Decoding India's digital transformation story
Deccan Chronicle | DC Correspondent
The pressures to transform are coming from every direction, from customers, competitors, the C-suite and heads of department.
With unprecedented access to game-changing technologies, a huge business opportunity is within grasp. (Photo: Pixabay)
We’re at a crucial intersection – where technology, business and humankind meet to create a better, more productive world. The world we live in these days does not only make ‘Digital Transformation’ omnipresent but also makes it extremely crucial for brands, business and individuals alike. In a digitally evolved world like this, it is important for the businesses to decode the progress of Digital Transformation and make an informed decision on realising the future.
With unprecedented access to game-changing technologies, a huge business opportunity is within grasp. In fact, enterprises of today are reimagining their business models in order to stay agile, resonate better with their customers, as well as stay competitive.
This phenomenon often characterised as the ‘The Fourth Industrial Revolution’, is an exhilarating period of transition spurred by emerging technologies, such as advanced AI, IoT and fully immersive VR/AR. This revolution has been reshaping the way we live, work and conduct our business and interact with our customers.
The pressures to transform are coming from every direction, from customers, competitors, the C-suite and heads of department. Together, they’re making any business that’s intermediated, high cost and transactional in nature, ripe for digital disruption. In theory, the customer has always been king. But years ago, the reality was quite different. Businesses set the agenda; they shaped consumer trends and meted out customer care at their convenience. The balance of power has now shifted. Today, customers are a top driver behind any organisation’s digital business strategies. All of this has led to the rise of new generation of consumers, whose insatiable appetite for faster, slicker, personalised services is creating a fertile environment for nimbler, information-driven companies to thrive in.
As per the recent study conducted by Vanson Bourne, globally the businesses are making incremental progress, however, they still have a long way to go. The steps they take today – to transform their IT, workforce and security - will determine whether they realise 2030.
The study reveals that these are exciting times in India, as our society increasingly adopts digital, at a scale never seen before. As per Vanson Bourne study, it’s great to note that almost half of the Indian business leaders believe that they’ll disrupt rather than being be disrupted with 63% of them using digital technologies to accelerate new product/services development.
But, to ensure diligent and well thought through adoption and implementation of this transformation, businesses also need to take into account the barriers hampering digital transformation. As many as, 93% of Indian businesses believe that they are facing major impediments to digital transformation today. A few of the top barriers that the research was, data privacy & cybersecurity, lack of right in-house skill sets, regulations or legislative changes, information overload and weak digital governance etc.
When one takes the unfettered nature of change into account, it’s clear that they are staring into a world of infinite possibilities. With the business landscape moving so quickly, the risks of missing the next quantum leap in human progress and falling into obscurity are real. This is also indicative in the research by Vanson Bourne. As per the report, businesses are taking steps to overcome their barriers, along with the threat of being outmanoeuvred from more nimble, innovative players. For example, 63% of Indian organisations are sharing knowledge across functions, by equipping IT leaders with business skills and business leaders with IT skills.
However, organisations, at every stage, will need to couple the latest and greatest in technology with a shift in mindset, an investment in their staff and a bold approach which includes rethinking business models. Put another way, digital transformation requires a commitment to transform not only people and processes but also the very technology upon which a business is built, from the edge to the core to the cloud. Businesses of every kind still have a chance to leap ahead. Change, if embraced correctly, can open a world of opportunity
While progress is being made, there’s still a long way to go. However, given the pace of change, it can be confidently put that this crucial intersection of technology, business and humankind in India is creating a better and more connected ecosystem. The timing and speed are of the essence and the actions the businesses take today will transform their IT, workforce and security, preparing them well for their future.
Hence, businesses across verticals need to take steps in conquering these challenges, along with the threat of being outmanoeuvred from the nimble, innovative players. The 2018 Vanson Bourne study also highlights companies are taking action to transform their workforce, security and IT. There is a significant increase in organisation focus in the areas of - IT and business collaboration (an increase of 45% over 2016) and skilling (up 35% over 2016). Organisations are also prioritising investment in emerging technologies and cybersecurity to mitigate the security implications in a hyper-connected world. 74% of Indian businesses intend to invest in cybersecurity, 67% in IoT technologies, 62% of Indian businesses intend to invest in multi-cloud and 61% in AI, clearly marking their priorities. Therefore, the wave of the next digital era has arrived and it can definitely be seen reshaping the way people live, work and conduct business. This means that the time is of the utmost essence and the genuine transformation needs to happen now and it needs to be radical.
Rajesh Janey, President & Managing Director - Enterprise, Dell EMC India
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