Recent Developments and Business Opportunities
Readers might have by now familiarised themselves with eight deep digital technologies and various related dimensions of digital transformations. However, there is no reason to be complacent. In this Industry 4.0 era every day is a day of learning. Nurturing this habit will help seizing business opportunities in manufacturing new products and providing services. But one must be wedded to the problem to be solved and not the idea to be converted to a product. Unprecedented opportunities are surfacing almost every day from digital scientists and ‘startupians’ ‘innoventing’ new products and digital solutions. Updated information will be the most powerful driver for retaining competitive advantages with desirable ROI, remaining market relevant and ensuring sustainable growth. Bloomberg has conducted research1 on the megatrends that will impact certain business sectors in 2020 and beyond. Some of their major findings and predictions are as under:
• Copenhagen has pledged to become world’s first Carbon-neutral City by 2025;
• Global smart cities market is expected to grow to $ 717.2 Bln. by 2023, up from $ 308 Bln. in 2018;
• All top ten of the world’s fastest growing cities in terms of GDP will be in India;
• Copenhagen has pledged to become world’s first Carbon-neutral City by 2025;
• Global smart cities market is expected to grow to $ 717.2 Bln. by 2023, up from $ 308 Bln. in 2018;
• All top ten of the world’s fastest growing cities in terms of GDP will be in India;
• Social and environmental considerations will become critical drivers of decision making;
• Connected devices will be seven times of world population;
• Smart home technology market will reach $53.45 Bln by 2025;
• Smart fridges will advise when food items will expire and to be replenished in what quantity;
• Smart mattresses and pillows will monitor sleep pattern and generate information;
• Smart baths will emit relaxing aromatherapy; and so on. It is not difficult to envisage that all these can happen only by intensive applications of AI, ML Blockchain, RPA, IoTs, etc. A report, on winning strategies for digital transformation of a refinery, revealed that application of robots for inspecting the hydrocracker unit has saved twenty-two hours vis-à-vis human skill-based inspection, resulting in cost savings, more safety and many risk aversions.

Present facilities are not enough or even equipped for manufacturing products and generating services in a digitally transformed environment. New facilities are to be set up and existing facilities are to be equipped / upgraded with simultaneous applications of multiple digital technologies. All these will usher in multifarious business opportunities. Large capital investments and skilled human resources will also be needed. Professionals will have to assume huge responsibilities for identifying the problems to be solved, strategising executable plans, monitoring of R&D, service generation and manufacturing activities, and reaching quality products / services to the ultimate customers on demand.Learn more  from pdf >>>>>>