Industries, companies, businesses have been speaking about the latest market challenges including RERA, GST and Demonetisation for some time, and how we all have to deal with it. However, additional changes are constantly arising from various quarters and these are impacting all of us as well.

Some changes we can perceive, and others we cannot. Perhaps the biggest one that we cannot wish away is digitalisation. It is rewriting industry and service narratives, redefining who we consider competition, causing us to redefine ourselves and our businesses. Most importantly, it is putting power in the hands of the customer who does not just demand it, but expects it.

Technology and customers are now changing industries at their very core. According to research group Gartner, by 2020, there will be more than 26 billion connected devices in use by businesses and individuals. With such a proliferation of devices and technology playing an integral role, there is tremendous opportunity, but also tremendous challenges.

One challenge is balancing connections with connectivity. This philosophy can help companies soul search and find their purpose. In the vertical transportation industry, people are at the centre of the whole digitalisation revolution. The purpose of our transformation is to make sure our employees, especially our field professionals, are safer and empowered to work more efficiently. By placing technology in their hands, we are enabling them to connect, collaborate and share,as well as take part in continuous learning. 

Most of the technology that we are deploying allows field professionals to solve problems, find root causes and address challenges together. Apps have been developed to streamline maintenance processes enabling them to move quicker throughout their day.

Another important reason for this change is it allows us to better serve our customers. By putting data in their hands, customers benefit from enhanced reliability, greater efficiency, stronger communication and real-time equipment updates.Instead of our customers having to call us about an equipment issue, we will be able alert them before they are even aware there is a potential problem. When they ask about a support issue, we can confidently provide solutions that are transparent and real-time.

This allows us to develop a deeper connection with the customer, better understand their needs and solve their issues faster. And, that is where the magic happens. Our new global digital ecosystem leverages digital to accelerate change and enhance the customer, passenger and employee experience through technology.

Smart elevators brimming with data can positively impact people’s lives and their days. The main aim of companies in industry 4.0 should revolve around using technology to not only improve the business, but ultimately uplift humanity. This is why Otis’ vision is so compelling–We give people the freedom to connect and thrive in a taller, faster and smarter world.