The appetite for digital transformation is growing. India, the fastest-growing major economy in the world, while defying global trends has prompted enterprises to increase their ICT budgets. In fact, we are in a constantly changing environment, and need to rethink processes constantly. Digital transformation has made way for a digital evolution, and the gap between digital natives and legacy enterprises is decreasing.
The vast impact of the digital transformation of the enterprise will include the emergence of new funding models, acceleration in industry disruption and business innovation, data becoming the new capital, and rapid increase in demand for digital workers. The end result will be the transformation of all enterprises into digital natives.
Emerging technologies such as artificial intelligence and Internet of Things are now being viewed as relevant to digital transformation strategies. No doubt, this comes at the expense of infrastructure, data centers, information security, and networking, which rank much lower among CIOs now. Additionally, the government’s Digital India campaign is helping Indian enterprises rework their technology-investment strategies. Management consulting firm, Zinnov has pegged the spending on digital transformation, by just large enterprises, defined as having a headcount of 10,000+ employees, to cross Rs.2,400 crore by 2020.
The enterprises are adopting a people-centric approach at the forefront of their transformation strategies. B2B companies are focused on enhancing their workforce productivity and efficiency, whereas B2C companies are focused on customer engagement.
Another aspect is that CEOs need to examine their culture thoughtfully, understand the changes they need to make, and hold themselves and their teams accountable for making them. The question here is who will drive the transformation, the CEO, CTO, or CIO? A word of caution: In such instances, the leader, the accelerator can also become a barrier.
A recent research from Dell Technologies asserts that the rate of industry disruption led by digital transformation is faster in India than its global counterparts and it has the potential to lead the world in this transformation.