JaipuriaTalks (Blog and Podcast)
Presents
Envisioning Industry 4.0
Can you predict the financial, marketing, HR, IT, operations, entrepreneurial trend of Industry 4.0?
Jaipuria Institute of Management, Jaipur brings to you “Envisioning Industry 4.0” to enhance the mindset of the student with regard to their understanding on how different they feel while studying in the college and working simultaneously.
We urge you all to participate and immerse yourself in the fusion of Industrial Revolution in the breakthrough of AI, Big Data, IOT, and Bioinformatics.
The Last date of Submission is June 20, 2021.
Rules:
1. The participant have to answer two questions; one from set and another from Set B.
2. Both the sets include eight questions each.
3. The answer should be less than 10% plagiarized.
4. The word limit of both the answers should be 300 – 400 words.
5. Document format
a. Font: Times New Roman
b. Font Size: 12
c. Alignment: Justified
d. Line Spacing: 1.5
6. The answers should not contain graphics or images.
7. The file should be named as (name _ college name).
The questions are:
Q1. According to German Trade and Invest (GTAI), Industry 4.0 is described as “a paradigm shift, made possible by technological advances, which constitute a reversal of conventional production process logic”. Also known as Smart Manufacturing or Industrial Internet of Things – IIoT, it is Germany´s answer to globalization. Its objective is to help companies, especially in manufacturing and engineering sectors, achieve unparalleled levels of performances and efficiency. How can Industry 4.0 benefit your company?
Q2. Value innovation is the strategic logic of high growth. It is the process, which a company introduces new technologies or upgrades that are designed to achieve product / services differentiation, at low costs. New data and new configurations, capabilities of smart connected products restructure the traditional functions of a business. How can Industry 4.0 help your company achieve value innovation?
Q3. There are obvious trade-offs between organic growth and digital acquisitions. As speed and agility are key, we followed the inorganic route to expand our business portfolio and bolster our software expertise. However, this has thrown up a new challenge – the integration of old and new businesses, digital and non-digital, as well as back-end and front-end operations. How will you enhance your business portfolio in order to address evolving customer needs?
Q4. We now have completely new dynamics in terms of the producer-customer relationship as we are engaged in co-creating value. Given that the business value is intangible and cannot be proven through traditional ROI calculations, early challenge for most businesses was to establish trust and convince customers. Today, there is an alignment of incentives on both sides to reduce the total cost of product functionality and create multiple opportunities for exchange of value. However, this means that we are even more dependent on our customers. Currently, we are grappling with ways to keep our large and diverse customer base engaged, share the risks and rewards, manage complexity in information flows, and embed seamless activity systems across company boundaries. What does this mean in terms of how you engage with your customers?
Q5. Strategic thinking, according to Drucker, knows the right questions to ask. In this week’s Drucker Files, Dr. Robert Swaim looks at the three critical questions you and your management team need to ask yourselves to make sure you are on the right track. What is our business? What will our business be? What should our business be?”
Q6. It has been a while that AI and machine learning have been at the top of every marketing trend list, and rightly so. From enabling more accurate, real-time analytics and measurement; improving customer experience and support, optimizing product line pricing strategy to minimizing customer churn, AI and machine learning bring massive benefits to marketing. According to Forbes findings, 75% of enterprises using AI and machine learning in 2018 were able to enhance customer satisfaction by 10%. What can be an AI-first approach for your company?
Q7. Each business should have a good understanding of our target consumers, how they think, and the reasons for how they behave. If not, it is very difficult to give them exactly they want. The study of consumer behaviour improves decision-making a some of the guesswork is removed. Did you notice any change in your company’s consumer behavior during this pandemic and how it is going to be until 2025?
Q8. Forces outside of your company’s control are changing rapidly. Some could benefit your business; some could slash its revenue. Some could be irrelevant. Leaders should operate a systematic approach to forecasting which of these evolving forces demand a change in strategy. Simply put, this process will help you reposition your company so that powerful external forces become tailwinds, rather than headwinds. Envision the most powerful external forces that could upend your business. Give your view and strategy!
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