India is the fastest-growing economy in the world and has some of the most developed businesses, but corporations are now grappling with being unprepared for digital transformation and how it impacts their business. Digital transformation is a disruptive force that is changing the way companies do business, not just in India but globally. More than 3 trillion dollars' worth of business transactions was completed electronically in 2017 alone, and this trend will only continue to grow. Corporations need to align themselves with digital transformation or suffer irreparable consequences by not taking part. This post talks about the problems multinationals face when they go through digital transformations, as well as some important things to keep in mind for success.
India is a growing country and a leader in the world
India is the fastest-growing economy in the world, with a GDP growth rate of 6.3% in 2017 and over 5% expected in 2018, according to World Bank forecasts. It has also become a global leader in technology and innovation, as well as start-up culture and entrepreneurship. New digital technology is changing seemingly every industry, and this is not being overlooked by corporations or India’s government alike. In fact, India has made digitization a key tenet in its future economic planning, with Prime Minister Narendra Modi leading the charge.
The government has been running a campaign called "Digital India" to help digitize all public services, from banking and communication to healthcare and education.
The Indian government’s vision is that every Indian will have access to world-class infrastructure and digital services. Digital technology will guarantee better health outcomes and higher education opportunities, greater transparency in governance, and seamless citizen-government interaction. For example, eKYC helps drive financial inclusion by getting rid of the need for physical documents and digitizing social programs like scholarships, pensions, provident funds, etc., letting citizens access their benefits online.
Despite this, India is at the same time facing a paradoxical challenge. While digital technology and innovation are spreading like wildfire, corporations are still struggling to overcome some of the most basic barriers to becoming digitally enabled and prepared for the future of business. This is important because digital transformation is affecting businesses all over the world, from Microsoft and Google, which have already adapted to a world that is constantly changing by making their products and services more flexible, to businesses in India that aren't ready for what's coming.
It is true that many workers are reluctant to learn new abilities, which calls for a lot of encouragement. In addition, they see the digital transition as a danger to their present and future. They also believe that the way things are usually done is the best option. The solution is to foster a welcoming and tolerant culture toward change and work on it for the long-term benefit of the company. Furthermore, if we investigate more, it is evident that there are digital solutions that are available, but they are always extra expenses. The budget and the amount available for transformation will be significantly impacted by this.
It is vital to conclude with the idea that India is the fastest-growing economy in the world, with a GDP growth rate of 6.3% in 2017 and over 5% expected in 2018. It has become a global leader in technology and innovation, as well as start-up culture and entrepreneurship. But companies are still having trouble getting past some most basic problems that keep them from being digitally enabled.
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