How technology plays a big role in boosting the Indian economy
According to a recent World Bank report, India’s economy is expected to grow 8.3% in 2021, 7.5% in 2022 and by 2023 India’s growth is expected to reach 6.5%. The economic impact of the COVID-19 pandemic in India has been quite disruptive and there has been a setback. The digital age has brought unprecedented changes to technology, businesses, society and the situation has started to break the inertia of digital adoption and the cloud will continue to be essential as part of the evolution. . Businesses in all verticals have been affected by the global downturn, but some industries are showing signs of being a game-changer for the economy in the years to come.
Sectors such as healthcare and pharmaceuticals, BFSI, e-commerce, retail and manufacturing are the first to adopt emerging technologies. Organizations in these industries have responded to the difficulties introduced by the pandemic and are strongly focused on creating strategies in the new standard to improve their game over the next five years. The chain that connects the four industries is modern technology and the cloud is playing a role in helping these four industries be a game-changer for the Indian economy. New era technologies will give India a chance to forge a unique identity as a global hub for cloud solutions.
Industry 4.0, digital supply chain, digital twins, digital assistance, etc. are some of the technologies that will contribute to economic recovery by 2025. Emerging technologies are starting to enable industries to rebuild India’s economic status in a post-Covid world and these industries are going to be the real game changers in the time to come. Companies related to these verticals are embarking on their journey and departing from different points to use smarter products, smarter manufacturing and smarter supply chains. The smartest organizations are leveraging the huge potential of emerging technologies to their advantage, and once the economy rebounds, these companies will be one of the first and capture a greater percentage of the market.
Agree with Prasad Rai, Vice President, Global Strategic Clients Group, Oracle India, “With the Indian economy contracting since last year, the economy is eager to revive and many industries in India have shown. the potential to be a game-changer in the country’s economy. development. The role of these game-changing companies will be crucial for the recovery of the Indian economy after the pandemic. We have seen that through the pandemic, data and analysis have become more and more essential. Industries that had well-defined processes based on year of historical data found themselves completely lost because that data was no longer relevant when everything changed overnight. They needed to analyze new data quickly and use artificial intelligence and machine learning to “relearn” what the new normal was in customer behavior. On the contrary, organizations that invested in digital assets quickly were much more secure and prepared even as the country was hit by a huge second wave. “
Prasad Rai observes that potential game changers in industries such as healthcare and pharmaceuticals, banking, manufacturing, retail and e-commerce have progressive technologies such as modern cloud, AI, ML, IoT, blockchain and big data analytics at the heart of their transformation.
Cloud – the underlying foundation of transformation
A common facet of all of these game-changing industries is their useful adoption of the cloud and other new age technologies like AI, ML, blockchain, digital assistants, IoT, and digital twins. Industries focused on digital transformations through the implementation of advanced technologies should be a game-changer in their respective sectors and be well prepared to face future shocks. “Among technologies, the cloud in particular has the potential to allow India to forge a distinct identity as a global center for cloud solutions. Cloud computing has encouraged flexibility and growth, reduced operating costs, and made operations for employers and customers simpler and more transparent. The advent of futuristic and data-driven technologies has essentially helped companies reduce tedious manual operations, allowing them to focus on higher value-added tasks, ”says Prasad Rai.
The potential for transformation is huge, as the cloud enables businesses to go beyond what was possible before. Take a sector like health, which has been at the center of the fight against the pandemic. This sector can benefit strongly of a proactive, technology-driven approach. Says Veneeth Purushotaman- Group CIO, Aster DM Healthcare Limited, “The pandemic has acted as a catalyst to increase the adoption of technology in healthcare. While the technology gained momentum in the pre-COVID era, the industry now has a clear case for accelerating adoption. At Aster DM, we strive to provide accessible and affordable healthcare in all geographies, through the efficient and intelligent use of technology. For example, there are case studies of how robotics and machine learning are used with IOT / IOMT to provide rapid remote care for elderly and chronic patients. Going forward, the intelligent use of artificial intelligence will help improve the overall patient experience while reducing the workload for clinicians. In India, telehealth and telehealth have helped health care providers reach within India and manage services at a fraction of the cost. The benefits of remote healthcare are huge as it allows a greater percentage of the Indian population to access the best healthcare facilities from any location. Aster DM has invested in AI and ML based technologies like Oracle Fusion Cloud HCM and Oracle Fusion Cloud ERP to streamline its processes.
