An extensive number of old economy firms and organizations around the world are utilizing technologies such as Artificial Intelligence as well as the Internet of Things for expanding their presence in the digital world. These companies are going toe to toe with many major IT companies and diversified conglomerates which are also trying to muscle their way into this sphere.
The world leader in domestic engineering and industrial companies like Larsen & Toubro, Tata Group, Reliance Industries along with such of the MNC firms such as Siemens, General Electric & ABB are attempting towards capturing their share of the pie. And by the looks of it, the timing couldn't be any better.
Most companies are heavily investing in expanding the capacity given that they see merit to put capital into digital platforms, and this will help in improving efficiency and rendering a much more profitable scenario for the companies.
Even the Industrial firms are trying to make their way to the services business by offering maintenance support and operations. And this helped the industrial firms to gain additional streams in revenue which helped them in building a base of loyal customers. Now, these firms are taking things to a whole new level, and they are adding sensors to their products for providing steady analytics and data. The analytics can easily predict the breakdowns and at the same time improve efficiency.
The member of the board and senior executive VP at Larsen & Toubro, JD Patil recently told the Economic Times that their business has evolved into hardware + service business and there are the value-added services with more significant margins. The VP said that companies like Larsen & Toubro have an edge as the analytics can be carried out the domain could be understood efficiently.
Patil looks after the L&T-Nxt that uses the digitalization, technologies as well as analytics to bring forward industrial solutions as the company wants to head towards the Industry 4.0.
**This post was published on https://economictimes.indiatimes.com
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