By Taruna Maheshwari
The digital age has bestowed upon us a future of endless opportunities and as businesses stand at the inflection point of their projectile growth, I believe there is a need to move ahead with mindfulness for sustained success.
In this rapidly evolving landscape, it is evident that digital transformation is imperative to the structure and functionality of businesses across, altering the way they operate and how people interact with them.
To put things in perspective, let’s take the case of penetration of digital transactions in India. A report titled, ‘The Indian Payments Handbook – 2022-27’states that about 75 per cent of the total transactions in the retail vertical (2022-23) were initiated by UPI. For a vastly traditional country like ours, the shift to e-money is monumental. It shows our adaptability to new technology and inclination towards convenience.
Fostering collaboration
However, in our pursuit of digital transformation, building inclusivity through technology is a non-negotiable principle. The digital divide is a significant challenge that must be addressed. As we adopt new technologies, we must ensure that we don’t leave anyone behind.
Creating inclusive digital solutions means considering the needs and abilities of all individuals, regardless of their age, ethnicity, or socio-economic background. By doing so, we can create a more equitable and just business environment while tapping into a diverse pool of talent and consumers.
Furthermore, digital transformation presents us with an opportunity to foster more collaborative workspaces. The traditional office setup, with rigid hierarchies and limited communication channels, is giving way to more flexible, dynamic, and interconnected spaces. Embracing digital collaboration tools, cloud-based platforms, and virtual workspaces can bridge geographical gaps, facilitate cross-functional collaboration, and enable real-time communication among team members.
Digital transformation seeks vision
At the risk of repeating myself, there has to be sense and sensibility to ensure sustainability. A classic example of this will be the fate of edtech industry in India in the pandemic-era. The COVID-19 initially acted as a favourable force for edtech companies in India. As schools and coaching centers reopened and funding opportunities dwindled amidst a global slowdown, it became a dual setback for startups in this sector.
The myopic movement saw it all, surging investments in the ed tech, peaking at a high of $5.82 Billion in 2021 and then spiralling to a $2 Billion only eight months later. And it was simply because the industry which initially adapted well to the pandemic, did not change its framework with the phasing effect.
Thus, technology is not only about adopting new-age innovation but embracing a mindset that encourages continuous learning and adaptation. As business leaders, we must cultivate a culture of innovation and experimentation. Failure to adapt to changing technologies and market demands can leave companies stagnant and vulnerable to disruption.
Creating a future-proof ecosystem
Though, digital transformation promises numerous benefits, we have to acknowledge its potential social and economic impact. Automation and AI technologies, while enhancing efficiency, could also lead to job displacement.
For businesses to stay afloat, they have to catch the wave of Artificial Intelligence integrate it with Machine Learning (ML) to streamline processes and operations. However, it is technologies like these that reduce human intervention by revolutionising the way we analyse data, make decisions and automate processes.
As leaders, we have a responsibility to invest in reskilling and upskilling programs to equip our workforce with the skills needed to thrive in this digitally transformed world. It is not AI alone that will replace jobs, but the people who know how to best utilise AI who will. Let us say, for example – ChatGPT, which is currently the face of AI revolution in India. If the workforce does is not well-versed with how to maximise its genius, the results will be subpar.
By fostering a learning culture, we can empower our employees to embrace technology and seize new opportunities that arise from this transformative journey.
Parting Thoughts
The future of business is undeniably intertwined with technology’s rapid evolution. However, at this nascent stage, business owners must ensure that their digital transformation efforts prioritize the people who have build businesses to their present glory. Striking a balance between technological prowess and preserving the human touch becomes paramount. Leaders have to build the bridge between talent and technology to close the gap between today and tomorrow while ensuring that business is not compromised.
The author is CEO, Ajeenkya DY Patil Group