Sectors like manufacturing, which are at the heart of India’s economy, also need to invest more in emerging technologies to strengthen their competitiveness. “The manufacturing segment must be the torchbearer of India’s economic recovery. However, to be competitive globally, we need to improve the efficiency of the manufacturing process and the way we do business. I think digital will play a key role in this transformation. At Apollo Tires, we are already seeing the acceleration of digitization, as well as the adoption of technologies, including AI and the Internet of Things (IoT). This accelerates transformation, increases employee productivity and enables us to create better customer experiences, ”says Hizmy Hassen, Chief Digital Officer of Apollo Tires.
Technologies such as Industry 4.0 should lead the manufacturing sector to further improve its competitiveness. says Dr Arun Singh, Chief Economist of Dun & Bradstreet, “Industry 4.0 is gaining popularity due to rapid improvements in cyber computing capabilities over the past decades. The gap between virtual and real world has narrowed with advanced technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and others to create an interoperable platform between information technology (IT) and real physical operations. Industry 4.0 is already influencing sectors such as manufacturing, supply chain management, construction, shipping, etc. and will impact all aspects of our daily activities. It is truly considered a disruptive technology. In India, the Indian government has long activated the policy framework with programs such as “Atma Nirbhar Bharat”, the “Make in India” initiative and others specifically targeted at smart manufacturing. These programs have worked wonders and are expected to support Indian industries in the time to come. Digitization and Industry 4.0 have driven industries forward rapidly by 10 years which will explain why India is experiencing tremendous economic growth in times to come. “
Traditionally, industries such as BFSI, which have been at the forefront of digital transformation, are expected to continue to raise the bar for technological innovation. According to Anjana Rao, Chief Strategy Officer, IndiaFirst Life Insurance, “In these unprecedented times, clients have seamlessly embraced digital tools, which are an integral part of their routine. New and emerging technologies allow insurance companies to personalize their product and service offerings for their clients throughout the value chain. The adoption of technology is inevitable. It can streamline the industry and integrate the back-end with front-end customer processes to create a unified, information-driven IT system. As the administration focuses on privatization and more private players enter the market, further digitization is expected to significantly boost the growth of the sector in the years to come.
This is also true for a sector like e-commerce, which has grown exponentially over the past year. Due to the COVID-19 situation, there has been a surge in demand online. “We are seeing a huge shift in consumer preferences. Over the past year, consumers have been experimenting with a simplified mode of retailing in the form of e-commerce, which is also expected to shape their future preferences. In summary, given the massive population of India and the huge size of the consumer market, the e-commerce and retail sector has a huge market space to develop which will be explored in the years to come. coming, completely transforming the retail industry in India and supporting the recovery of the economy, ”opines Bharath Reddy, vice president of IT at Flipkart.
Companies that have invested in emerging technologies will be in a better position to lead the future. “The advent of futuristic and data-driven technologies has essentially helped companies reduce tedious manual operations, allowing them to focus on higher value-added tasks. Therefore, industries that have invested in new era technologies such as automation and digital supply chain, and digital assistance are better positioned in the market and shaping the future of their verticals ”, said Prasad Rai.
In the case of healthcare, it could be telehealth, while for the manufacturing sector, it could be the implementation of cognitive solutions that embed intelligence in all processes, from the factory to the finished product.
Regardless of the point of view, India’s next decade of growth will be decided by leaders who increasingly use technology to shape their future, and India’s future too!
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