Business and individual lifestyles are evolving at an unprecedented pace and scale fuelled by digital disruptions from Machine Learning, Artificial Intelligence, Internet of Things, Block chain, Autonomous Cars, 3 D-printing and many more that are not yet public. Several large business entities that we see around today may no longer exist in its present shape ten years down the line. ‘Since 2000, 52% of companies in the Fortune 500 have either gone ban rupt, been acquired or ceased to exist’ reveals a research study by Accenture Consulting. The impact of automation technologies on the fundamental nature of work, and resultant upheaval, has the policy makers, academic institutions, business leaders, current and prospective workers in a state of flux.
Nearly 60% of all occupation have at least 30% of activities that are technically automatable based on currently demonstrated technologies. However, the benefits of going digital - cost efficiencies, productivity, innovation, agility, convenience, quality of work, employee engagement and workplace safety – are well accepted, hence organisations have no option but to have the right talent to effectively implement their digital strategies. Understanding the multiple forces at play and the changing dynamics can help students, employees, companies and policy makers take proactive steps to prepare better for the unsettling, yet exciting future. No industry is today untouched by digital innovation. In financial services, new entrants like PayPal are threatening the market share, margins and the historically stable customer base of traditional banks. Bank branches are being closed as customers re-define ‘convenience’ in their mobile empowered daily life.
It is projected that 35% of revenues of traditional banks will be at risk by 2020. In the retail industry, customers now have full control over what, when, where and how they shop. Day-to- day products are set to order their own replacements, powered by IoT. In Healthcare, the patient engagement models, efficacy of diagnosis and post treatment monitoring are undergoing a sea change thanks to digital innovations. Physical distance has become irrelevant and by the end of this year, 65% of interactions with health care facilities in US will be through mobile devices. These are just a mere fraction of changes that are happening around us.
Despite its omnipresence, the forces of digitization have yet to become mainstream. There’s a lot more coming. But as it advances, organisations need to build capabilities, workers need to upskill, policy makers need to prepare, academic institutions need to transform and individuals need to be well primed to consume. While the new era is deeply unsettling, it also presents great opportunities. Kerala is perhaps best suited state in India to ride this digital wave. Not only is the state far ahead of others on almost all social indicators, but also considered to be one of the safest regions in India and the most egalitarian society in the country. Absence of terrorism, political stability, better governance, media activism and easy access to the highest functionaries in the Government are some of the significant factors that have contributed to this happy state of affairs.
The state has the highest media exposure in India and one of the best banking, education and health care systems in the country. Kerala is also India’s first digital state. It has the highest mobile penetration with more than 30 million connections for a population of 33 million. It also has high internet penetration, covering about 20% of the households through broadband and another 15% through mobile. Kerala is also the first state in India to complete the National Optic Fibre Network Project, providing high-speed internet to all the 977 gram panchayats and block headquarters. Next steps include KFON (optic fibre network for free internet connectivity to 2 million families), Public WIFI (WIFI hotspots in 2000 public places) and SDPK (skill development platform for engineering students to upgrade their skill sets). Kerala thus presents a phenomenal digital business opportunity with a 33 million strong population who are educated, socially advanced, connected, captive and well primed for digital consumption.
Set against this backdrop, a two day Global Digital Summit, #FUTURE, is being organised in Kerala for the first time to inspire and energise people towards a knowledge-driven digital future. This event is a rare opportunity for students, entrepreneurs, business men, academia and government officials to listen to 30 plus global subject matter experts who will share insights on what the future holds for enterprises in different verticals and how the lifestyle of individuals are likely to be altered going forward.
Experts to ponder on new age banking, health
The impact of new age technologies in the functioning of banks and shifts in finance and retail sectors and how these changes influence consumers will be a key topic of discussion at the two-day Future Global Digital Summit beginning on Thursday. The six panelists will deliberate on ‘Digital Future of Banking, Finance & Retail’ at the two-day session. B G Srinivas, Group Managing Director & Executive Director, PCCW, Gayathri Parthasarathy, Head, Financial services - KPMG India, Gita Gopinath, Professor of International Studies & Economics, Harvard University, Shyam Srinivasan, Managing Director & CEO, Federal Bank and Rajesh Rege, MD, Red Hat India will be key speakers at the session.
Financial services and retail are among the industries that have experienced disruption by digital innovation. New entrants like PayPal are disaggregating traditional banking and threatening their market share, margins and the stable customer base, says a note on the subject. A survey in the US showed that 71 per cent of customers consider their current banking relationship to be transactional rather than relationship-driven and 27 per cent would consider a totally branchless digital bank. It also points out that 35 per cent of banking revenues will be at risk by 2020 due to this disruption, it pointed out.
The impact of digital technology on health care system will be another major topic of deliberations during the summit. The session of Digital Future of Health & Sustainability will see experts on issues like whether the change in the healthcare industry is driven by corporate or by consumers and the impact digital disruptions on medical tourism industry in developing countries like India. Dr. Ajith J Thomas, Professor, Harvard Medical School, Dr. Azad Moopen Chairman, Aster DM Healthcare, Anuradha Acharya, Founder & CEO, Mapmygenome, Bhagvan Chougule, CTO & Co-Founder, Treeni Sustainability Solutions and Prashanth Warrier, CEO, Qure.ai will be then key speakers.
The panelists will talk about the changes that could impact the future of health and sustainability, specifically addressing issues like differences in business likely to be witnessed in the next 5-10 years and how such changes will impact the consumer in planning, purchasing, fulfillment and experience. The speakers will offer their insights on issues like the ability of healthcare industry to keep up with the changing patient expectations, and the role of digital innovations in improving transparency and making it more affordable
(The author is member of High Power IT Committee - Kerala State & Convenor #FUTURE and Executive Chairman IBS Group)
