In today’s digital economy, every business is undergoing or planning a digital transformation.
~ $1.8 trillion is the estimated size of the digital economy and it will likely reach $2.5+ trillion in the next 3 years
Digital transformation isn’t a new business imperative. India’s digital transformation market is on its way to hitting the $710.0-billion mark by 2024. This amounts to a CAGR of 74%.
The pace of digital transformation in India is unprecedented. Rohit Kalro, Head Of Digital Transformation and Strategy Advisory for Thoughtworks in India, when speaking at the 15th edition of the Digital Transformation Summit India 2022, commented on technology’s radical impact on India’s economy. He discussed the following:
- India embracing Industry 4.0
- Strategies adopted towards digitization and automation
- Staying competitive and relevant in today’s evolving world through digitization
- Revenue stream innovation with digital transformation
- Leveraging digital ecosystem to boost growth
The CEO of Niti Aayog, Amitabh Kant stated how leveraging Digital India for digital transformation will drive the country’s manufacturing sector, heavily influenced by tech like AI, cloud computing, IoT, blockchains and robotics. By 2025, he said, the digital economy will generate $1 trillion in economic value, up from the current $200 billion.
The most important market growth drivers that will enable such a scenario are adoption of Industry 4.0, use of advanced technologies (cloud, IoT, big data and analytics, mobility and social media), investment in automation (ensures efficiency), nurturing sustainability of digital investments and driving composability.
However, building a digital ecosystem in a developing country does pose significant challenges – navigating government policies, addressing talent skill gaps, working with still evolving cultural mindsets, budget constraints and working with the lack of a change management strategy that addresses the continuous evolution of customer needs.
Additionally, as market shifts induce business disruption, organizations will have to gear up for change, to birth new business capabilities, to stay competitive and generate value.
Today, organizations are at an inflection point; racing towards a future very different from the one they were designed to operate in. Organizations are grappling with unrelenting performance pressures, customer experiences that differentiate and delight, employees who want seamless experiences alongside being able to effectively use technology (optimize cost of service, provide hyper-personalized promotions, etc.).
The digital world is constantly being disrupted
To succeed in this reality, organizations need a digital operating model. They need agility across their organization and they need to be aware of their top execution roadblocks. They need to be armed with a change strategy to navigate the new path. In summary, organizations need to be Tech@Core
Tech@Core organizations utilize technology and data to consistently redefine value and build new core competencies and capabilities. This is the only way for incumbent firms to avoid stagnation.
Obviously, finding the right partner(s) is incredibly critical for success and this is where Thoughtworks shines.
Thoughtworks is a global technology consultancy that enables and empowers organizations to evolve and thrive as modern digital businesses while delivering transformation at scale.
We do it by putting organizational evolution at the forefront. This approach involves aligning around customer outcomes and enabling people. It also requires developing a pragmatic execution plan and streamlining processes. And it calls for focusing investments and quickly delivering value.
We will help you build an evolutionary Tech@Core organization that can face ongoing market disruptions head-on, seize new opportunities as they emerge and capitalize on technology to accelerate growth.
Reach out to thoughtworks to find out more.