L&T announces new strategic initiative to leverage new-age techs
Larsen & Toubro on Friday announced a new strategic initiative called L&T-Nxt to define the future of the organisation from a fresh perspective.
“Disruption has become the new order and as we embrace new and frontier technologies. Our businesses are leapfrogging into entirely new realms powered by the tremendous benefits of digitalisation and analytics,” said S N Subrahmanyan, L&T’s Chief Executive Officer and Managing Director, referring to sustained efforts of the company to embrace digitalisation.
“We are committing significant investments and talent into this strategic effort and are confident that this will be an enabler for business,” he said in a statement adding that L&T-Nxt has been identified as a select initiative in L&T’s five-year strategic plan.
In consonance with the expectations of a new age industry, L&T-Nxt will focus on the areas of artificial intelligence, lnternet of Things (IoT), virtual reality, augmented reality, geo-spatial solutions and cyber security, and leverage the experience that L&T has garnered over the decades.
With its current construction, EPC (engineering, procurement and construction) and manufacturing businesses, L&T has made one of the largest deployments of loT, analytics and Al in the industrial sector by converting most operational matters online, finance, human resources, labour, plant and material into smart, affordable and extremely efficient solutions.
Having reached a critical juncture in its developmental cycle, L&T is training its sights towards accelerating top-line and bottom-line growth and, at the same time, expand its potential for value creation by adopting a fresh mind-set and building a new structure ground up.
J D Patil, L&T’s Senior Executive Vice President for defence business and member of the board, said the era of cyber-physical systems is just beginning.
“With the lines between the physical and digital blurring, Industry 4.0 is being founded,” he said. “We see new technology businesses and sunrise enterprises as prime constituents with the latent upside for rapid and substantial value creation.”
Patil said L&T is ideally placed to capitalise on these huge emerging opportunities with its large palette spanning software-to-hard core engineering, backed by a strong technology base.
Capability development in some of these select verticals has been in the works under a long-term strategic plan and L&T‘s management is focused on incubating and scaling these business, mapping the landscape, formulating the road ahead, and achieving the stated goal with go-to-market solutions.
Larsen & Toubro is an Indian multinational with more than 18 billion dollars in revenue and operations in over 30 countries.(ANI)
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