“The digital revolution currently sweeping the world demands adaptation and flexibility”, says Alok Bansal
The CEO, Global Business Process Management, Visionet Systems, feels that a paradigm shift from technology-enabled to technology-centric models is the need of the hour
The digital revolution has forever changed the global business landscape and precipitated a paradigm shift from technology-enabled to technology-centric models. In this brave new digital world encompassing Artificial Intelligence (AI), Machine Learning (ML), blockchain technology, the Internet of Things (IoT), and other technologies, it has become increasingly important for companies to embrace technology-centric solutions. A recent global survey conducted by Forbes Advisor found that companies are increasingly turning to AI to improve their operations. The survey disclosed that 56 percent of respondents utilize AI applications for customer service, while 51 percent employ them for cyber security and fraud management. Moreover, businesses are also heavily relying on technology for inventory management, accounting, talent sourcing, and product recommendations.
This proves that technology is no longer just an enabler but has become the beating heart of business enterprises. According to a survey report published by the global consulting firm PricewaterhouseCoopers (PwC) in June, Indian companies are exhibiting an upward trend in their adoption of analytics and AI, currently standing at 54 percent. The survey also revealed that Indian organizations are placing greater emphasis on personalization and customer-centric digital transformation solutions. Advanced technology is likely to transform even existing business processes, enhance efficiency, and unlock new opportunities and revenue streams for companies.
“The digital revolution sweeping the world currently demands adaptation and flexibility but before transitioning from technology-enabled to technology-driven models, we must first attempt to differentiate between the two. The former involves incorporating technology within the existing business processes, aiming to foster efficiency and improve productivity. The latter entails allowing technology to become the driving force behind business strategies, products, and services,” says Alok Bansal, CEO, Global Business Process Management, Visionet Systems.
He points out that in the BFSI (Banking, Financial Services, and Insurance) industry in particular, gathering and analyzing data are key components of the decision-making process, with technology playing a central role in streamlining processes. He adds, “Technical tools and tailored algorithms also aid in identifying potential risks and can even detect anomalies that may be invisible to the human eye. By making technology the foundation of their operations, businesses can also achieve multiple benefits such as cost reduction, enhanced efficiency, the creation of new revenue models, and the ability to effectively stay ahead of competitors.”
As per a study by McKinsey Global Institute on Digital India, it is projected that by 2025, core digital sectors in India, including IT, business process management, and digital communication services, have the potential to double their GDP levels. Additionally, sectors that are currently undergoing digitization such as agriculture, education, healthcare, logistics, and energy are expected to transform into digital domains. This transformation will reshape consumer-producer interactions, with technology playing an increasingly crucial role.
He concludes “As technology continues to advance at an accelerated pace, an increasing number of organizations will embrace digital transformation to not only revolutionize business models and value chains but also to redefine communication strategies and business growth on a global scale.”
