L&T Announces a New Strategic Initiative, L&T-Nxt
Larsen & Toubro has announced a new strategic initiative, L&T-Nxt, to define the future of the organization from a fresh perspective. It has been identified as a select initiative in L&T’s five-year strategic plan.
“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 digitalization and analytics,” shared Mr. S.N. Subrahmanyan, Chief Executive Office and Managing Director, Larsen & Toubro, referring to the sustained and concerted efforts of the company to embrace digitalization. “We are committing significant investments and talent into this strategic effort and are confident that this will be an enabler for business.”
In consonance with the expectations of a new age industry, L&T-Nxt will focus on the areas of Artificial Intelligence, IoT, Virtual Reality, Augmented Reality, Geoâ€spatial solutions and Cyber Security and leverage the experience that L&T has garnered over the decades.
L&T, through its current construction, EPC and manufacturing businesses, has made one of the largest deployments of IoT, analytics and AI in the industrial sector by converting most operational matters online, finance, human resources, labour, plant, material, etc. 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 mindâ€set and building a new structure ground up.
Mr. J.D. Patil – Senior Executive Vice President (Defence Business) and Member of the Board feels that 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 opined. “We see new technology businesses and sunrise enterprises as prime constituents with the latent upside for rapid and substantial value creation.”
L&T is ideally placed to capitalize on these huge emerging opportunities with its large palette spanning softwareâ€toâ€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.