As businesses return to normal, purposeful actions need to be taken to revitalize organizations, for pro-active approaches, to act rather than react. The most challenging problems do have solutions and we need to learn how to get there. In a recent report, “Ecosystem 2.0: Climbing to the Next Level”, business consulting firm McKinsey & Company looks at the ecosystem surrounding strategies of 100 companies that have embraced innovation and new efficiencies with success. “Such ecosystems develop in virtuous cycles through network effects. By offering products and services that individual companies could not create on their own, ecosystems draw in more and more customers, which creates even more data, which allows artificial intelligence (AI) to fashion even better offerings, which in turn further improves processes and wins more customers,” the report mentions. Multiple opportunities exist in AI. Everyone is aware that data is the new oil and while collecting data is important, it is equally important to extract, refine, and distribute that oil. AI can be used to make data socially relevant.
Moreover, innovation is the operative word that will help to streamline faster and more seamless growth. At Tatsat Foundation, we wholeheartedly embrace novel and innovative ways of thinking. Please browse through the latest Tatsat Communique for more such ideas, and challenges.
Sumi Gupta, Director, Tatsat Foundation