Chander Khanduja, CIO - Luminous Power Technologies Pvt. Ltd.

“Digital Revolution is the next big thing which happened in the world after the industrial revolution. The word itself - revolution says it all, either be a part of it or may not be relevant anymore. Similarly, our business world is going through this stage. We have seen business environment changing around us with demonetization and GST; these big changes impacted in big way. 

These are exciting times for all CIOs, CTOs, CMOS, CFOs and CIOs. Every organization is talking about the digital strategy now and all CXOs are a part of this game changing strategy. Few years back SMAC was the buzzword for all the corporates - social, mobility, analytics and cloud, now IoT and Industry 4.0 got added to this and it is SMACII.

The biggest motivation for further investments in digital factories is efficiency, 98% expect it to improve. Some of the technologies they are relying on to get there includes connectivity technologies, using sensors and Manufacturing Execution Systems, and a whole range of data-driven approaches, including predictive maintenance and process improvement, visualization and optimization. For these technologies, usage is expected to double over the next five years.

As a digital strategy, organizations are focusing on three Ps - Digitize People, Process and Products. This is essential for organizations to remain relevant in this regard.”