It is time to adopt a more inclusive approach to digital transformation

COVID-19 has pushed companies over the technology tipping point-and transformed businesses forever and that many of these changes could be here for the long haul. Digital adoption has taken a quantum leap at both the organizational and industry levels. The focus was on building new IT infrastructure, cloud technologies, VPN connectors and remote access servers for uninterrupted workflow with cyber-security taking a backseat. As the cyber-security posture relaxed, organisations experienced security breaches and data losses with business revenues taking a hit. In some cases, even the reputation of the brand was at stake.

Today, India has over 82 unicorns with a total funding of over $39 billion from 2014 till December 4, 2021. Almost two years into the pandemic, the world continues to rely heavily on technology for everyday life activities – and it does not seem that this will change any time soon. It is estimated that global internet traffic in 2022 will exceed all the internet traffic up to 2016. And while COVID-19 has accelerated a global transition towards a digital economy, the crisis has also shed even more light on the digital divide. Undoubtable, India enters its golden phase of entrepreneurship and innovation, the pace and acceleration of digital adoption has also brought into focus the digital divide that still exists in the country.

Today, 500 million people are connected on smartphones, there are 500 million more waiting to join the digital bandwagon and we need to adopt a more inclusive approach to digital transformation. Those who are at the periphery of digital transformation are at the risk of being left behind. The startups and the digital ecosystem will really game-change the digital economy of this country - to go from $250 billion to a $1 trillion economy, contributing to more than half the growth that India is going to witness over the next five years. India emerged as the third largest startup ecosystem in the world in 2021, after the US and China.

Experts predict, when India becomes a $1 trillion digital economy, startups will play a pivotal role in achieving that. Even more exciting development that we see around is the growth of early-stage startups in small towns and the non-metros of this country. Today, innovation is going deeper, entrepreneurial spirit is being shown across this country, across young people joining and saying how they can solve big challenges for India. It is incumbent on us that the digital economy is more inclusive and we need to help businesses and job seekers to learn the skills needed to succeed in the new digital economy of India.

Deepak Sahu, President & CEO, VARINDIA