Although technology means different things to different people and business, it would be safe to say that each one of us is heavily dependent on technology in our lives.\r\n\r\nWhether it is using IoT enabled consumer durables or AI backed televisions, new age tech has touched every aspect of our lives. It\u2019s no surprise that increasingly businesses in every sector are relying on technology to grow faster, reach more markets and acquire customers at a breakneck speed.\r\n\r\nIf we look at sectors like logistics, manufacturing which is traditionally not known for using technological innovation, technology laced business platforms has been instrumental in the sector\u2019s rapid growth.\r\n\r\nGone are the days when one would have to call movers separately for a quote. With the advent of new age tech, all one has to do is go on a service provider platform, insert one\u2019s details and let the movers call you.\r\n\r\nIn sectors like BFSI, IT, retail and pharmaceuticals, the deployment of technology is far deeper and fast evolving. For some businesses, technology may work as an enabler while in many cases technology is the business that drives revenues for companies.\r\nBusiness models are getting redefined, due to the constant evolution of technology which for many entrepreneurs as well as businesses may be difficult to keep up with.\r\nMoving Beyond Conventional Tactics To Reshape Business Models\r\nFrom technology as an enabler, we have now moved on to business models that get shaped by it. Case in point \u2013 in good old days, one would look at systems such as ERP, SCM, CRM etc. to build better products, improve operations, better customer experience and insights into better decision making.\r\n\r\nHowever today, technological changes and advancements have made some of these business models completely obsolete.\r\nMany business functions are now automated and integrated within the technological ambit of an enterprise which leads to a significant investment cost reduction.\r\nBuild Technologically-Driven Organisations\r\nThere is a significant ingestion of technology today in every aspect of business and enterprises struggle to appreciate the changes that are happening around them, and we, therefore, see startups, SMEs and MSMEs who end up having a late mover advantage of starting from scratch with a completely new through process using technology as a force multiplier to build new business models, products, and customer experience.\r\n\r\nGlobally and in India, some businesses have successfully managed to grow and establish their businesses with a healthy dose of technology.\r\n\r\nBrands like Air BnB, Byjus, Coursera, Ola, Uber and many more have used technology as the heart of their business and seen success. Their success makes for a strong case to evaluate the use of technology intrinsic to one\u2019s business model to reach important business milestones.\r\n\r\nCompanies, therefore, have to be ready to completely reinvent themselves before the technology changes end up overwhelming them.\r\nAs the creative destruction philosophy that encompasses our philosophy by a triumvirate of Shiva, Brahma, and Vishnu.\r\nKey Technology Focus Areas\r\nIt is important to keep moving beyond conventional tactics to reshape, rethink and reimagine business models and use technology as a market disruptive force, if you want to stay ahead of the game or rather stay relevant in the game at all.\r\n\r\nBusinesses have to move from a traditional thinking of their span of control and therefore the tactics focusing only on - Front-office to back-office and shop floor to Top Floor.\r\n\r\nThe span of influence today means that your customers could practically be anywhere in the world, therefore, your channels to reach and service them can\u2019t be traditional.\r\n\r\nBusiness models are themselves getting up-ended with concepts such as:\r\n\r\n \tHeavily personalized customer experience on back of technologies like AI, ML, Analytics\r\n \tAsset sharing on back of hugely scalable platforms whether in terms of fixed assets or financial assets\r\n \tGranular offerings and therefore pricing models, (e.g. I don\u2019t want to pay for what I don\u2019t use)\r\n \tTop floor: Analytics, decision making\r\n \tShopfloor: Sensors, IIOT, smartplants, robotics, machine learning, 3D printing\r\n \tFront office: chatbots, AI, ML, Analytics\r\n \tBack office: asset sharing platform, 3D printing.\r\n\r\nTips For Entrepreneurs To Leverage New-Age Tech\r\nStartups have an advantage of being agile, ability to change processes and disrupt the industry because they are far more comfortable with letting technology take the lead over established large companies who are still learning the ropes. Thus, it is far easier for startups to build technology run organisations.\r\n\r\nIn order to do that, keep the following in mind:\r\n\r\n \tNeed to appreciate the latest tech in your business and clients\u2019 sector.\r\n \tRecruit and build a team with complementary tech skills\r\n \tNeed to constant unlearn and learn the latest tech having implications on business model\r\n \tWillingness to look at creative destruction of existing structures and technologies.\r\n\r\nYou can start by creating a small focused cell within your organisations that would be tasked with identifying potential game-changing technology. The head of this cell should think\/act like an entrepreneur running his startup within your startup. Allow it branch out on its own instead of looking to bringing it back in.\r\n\r\nThis can actually emerge as an alternate revenue stream for your business too. You will have your fellow founders queuing to pay for this service which helps them stay updated on new technology and its implementation in their business model.\r\nRole Of A Peer-To-Peer Platform\u00a0\r\nPeer-to-peer platforms such as ASCENT Foundation serve as a great platform for entrepreneurs to keep in touch with the changes that are embracing not just theirs but a large of part of the business ecosystem.\r\n\r\nWith the concept of \u201cTrust Groups\u201d, entrepreneurs have the opportunity to think laterally and embrace technology and business models that may have worked in a completely different industry and see if there are components that can be leveraged for themselves.\r\n\r\nIn our case, ASCENT Foundation has helped us understand the latest security challenges and devise appropriate solutions to help our enterprise clients beat threats in their environment.\r\n\r\nThrough various conversations around all aspects of businesses, entrepreneurs are able to identify core challenges that might be affecting both their professional as well as personal growth. It is with the support of the members of the \u201cTrust Group\u201d that they are able to not only identify these challenges but also find a suitable solution to address these challenges.\r\n\r\nAbout the author\r\nPankit Desai is an ASCENT Foundation member, Co-founder and CEO, Sequretek, is passionate about technology. Having worked\r\nin the most developed market \u2013 the US \u2013 he has relevant exposure and understanding of how technology can shape businesses.\r\nHe runs Sequretek, which is a cyber-security start-up and is based out of Mumbai.