Key Technologies Driving the Digital Transformation Phenomenon

By siliconindia  |  Tuesday, 10 October 2023, 21:09 IST

Pradeep is a specialist in delivering digital transformation services, with a strong focus on finance and accounting. Over his 25-year tenure at Orion, he has played a pivotal role in the company’s growth trajectory. Prior to joining Orion, he was associated with Lakshmi Narayana Computer Academy and Infoglobe India. His key areas of specialization include innovation, IT strategy, client relations, transformation, and many others. He is deeply passionate about spearheading large-scale transformations, fostering innovation and delivering at scale.

In a recent conversation with Siliconindia, Pradeep Menon, EVP - Digital Transformation, Orion Innovation shared his insights on the digital transformation and the aspects to consider while selecting digital transformation partner. Below are a few key extracts from the exclusive interview

Share your thoughts on the current ‘digital transformation’ phenomenon in India today.

Digital transformation in India is occurring at an unprecedented scale, positioning the country perfectly to become the next global technology hub. Whether it’s an innovative digital stack or infrastructure, the scale that we can bring in terms of readily available technology professionals is immense. Most importantly, digital transformation is now ingrained in people’s thinking, resulting in a clear mindset, thought process, and culture shift. This transformation is driving the widespread adoption of digital technologies across India today.

Additionally, the huge number of digital platforms coming up each day, coupled with the extensive support the government is providing through initiatives like Digital India and nationwide infrastructure development, will no doubt take digital transformation to the next level in India. For instance, India’s introduction of the UPI digital payment interface to the world has resulted in many countries lining up to adopt it within their nations as well. Technology has played a pivotal role in the growth of the Indian economy, significantly enhancing productivity and efficiency across all sectors, from agritech to manufacturing.

What are some of the key technologies that are currently driving digital transformation?

Technology is as good as how we use it. For instance, without data being available on the cloud to be further processed and analyzed, no technology can help your business. Thus, I strongly believe that some of the key technologies driving digital transformation include cloud computing, artificial intelligence (AI), Internet of Things (IoT), blockchain, and Edge computing. The future technological advancements will drive digital transformation further and transform the way businesses operate. These technologies will also introduce new ways of communication, collaboration, and training, enabling us to shift from knowledge to visionary workers.

Briefly explain the importance of moving to cloud for non-tech companies.

Given the current market dynamics, I am of the strong opinion that every business is, in some way or another, a tech business. Regardless of industry, a company that still has the mindset of being a non-tech business is at risk of becoming redundant. It is high time to become a tech company and leverage tech capabilities such as the cloud and data with AI. Digital transformation is changing the business landscape by reshaping traditional business models, introducing new experiences, and enhancing efficiency. These major factors highlight why non-tech companies should embrace technology, foster innovation, and remain competitive in the market.

Throw some light on the major aspects to keep in mind while selecting a digital transformation partner.

In my experience, I have seen a lot of companies evaluating a digital transformation partner from a price standpoint. However, what they should actually focus on are several critical aspects. Firstly, determine whether they possess the right skills and expertise to execute a large-scale digital transformation project with agility. Secondly, ensure that their culture, mindset, flexibility, and collaboration capabilities align with your own organizational values. Thirdly, evaluate their attention to detail. They should be able to carefully analyze every aspect of a company’s business during the initial phase of the transformation journey while providing a project quote. Lastly, and most importantly, assess whether the team provided by the partner is technically skilled and proficient in handling the various intricacies of the transformation process. Additionally, it’s essential to have the necessary investment capital to undergo a digital transformation, establish clearly defined goals, and ensure that the transformation partner understands your future objectives.

How do you expect digital transformation to shape up in India in the near future?

Today, all eyes are on India, as the country has all the necessary capabilities to soon become a trillion-dollar digital economy. If you look back to a decade ago, the digital economy contributed only about 3-3.5 percent to our nation’s GDP. Today, this figure has risen to 10 percent and is expected to further grow to 20-25 percent by 2026-27. Looking at these astounding figures, it is safe to say that the technology and services landscape in the country will grow to the next level within a very short time frame.

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