara Center provides comprehensive digital services and rapid agricultural advice to more than three million farmers, ultimately helping to avoid deforestation and increase food production on existing farmland.
Build a safe, open hybrid design. An open, secure hybrid cloud architecture is needed to effectively leverage data usage and provide the flexibility, power and security required by digital transformation. It also enables the openness needed to connect ecosystem partners and achieve the full potential of digitization. Bharti Airtel, one of India’s largest integrated telcos, has turned to a modern hybrid cloud architecture to provide a more responsive network that taps automation and AI to deploy new services at the right location and network level.
In today’s world, change is the only constant. Business leaders must embrace the new modern business and take advantage of new opportunities that will bring them a competitive advantage in the market. As these customer stories show, IBM is uniquely positioned to help at all steps of their journey.
