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TECHNOLOGY
Ankur Khare,who is designated as Senior Solution Advisor at SAP America Inc is an independent advocate for innovation especially among large corporate entities, concurs with this view but opines that facilitation of innovation should be done in moderation.
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Amidst the unending cycle of development and advancement in technology, there are three unique stances presenting relevant and intriguing views on the actualization of the future. Cross-sectional views from Ankur Khare, Suresh Martha, and Shweta Agrawal coming from different fields provide a broad perspective of the future direction that when combined, paints a clear panoramic view of the coming months.
While I was working on this, I had the chance to engage with these three leaders in the industry to collect their perspectives. Their insights, shaped by their respective expertise, offer a well-rounded understanding of the evolving landscape and the factors that will shape the future of technology, data, and innovation.
Innovation in the Digital Age: The Complexity of Product Differentiation
Ankur Khare,who is designated as Senior Solution Advisor at SAP America Inc is an independent advocate for innovation especially among large corporate entities, concurs with this view but opines that facilitation of innovation should be done in moderation. He states that, “The lure of the shiny new thing – always feeling that the latest technologies are the most important to embrace – can often result in ineffective silos.” In fact what he has stressed here in a nutshell is that instead of the current vogue identifying a new gadget, tool or technique and implementing it into a business organization’s work processes, it is more important to align some of these innovations established in the course of business with the overall goals of the organization.
He emphasizes the need to understand the special needs of an organization before automating it. “It’s about the right questions to ask – what problem are we solving? How does this innovation fit into our current framework? Does it complement or complicate?” When these fundamental questions are considered, it helps businesses evade the excess of innovations; this way, new technologies act as enablers rather than problematic distractions.
The Power of Data: Navigating Choices and Promoting Creativity
Suresh Martha, who is a Head of Data Driven Innovation & Analytics at EMD Serono, Inc., adopted the role of data in facilitating change within the business organization and decision making. He argues, ‘The world is now dominated by data, and having competent ways to deal with these data define organizations today.’ Suresh underlines the role of data in driving growth and competitiveness through innovation.
Suresh too sees the future in harnessing data for more than just responsive decision making but for predictive innovation. “Every firm needs data to be at the center of its innovation agenda; it’s all about forecasting, knowing your customer, and discovering patterns that were unknown before.”They stated that organizations require spending money on analytical and intelligence technologies to transform big data into information.
Another aspect of data use that Suresh also points to is the ethical dimension. “Modern organizations depend on data, and as this reliance grows, we need to be careful about how this data is utilized, application of privacy and security as well as transparency are critical. None of the above, innovation cannot compromise trust.
Building the Future: The Role of Product Management in Innovation
Shweta Agrawal, Co-Director and Chief Product Officer at Boston New Technology, gives a different angle from the product management field as she discusses “If you look at product management, what you really have is the execution of what strategy could be,” she adds. “It is about taking these complicated technologies and turning them into products that address issues that affect the lives of people.”
Shweta views product managers as the key deciding players of innovation as they hold the responsibility of driving technology advances without compromising customers’ experiences. “It is not about what is possible, but what is beneficial and feasible for the customer. Product managers must be knowledgeable in both the technical and market domains to be able to take effective decisions.
She also mentions that there is tremendous value in collaboration during the innovation process. “Ideation is a group activity, it involves people from different fields such as engineering, design, marketing and other departments. A product manager is supposed to collect ideas and inputs from different fields to come up with a unique product.”
The Convergence of Technology, Big Data, and Product Development
When the perspectives of Ankur, Suresh, and Shweta are viewed together, a clear picture emerges: technology, data, and product management form the foundation of the innovation that will shape the future economy. However, just performing well at one level is not enough; these factors need to be aligned in some manner.
Ankur’s focus on strategic innovation, Suresh’s emphasis on data-driven decision-making, and Shweta’s commitment to customer-centric product management all point to a common theme: This has made me realize the importance of a system and an integrated approach in methods of innovation. All these three elements of technology, data, and product management need to be integrated with each other and be able to deliver sustainable change and innovation.
Looking Ahead: Challenges As Well As Opportunities
Ankur, Suresh, and Shweta all note that there are certain challenges posed by such a fast rate of technological development. “The essence is to be guided by your goals and just as importantly, be flexible when it’s time for a change”, Ankur opines.
With the steady increase in the size and the level of details from the data, Suresh feels that there is a challenge as well as a plus side involved. “While data becomes more complicated, the process of handling them also becomes more complicated. But the latter might be leveraged for competitive advantage. ”
Shweta, on the other hand, considers changing customers' needs as a challenge. “Customers are more informed and dynamic today than before, to survive and compete we have to develop new innovative products to suit the market needs.”
That being said, all three leaders remain positive about the future. According to them, business management is about adopting innovative, insight-driven, and customer-focused strategies when operating in the global business environment in order to come out of the hostile environment stronger.
Conclusion: Therefore, the future is collaborative.
Therefore, using ideas from Ankur, Suresh and Shweta, it becomes evident that interdisciplinary collaborations are the next big thing in realizing the creative potential of society. So, it is obvious that invention cannot be done by a single function such as technology, data, and product management. So it is not the individual elements that still matter when it comes to defining what would or would not lead to major breakthroughs, but the interaction between these factors.
When we look forward, one thing is clear: innovation isn’t merely about fresh ideas, but it’s about careful combination of technology, data and client desires. Through this comprehensive strategy, corporations can be ready to face the next wave of innovation and deal with all the challenges that may arise and even embrace the opportunities that come with them.