Dr Venkat Venkatraman on Fusion Strategy: How Real Time Data and AI Will Power the Industrial Future

In this episode, Prof. Venkat Venkatraman delves into the concept of "Fusion Strategy," exploring how real-time data and AI are set to revolutionize the industrial landscape. He discusses how companies can harness the power of these technologies to create a dynamic, forward-thinking strategy that blends physical and digital strengths, driving innovation and growth in the industrial sector.

In "Fusion Strategy: How Real-Time Data and AI Will Power the Industrial Future," Prof. Venkat Venkatraman & Prof. Vijay Govindrajan introduces the transformative concept of "Fusion Strategy," which merges physical product expertise with digital capabilities like AI and real-time data analytics. They highlight how leveraging real-time data can drive operational efficiency and decision-making, while AI serves as a crucial enabler for innovation, from predictive maintenance to supply chain optimization. The book emphasizes the creation of new value propositions through the integration of physical and digital strengths, and discusses the strategic adaptation required for thriving in the era of Industry 4.0. It also explores the impact of AI on employment, stressing the need for upskilling and reskilling, and advocates for building collaborative ecosystems to drive shared success.

Addressing cultural resistance to change, Prof. Venkatraman & Prof. Govindarajan offers strategies for fostering a mindset of innovation and adaptability and provides case studies of companies that have effectively implemented fusion strategies, offering practical insights and actionable takeaways for navigating the evolving industrial landscape.

About the Guest:

Prof. Venkat Venkatraman is a distinguished researcher in the field of digital transformation, focusing on how established companies adapt to digital technologies. His work initially addressed transformations in asset-light sectors such as software and media, and now extends to asset-heavy, information-rich industries like automotive, logistics, healthcare, and agriculture. Prof. Venkatraman is expanding the insights from his 2016 book, The Digital Matrix: New Rules for Business Transformation through Technology, into a new book dedicated to these asset-heavy sectors. He holds a PhD from the University of Pittsburgh's Katz Graduate School of Business (1985), an MBA from the Indian Institute of Management Calcutta (1979), and a BTech from the Indian Institute of Technology, Kharagpur (1976). He is a distinguished alumnus of IIM Calcutta.

Prof. Venkat Venkatraman's extensive body of work includes influential publications across various aspects of digital strategy and technology. He is acknowledged as a pioneering scholar in digital strategy starting with his work at MIT Sloan School, his paper on strategic alignment published in IBM Systems Journal as well as academic and practitioner articles in prestigious journals such as Management Science, Information Systems Research, Strategic Management Journal, Harvard Business Review, Sloan Management Review and California Management Review. He has over 60,000 citations according to Google Scholar and Stanford University has placed him among the 2% of all cited scholars.

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Disclaimer:

A. The background music used in this video is the property of its respective developer and is protected by Copyright. Although it is a free version, Business Talk, Global Management Consultancy and Deepak Bhatt do not hold the rights to this music.

B. Prof. Venkat Venkatraman has granted permission to share insights from his latest book “Fusion Strategy: How Real-Time Data and AI Will Power the Industrial Future” co-authored with Prof. Vijay Govindarajan on Business Talk Podcast Channel.

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