In today’s VUCA world, markets are seeing a marked transformation from being Business oriented to consumer oriented. With businesses becoming more and more customer centric, organizations are overwhelmed by huge data and find it difficult to leverage on that due to absence of coherent digital strategy.
Technology is no longer an issue relevant only to certain industries, but is becoming a crucial driver to influence dominant forces that are shaping the global economy. Tectonic shift towards Digital Enabling is largely accepted by the consumers. With 52% of Fortune 500 companies having gone bankrupt/acquired/ceased to exist since 2000 due to digital disruption, it is time now that enterprises reshape themselves internally and externally to catch up with the digital disruptions.
Digital growth statistics are just the tip of the ice-berg, representing merely a few strands in the web of digital transformation. This technology web is the interplay of Social Media, Mobile, Analytics, Cloud aka SMAC. Amalgamation of SMAC with Internet of Things, which makes it SMACi, is leading to Intelligent-Connected-Predictive Ecosystems. With SMACi in place, lines between functional silos in organizations are getting blurred, giving rise to cross-functional integrated operations. It is estimated to have nearly 50 Billion internet-connected “things” by 2020. At present, SMACi remains totally unexploited with just 1% potential connectivity achieved so far.
Creating and delivering Digital Content to consumers is gaining importance due to increased content availability, omnipresent consumption and growth in earning population. Companies should now focus on creating Digital Portfolios, wherein they will employ digital technology in end-to-end processes to reap full benefits of digital transformations in all aspects of business, such as responsive supply chains, targeted social media strategies, reduced risks in hybrid channels, secure and easy payment mechanisms, efficient workforce management, support for strategic decision making, diversified portfolios for optimized ROI and implementation Green policies.
It is not easy for companies to enter the era of Digital Transformation and leverage the Technology Web. Limited Digital literacy presents a major challenge. First, even though the organizations are convinced about the benefits of digital, migration to fully digital platform remains a big challenge. Organizations which are using legacy systems (which contain all the important data) still consider it risky to migrate to new digital platforms, because of fear of loss of data. Digital strategists can play a crucial role in helping organizations migrate from legacy systems to new digital platforms, keeping the migration aligned with digital strategy of the company. Second, even though the digital systems are robust and secure, there are instances of breach of security. Digital technologists need to work hard to create digital systems which can handle data transactions with six-sigma level of security.
In their conquest of becoming digitally transformed, businesses can work towards improving Digital Quotient (DQ), where DQ captures the readiness of the organization to be the part of technology web and sustainability of company’s progress after adopting digital.
With the growing competitiveness in the world, the Indian government has undertaken the Digital India mission to facilitate the inclusive growth of Indian economy and society as a whole. With a vision of transforming the Indian business scenario, the government has taken steps to provide services and infrastructure to facilitate Ease of doing Business in the subcontinent. Establishment of a robust digital infrastructure, providing e-Governance and ensuring digital empowerment to the citizen are the three major goals of this endeavour.
Under the umbrella of Digital India, the government has taken up key projects like construction of Broadband highways, improving mobile and internet penetration through Public Internet access program, thrust on e-Governance by providing online services and opening of government portals to promote information for all and finally creating jobs by attracting foreign players through technological influence.
By coupling the digital initiatives with missions like start-up India, smart cities, JAM and reduction of Carbon footprint, the government has facilitated the creation of a cohesive ecology. Further, the digitization of the government functions will lead to faster approvals and less lead times in project approvals and execution. This will help in rapid infrastructure development and will reduce the entry and exit barriers for businesses in the country.
Along with manufacturing, digitization has also revolutionized agriculture, education, finance, retail and media industries. Looking at 2020, the mammoth of Indian democracy needs millions of jobs and healthcare facilities, which can only be fulfilled through digital inclusion. Changes in tax system through implementation of GST and recent demonetization could only be implemented through the technological advance towards cashless payments and strong IT support in the country. To enhance the socio-economic situation in the country, many such steps need to be taken. And a strong digital platform to support social media, IoT, cloud computing and data analytics are the essential pillars.
A major restriction to technological advancement in India is its demographic dividend which may be hampered due to growing dependence on automation and robotics, which may increase the unemployment rates in Indian leading to macroeconomic instability. The government needs to follow a balanced approach by using the technology only to improve the productivity of the individuals by assisting them and not to replacing them.
With Organizations Now Consciously focussing on Triple-Bottom Line of People, Planet along with Profit and Government taking the role of Business Partner and Enabler than just being an issuing authority, the collective efforts of Businesses and Government, to synergistically support each other in their progression towards Digital Future, will shape up the Indian Economy, not only to be in top 3 economies of the world by 2020, but also put forth a sustainable model of inclusive growth, which is built on the roots of western wisdom and eastern ethos.
“Any sufficiently advanced technology is indistinguishable from magic. It is just that one has to believe in one’s self and believe in the Magic”
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