CIOs looking to make the best use of Digital Transformation

CIOReviewIndia Team | Thursday, 12 September 2019, 13:27 IST

CIOReviewIndia TeamInnovative technologies such as Mobile, Cloud computing, Internet of Things (IoT), Artificial Intelligence (AI), and robots have revolutionized the automation and intelligence of digital technology over the last decade. Similarly, due to the rapid penetration of aforementioned technologies, India digital transformation market generated revenue of $24.5 billion last year, and it is projected to advance at a CAGR of 74.7 per cent during the forecast period (2019–2024), according to Prescient and Strategic (P&S) Intelligence. With overall growth in the information and communication technology (ICT) sector, the country is also expected to increase the rate of digital transformation in the coming years with CIOs looking to make the best use of it, so as to increase productivity, enhance efficiency and improve customer experience. By region, North, South, East, and West are the categories of the digital transformation market in India. Out of which, South India is predicted to be the largest as well as fastest-growing market, registering a CAGR of more than 75.0 per cent in the aforementioned forecast period.

Here are some of the upcoming Digital Transformation Trends: 

AI and Machine Learning Driven Data Analytics - AI and machine learning can analyze complex data sets in no time. As analysis can easily be scaled in the cloud, AI and machine learning algorithms have gotten extremely good at data analysis and is also expected to improve considerably by 2020.

Advancements in Blockchain – Blockchain is said to step beyond cryptocurrency and payments with real use cases. More significant use of Blockchain can be anticipated with its deployment in food safety, intellectual property and royalties, and real estate/asset management.

High-speed Wifi for a Rapidly Changing World – World is in the verge of transferring towards 5G network and WiFI 6, which is expected to create the perfect end-to-end combination of ultra-fast connectivity for home and office. Moreover, WiFi 6 will also eliminate the current challenges faced due to rapidly increasing volume of data.      

However, organizational resistance to change, lack of a clear vision for a digital customer journey, ineffective gathering and leveraging of customer data, inflexible technology stack and development processes are some major challenges which is hindering the digital transformation process for many organizations. “At least 40 percent of all businesses will die in the next 10 year if they don’t figure out how to change their entire company to accommodate new technologies,” says John Chambers, Executive Chairman at CISCO System.

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