We're at a crucial intersection - where technology, business and humankind meet to create a better, more productive world. The world we live in these days does not only make 'Digital Transformation' omni-present but also makes it extremely crucial for brands, business and individuals alike. In a digitally evolved world like this, it is important for the businesses to decode the progress of Digital Transformation and make an informed decision on realising the future.
With unprecedented access to game-changing technologies, a huge business opportunity is within grasp. In fact, enterprises of today are reimagining their business models in order to stay agile, resonate better with their customers, as well as stay competitive.
This phenomenon, often characterised as the 'The Fourth Industrial Revolution', is an exhilarating period of transition spurred by emerging technologies, such as advanced AI, IoT and fully immersive VR/AR. This revolution has been reshaping the way we live, work and conduct our business and interact with our customers.
As per the recent study conducted by Vanson Bourne, globally the businesses are making incremental progress, they still have a long way to go. The steps they take today - to transform their IT, workforce and security - will determine what they will realise in 2030.
The study reveals that these are exciting times in India, as our society increasingly adopts digital, at a scale never seen before. As per Vanson Bourne study, it's great to note that almost half of the Indian business leaders believe that they'll disrupt rather than being disrupted with 63% of them using digital technologies to accelerate new product/services development.
But, to ensure diligent and well thought through adoption and implementation of this transformation, businesses also need to take into account the barriers hampering digital transformation. As many as 93% of Indian businesses believe that they are facing major impediments to digital transformation today. A few of the top barriers that the research were, data privacy and cybersecurity, lack of right in-house skill sets, regulations or legislative changes and weak digital governance
Hence, businesses across verticals need to take steps in conquering these challenges, along with the threat of being outmanoeuvred from the nimble, innovative players. The 2018 Vanson Bourne study also highlights companies are taking action to transform their workforce, security and IT. There is a significant increase in organisation focus in the areas of - IT and business collaboration (an increase of 45% over 2016) and skilling (up 35% over 2016). Organisations are also prioritising investment in emerging technologies and cybersecurity to mitigate the security implications in a hyper connected world. 74% of Indian businesses intend to invest in cybersecurity, 67% in IoT technologies and 61% in AI, clearly marking their priorities.
Given this pace of change, we can confidently say that this crucial intersection of technology, business and humankind in India is creating a better and more connected ecosystem. The timing and speed is of essence and the actions the businesses take today will transform their IT, workforce and security, preparing them well for their future.
The writer is President and Managing Director - Enterprise, Dell EMC India