Digital is the future when we think of any transformation

A new study says, many organizations are not prepared for the IT needs of the future, with many believing that a rapid transition to cloud computing is required if they are to achieve their digital transformation aims. The enterprises and SMEs are looking to accelerate IT modernization by leveraging cloud models - both public and hybrid, data, AI, automation and other key technologies to help shape, scale and manage more effectively massive, complex, global architectures. At the same time only few forward looking companies are looking to add digital twins to their operations. Digital twin is a digital model of a physical object, system or process. They can be used to monitor, analyze and simulate their physical counterparts. But implementing digital twins can be tricky for companies that are unfamiliar with this technology. A question arises what must organizations do to avoid issues and succeed with digital twins.

The digital twin in combination with AI powers companies to reimagine how they develop products. It’s possible for even the simplest “static” products to become “living” products. And it ensures companies can deliver an evolving experience for their customers. The pandemic has accelerated adoption of new, digital ways of working practices. Indian firms are most bullish on embracing digital ways of working as 52% agreed the pandemic has accelerated the adoption of digital ways of work practices. A recent market study by Cognizant reveals that while most Asian businesses were quick to respond to the pandemic, Indian companies weathered through the pandemic much better than most of their regional and western counterparts. Only 36% of companies in India (compared to the regional average of 44%) experienced slightly negative to a very negative impact on their business performance in 2020.

Although the digital revolution is 74 years old, it’s kicking into second gear now, as per the Cognizant. “The first phase saw the dominance of big tech giants in the West leading the global digital agenda. The second phase will be marked by AI, automation, analytics and IoT—all of which are more aligned with industry and business strengths in APAC.

*Indian firms are most bullish on embracing digital ways of working as 52% agreed the pandemic had accelerated the adoption of digital ways of work practices.

* Indian companies currently generate 12% of the total revenue from digital channels (highest among APAC countries). By the end of 2023, they aim to take their digital-driven revenues to 17%.

*The top three forces that will have a strong impact on work in India by 2023 are hyper-connectivity as billions of people, machines, and devices become connected (49%), concerns about security and privacy relating to business practices (46%), and process automation (44%).

* Top five skills that will become more important in 2023 are: decision-making (62%), analytical (54%), learning (55%), strategic thinking (54%), and communication (54%).

* Top three technologies that companies are leveraging to augment business processes are AI (40%), Sensors/ IoT (35%), and big data/ analytics (35%).

S Mohini Ratna, Editor, VARINDIA