Economy

Digital transformation to add $154 bln to India's GDP by 2021

Digital transformation to add $154 bln to India's GDP by 2021”

By 2021, 60% of India's GDP will be driven by digital transformation trends.

The report identifies IoT, AI, cognitive, robotics, Blockchain and mixed, virtual and augmented reality as the emerging technologies for 2018 with close to 15% of the investment flowing into IoT, AI, cognitive, robotics in 2018.

According to the research, "Unlocking the Economic Impact of Digital Transformation in Asia Pacific", by Microsoft, in partnership with IDC Asia-Pacific, organisations in the A-Pac region need to accelerate their digital transformation journey to reap the full benefits of their initiatives, and to address the invisible revolution brought about by the mass adoption of Artificial Intelligence.

Maheshwari said Microsoft is focused on building the core of technology "seamless" with its offerings around modern workplace, business applications, and infrastructure so that they can plug and play the point solutions around emerging technologies quickly through their partner ecosystem.

Digital transformation will add close to $154 billion to India's GDP by 2021 and increase the growth rate by 1% annually, software giant Microsoft said on Wednesday. The study identified five key benefits from digital transformation.

"India is clearly on the fast-track towards digital transformation". CEOs and CXOs expect to see more than 40 percent improvements in these key areas by 2020, states the study. Digitisation has increased productivity, customer advocacy, cost reduction, revenue from new products and services, as well as profit margin for organisations.

The joint study indicates that while 90% of organizations in India are in the midst of their digital transformation journey, only 7% in the entire region can be classified as Leaders.

Leaders experience double the benefits of Followers, and these improvements will be more pronounced by 2020. Nearly half of the Leaders (48%) have a full digital transformation strategy in place.

"To remain competitive, organisations must establish new metrics, realign organisation structures, and re-architect their technology platform."
Besides these emerging technologies, leaders are also more interested in investing in big data analytics to mine data for actionable insights than others.

"We recognised the potential of technologies like artificial intelligence, machine learning and data analytics in providing high quality preventive healthcare services, very early on".

Transformed organisations are also able to reallocate 17% more of their IT budget towards innovation, complete three times more IT projects ahead of schedule and complete 14% more IT projects under budget. Microsoft reckons that every workforce has to be equipped with "future-ready skills sets such as complex problem solving, critical thinking and creativity".



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