• Home
• /
• Tech
• /
• Local business

Why technology adaptability is key for today's firms

Dubai - Companies need to closely monitor how innovation can help them become more efficient and profitable

Innovation, in many cases, involves working on several small steps to improve a situation or operation. However, experts say that businesses should not discount the role that it plays in the equation.
"In today's ever-changing and often volatile business landscape, adaptability and creativity are more important than ever. New technologies are often products of collaboration and partnership; blockchain, cryptocurency, driverless cars and artificial intelligence, are all products of collaboration," said Naveen Sharma, chairman of the Institute of Chartered Accountants of India - Dubai Chapter.
Speaking at the 36th ICAI Annual Conference themed 'Evolution Through Innovation', Sharma said firms need to closely monitor how technology can help businesses become more efficient and profitable.
Similarly, Dinesh C. Kothari, chairman of Interstar Advisory Services, said that new technologies impact every sector, including the education sector.
"Technology today has helped removed loads off a student's mind," he said. "They don't have to worry about a lot of things such as bringing heavy books to school, failing to note down their home work, or having to go through huge amounts of data to get relevant data for their projects. Today they can focus on learning. Technology has also meant that children are more engaged in their classes and are able to better retain data. It is crucial for us to teach children from an early age how to responsibly interact and use technology, because we live in an increasingly-digital world."
Entertainment journalist Rajeev Masand also spoke about how technology has disrupted the entertainment industry.
In his keynote, he highlighted how the arrival of Netflix changed the way that many people watch television. "There are certain movies today that you want to watch in the cinema, and some that you want to watch peacefully at home," he said. "Before, you had to go to the cinema to watch everything; that is certainly not the case today. Netflix has given people what they want, when they want it. There are people who can binge watch whole seasons of their favourite TV shows thanks to the service. Technology has disrupted the industry and people are starting to take note. You have reputed filmmakers making stunning films today on their iPhones. This means that people who had the vision, but not the finances, can today bring it to life."
Raja Choudhury, a producer and filmmaker, stressed that there is a need to evolve "to meet the dramatic world that we are living in".
What many people might be surprised to learn, he stated, is that innovation and yoga go hand-in-hand. "There is a need to be innovative today more than ever. The objective of yoga is to still the mind; it is equally applicable to innovation. Something new always comes from a state of silence. To be innovative you need to become silent. Ideas that come in the first 30 minutes are never the best ones. It is important to treat yourself well; take some time off to relax your mind, and then the ideas will begin flowing."
Once a person gains an idea, Choudhury noted that there are several other factors that need to be taken into account. "You have to remember to be flexible, don't be tied down to an idea if it is not working out. Instead, try to reinvent yourself. Gauge market interest, and then focus on good execution and proper presentation. Lastly, if an idea is successful, remember to scale it up."
S. Ramadorai, ex-advisor to the prime minister of India in the National Council of Skill Development and chairman of AirAsia India, also noted that innovation comes from several different places. Children, he said, are often pools of great ideas waiting to come forth.
"Mentor young children and listen to their ideas. Learn from them, and most importantly, teach them that learning itself is a lifelong process."
 
UAE-India ties to go from strength to strength
Relations between the UAE and India will reach new highs in the coming years, said Sheikh Nahyan bin Mubarak Al Nahyan, UAE Minister of Tolerance.
Speaking at the 36th ICAI Dubai Chapter annual conference, he said: "The success of your institute in the UAE reflects the strong relations of friendship and trust that exist between India and the UAE, and demonstrates the high esteem and regard which we hold for each other. Tonight, we declare that the relations between our two countries will continue to grow and prosper for the benefit of both our countries, the region and the world."
On the theme of the event - 'Evolution through Innovation' - Sheikh Nahyan highlighted the need to keep up with rapid changes especially in businesses driven by technology and globalisation, and the need to innovate carefully to provide consistent, reliable and comparable information over time.
"The theme of this conference confirms that you do not fear change, that you are receptive to new ideas, and that you desire to cooperate with others in bettering the human condition. The theme also tells me that you understand the imperative of balancing, and I am glad that maintaining this balance is in such competent hands," he said.
Highlighting the Year of Zayed, which celebrates the birth and vision of the UAE's founder, the late Sheikh Zayed bin Sultan Al Nahyan, he also spoke about the importance of diversity.
"Sheikh Zayed understood the need to create a country that is safe, where people of different cultures and beliefs can live and work together in harmony. He understood the need to innovate. He valued the contributions of all, regardless of race, creed or colour. The UAE has been doubly blessed with great leaders who saw the value of Sheikh Zayed's vision and have worked tirelessly to expand on it and improve the welfare of all who live and work in the UAE."
- rohma@khaleejtimes.com