Nexus of forces Technology Trend for Business Productivity
By Umesh Mehta , Sr. VP & CIO - India at Jubilant Life Sciences
Ranked No. 6 among global contract manufacturing and services outsourcing players of the pharmaceutical industry, Jubilant Life Sciences (NSE: JUBILANT) is a provider of Custom Research and Manufacturing Services. Headquartered in Noida, Uttar Pradesh, the company has a Market cap of Rs 1,889 crores.
The Nexus of forces: Social networking, mobile computing, analytics and cloud computing, are the latest technology trends, transforming the way people and businesses relate to Information Technology. The trend has become popular over the last few years, since the elements together symbolize desirable, future end-state for IT applications.
It is interesting to understand how one concept can rescue businesses from becoming obsolete with its quadruple mix of elements and at the same time be the reason for businesses failing miserably. Even NASSCOM opines same as people who are pro ‘Nexus of forces’ with their predictions that Indian IT vendors are poised to generate $225 billion potential revenue in these technologies by 2020. This NASSCOM prediction is on the underlying fact that the Indian IT market is now quite mature to introduce ‘Nexus of forces’ suite of technologies; which are essential to take the industry and businesses to the corresponding level.
Also known as the “Trend fusion”, these technology applications have become a rave because of the credible value propositions for both end-users in the businesses and the IT industry as well. Now that it is quickly becoming a part of the Indian IT story, it is more than essential for companies to have a vision of designing processes and applications which can make the most of the combination of the troublesome elements over the next few years to alter the way technology works within businesses.
CIOs play the most important role in embracing these technologies. They are the ones who can effectively migrate from the already functional model to the new technology scene all along ensuring that important enterprise processes remain sacrosanct. The journey from current IT architecture to this new model is a rigorous journey which involves full participation of CIOs to consider the disruptive technologies in combination to work in favor of the company’s IT structure. This fusion of trends though powerful for many businesses, can at times turn out to be a catastrophe as well. Therefore, CIOs should ensure that each element within the enterprise might be at different stages of maturity, which in turn could be on separate tangents as well, making the adoption of new concept on the whole very tricky.
A pharmaceutical company can reap tremendous benefits by implementing these technology trends and by gradually making it core of its IT landscape. It is imperative for pharmaceutical companies to connect with their key stakeholders like customers, healthcare providers, regulators, governments and the society at large in an improved, efficient manner and on a regular basis. In the backdrop where Quality and regulatory concerns could also lead to greater US FDA scrutiny in future, Pharma companies need to enhance their compliance applications in tune with the global guidelines. It will, in the long run, also offer them the competitive advantage in the market. A visionary CIO will always evaluate the emerging technologies and will implement the ones that will help mitigate risks of obsolete technologies and will be fruitful in achieving a sustainable and compliant long-term growth.
The impact of technology is seen when the latest technologies are integrated into the workplace with strategy in mind. Taking cue from the progress of these future trends, at Jubilant Life Sciences, we have started technology implementation in Cloud Computing and Mobility. We have already initiated some of the applications based on these technology platforms. Analytics is a big area of focus for us and hence we have already commenced evaluation of products available in the market and are doing proof of concepts.
Numerous industries all across the world have utilized Social, Mobile, Analytics and Cloud as individual elements as well in combination and have seen stupendous results. The decision to utilize and capitalize on this trend is now left to CIOs who are the best judges to decide whether or not, it would work in their organization, given the IT setup.