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It is time to adopt a more inclusive approach to digital transformation
COVID-19 has pushed companies over the technology tipping point—and transformed businesses forever and that many of these changes could be here for the long haul. Digital adoption has taken a quantum leap at both the organizational and industry levels. The focus was on building new IT infrastructure, cloud technologies, VPN connectors and remote access servers for uninterrupted workflow with cyber-security taking a backseat. As the cyber-security posture relaxed, organisations experienced security breaches and data losses with business revenues taking a hit. In some cases, even the reputation of the brand was at stake. Today, India has over 82 unicorns with a total funding of over $39 billion from 2014 till December 4, 2021. Almost two years into the pandemic, the world continues to rely heavily on technology for everyday life activities – and it does not seem that this will change any time soon. It is estimated that global internet traffic in 2022 will exceed all the internet traffic up to 2016. And while COVID-19 has accelerated a global transition towards a digital economy, the crisis has also shed even more light on the digital divide. Undoubtable, India enters its golden phase of entrepreneurship and innovation, the pace and acceleration of digital adoption has also brought into focus the digital divide that still exists in the country.
Today, 500 million people are connected on smartphones, there are 500 million more waiting to join the digital bandwagon and we need to adopt a more inclusive approach to digital transformation. Those who are at the periphery of digital transformation are at the risk of being left behind. The startups and the digital ecosystem will really game-change the digital economy of this country - to go from $250 billion to a $1 trillion economy, contributing to more than half the growth that India is going to witness over the next five years. India emerged as the third largest startup ecosystem in the world in 2021, after theBy VARINDIA| 154 views
2022 will be the golden year for the growth of MSMEs
The SMEs & MSMEs have suffered tremendously due to Covid-19 and need the strongest support from the Government in coming years like a specific five-year plan for their revival and growth as they are the major contributor to India’s economy and social development. In India, the sector has gained significant importance due to its contribution to the Gross Domestic Product of the country, approximately 30% and exports, approximately 49%. This sector has also contributed immensely concerning entrepreneurship development especially in semi-urban and rural areas of India. Most importantly they generate large-scale employment for an unskilled or semi-skilled workforce of India. The digital adoption trend in India is going strong, and most of the FinTechs are working closely with MSMEs. The MSME ecosystem has been more resilient in 2021. Digital adoption, phased lockdowns, and MSME preparedness seem to have contributed to business strength. With lockdowns and restrictions being a constant reality in the pandemic world, the MSMEs are paying more attention to their cash flow and financial management. 2022 seems to be a growth year for MSME. Within MSME, segments like retail have struggled a bit more with the recovery while Pharma has grown during the Pandemic. But overall, the MSME is almost back to full recovery. In the last couple of years, we saw tremendous digital adoption by this segment. Small businesses transitioned from their offline workflows to digital platforms.
MSMEs is now the second-largest employment provider segment in India. In India, the sector has gained significant importance due to its contribution to the Gross Domestic Product of the country and exports. Fintech will play an integral part in boosting MSMEs. MSMEs are being encouraged to market their products on the e-commerce site, especially through Government e-Marketplace, owned and run by the government, wherefrom Ministries and public sector undertakings source their procurement. As onBy VARINDIA| 124 views
Year 2021 witnessed cloud to cryptocurrency to metaverse
Covid has accelerated digital adoption, resulting many to move to opt for the cloud. We have high speed digitalisation to meet the demand with most of the companies into IT in the country. The overall IT services sector at this point is going through golden times that we have not seen in the past. As per Gartner, it predicts that the worldwide public cloud revenue will grow by 23% in 2021 for a total revenue close to $332.2 billion U.S., up from $270 billion from last year. The year 2021 was truly the 'year of #cryptocurrency. #Bitcoin, the world's oldest and largest cryptocurrency - seized mainstream acceptance with El Salvador, amid its dizzying rally throughout the year. Apart from this, blockchain-based technology gave birth to non-fungible tokens - being non-interchangeable - distinguishing itself from cryptocurrency. In May, the Chinese central government issued notice to all Bitcoin trading and mining crackdown. By June, power supplies for industrial-scale Bitcoin mining farms in Xinjiang's Zhundong economic zone and Sichuan were directed to shut down. Chinese authorities believe cryptocurrency disturbs the economic order and facilitates illegal asset transfers and money laundering. The authorities also blame crypto miners for energy waste, deadly coal mining accidents - which is a potential threat to the country's efforts to reduce carbon emission. In September, China's central bank said all cryptocurrency-related transactions are illegal and must be banned. In October, the United States officially became the largest hub for Bitcoin mining operations and businesses. China's crackdown created an opportunity for overseas bitcoin mining operations - leading to an infrastructure boom in North America, Russia, Central Asia, and Europe.
Now, the technology world is preparing for Web 3.0, where people are now been exposed to the idea of adopting the digital ecosystem for currency in the form of digital tokens, instead of cashBy VARINDIA| 119 views
Digital adoption has taken a quantum leap
Technology is becoming an integral part of our day-to-day routine and the coronavirus has greatly sped up the process. Digital adoption has taken a quantum leap at both the organizational and industry levels. During the pandemic, consumers have moved dramatically toward online channels, and companies and industries have responded in turn. The rapid shift towards interacting with customers through digital channels and transforming from traditional to digital infrastructure can pose significant challenges.
The tools and technology are making collaboration and remote work easier with a specific concentration on Software as a Service (SaaS) and augmented reality (AR). Both have proven to be technologies that enable highly regulated industries to collaborate across different geographies, cultures, and perspectives and make it easier to connect with and consolidate highly distributed workforces. Technologies like chatbot and virtualized patient care offer a mechanism to triage and distribute care at scale. Artificial intelligence and high-performance computing have accelerated research into understanding the virus and developing targeted therapeutics to treat infection and prevent transmission. New mobile contact tracing protocols that preserve patient privacy and civil liberties were developed in response to public concerns, creating new opportunities for privacy-sensitive technologies that aid efforts to prevent and control outbreaks.
Probably, Indian think-tanks must be feeling that India should have gone the China way long ago, and built their own search, social and conversation engines, much for their own massive revenues, growth and control.” Finally, everything we do on the internet is traceable and trackable up to a major extent. I personally feel that the government is fair in asking for these guidelines and all the tech giants should comply with them.
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It is time to empower the workforce of future through digital adoption
It is time to empower the workforce of future through digital adoption
It is time to empower the workforce of future through digital adoptionBy VARINDIA| 141 views
Have You Adopted Digital First Strategy
Have You Adopted Digital First Strategy
Have You Adopted Digital First StrategyBy VARINDIA| 93 views
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