Question

We covered Technology and Trends pretty extensively throughout the first half of the semester. Choose 2 (for example: robotics and autonomous vehicles but you can choose any other topics) key areas of disruptions, emerging trends, and innovation areas that you feel are important to you and industry(ies). Why are they important? How will you, incumbent companies, employees, society , etc. will be impacted? How will you contribute to these changes?

Note: You can reference any of the group discussions, current events, videos such as the one we presented on the World Economic Forum, etc.

Answer 1

In my views, Artificial Intelligence has the potential to become a game changer for the overall industry. Artificial Intelligence, basically is the technology which works with the objective of making a system, software or a robot think as a human mind.

Let’s take the example of media and entertainment industry to have a better understanding about AI. The incorporation of AI in media and entertainment industry would facilitate to create literal magic on the screens. Any kind of video will become more realistic. The channels will imbibe the emotions and mood of the consumer and telecast content to facilitate the same. AI algorithms would facilitate automation of various work in the entertainment sector. Even the creative aspects like editing can be take care by the integration of AI. AI algorithms will also facilitate script reading and based on the algorithm, could predict how the content will be accepted by the audiences. Accordingly the script can be accepted or rejected.

Content generation and its visualization will also be aided by AI. Content delivery will also be facilitated. Gauging consumer feedback will also become very easy with the help of AI. Hence we can infer that integration of AI in media and entertainment industry can prove to be quite beneficial and has the capability to create “magic”.

ERP is another disruptive innovation, which will facilitate the lives of various employees and companies in future. Companies like Amazon have already realized its potential and are capitalizing on its profits.

ERP is enterprise resource planning. It is basically the management of core business processes of a company. ERP works with the objective of enhancing and streamlining the internal business operations of a company.

1. ERP helps in managing the network traffic of the organization effectively
2. ERP facilitates the overall company’s data organization, collection, processing and retrieval as it uses a structured format.
3. Access management controls are used to manage the data retrieval operations.

Amazon can be considered as an excellent example of a company which has integrated information system i.e. ERP in SCM and is enjoying profitability because of the same. Amazon has integrated its SCM with various information systems like customer relationship management system (CRM) and enterprise resource planning (ERP). This strategy has facilitated the overall operational efficiency and consumer responsiveness at the company. The company has been able to exert its competitive advantage on its competitors, because of the same. Comprehensive management of the company’s network traffic facilitates its SCM. Any kind of data retrieval can be done in minutes. The data can be analyzed using predictive analytics to forecast future business of the company. This has eventually led Amazon to become the retail giant in the industry.