India has a new imperative of digitalization. Everyone is discussing digital business or implementing digital methods in their business. Recently, Siddharth Mehta IL&FS, former director and current founder and CIO of Bay Capital, believes that "companies must think 'digitally' if they are to compete and grow in the next ten years”.
Digitization is the use of digital technologies to reinvent business models and increase revenue and value-added opportunities. Digital business models are changing. It encompasses digital technologies' ability to collect data, spot trends, and make smart business decisions, as well as the process of converting old business models to new technologies.
The introduction of digital technology will increase productivity and efficiency. Cloud computing, mobile devices, big data and analytics are some of the new technologies being developed that can help increase an organization's productivity and efficiency. Furthermore, some companies are using AI and machine learning to streamline and improve data-intensive business processes and operations. Between 2020 and 2027, 80% of business leaders say they will implement artificial intelligence, which will lead to significant development in the business industry. Furthermore, 40% of companies rely on digital methods to increase productivity.
Siddharth Mehta Bay Capital praises the Indian government for their digital measures. The outbreak of Coronavirus has helped Indians to adapt to the digital platform within a short period of time. India's new digitally transformed era is rapidly evolving and charting its own course. The new digital era requires a new way of doing business, and digital transformation can be a suitable platform.