Why is Digital Transformation Sweeping Across India?
The Indian economy is undergoing a transformation; digital transformation, in particular, has become a major focus of the country. The process of digital transformation refers to the integration of digital technologies into all areas of a business. India is witnessing a digital revolution as more and more businesses are adopting technology to change their business models and processes to give them a competitive edge. And, in today Adesh Chaurasia news, we’ll discuss what this digital transformation means for our nation!
The Digital Growth
The current growth rate of the Indian economy is quite impressive. In fact, it has been doing so for the past few years and is expected to continue into 2023, when it will become the world’s fastest-growing economy (by far). India has been investing in digital technology for quite some time now, and this trend shows no sign of stopping.
The country also has a strong base from which to build: it’s home to some of the biggest tech companies in any part of Asia—including startups like Flipkart and Ola—which have helped transform how we live our lives online since their inception just over 20 years ago! As such, India has been well-positioned to be an important part of this digital transformation movement from day one.
What is Digital Transformation?
Digital transformation is not just about technology; it’s also about business models and processes. It’s a process of creating an organisation by leveraging technology that is able to meet the needs of its customers in an increasingly digital world. The concept of digital transformation has become more prevalent over recent years as businesses continue to face pressure from new technologies and trends such as big data analytics, cloud computing, mobile applications, social media, and more.
India is witnessing a digital revolution as more and more businesses are adopting technology to change their business models and processes to give them a competitive edge.
Benefits of Digital Transformation
In the past few years, India has seen an increase in the adoption of digital technologies by large companies as well as small-scale entrepreneurs across sectors like banking, insurance, retailing, and manufacturing. However, despite this growth in the usage of these platforms there still remains room for improvement among large enterprises that are lagging behind their smaller counterparts when it comes to using digital tools for managing operations efficiently
Digital transformation is a mindset—the ability to think differently about the way you do things in order to achieve better results than before. For example, if you want more customers from a particular city or state (or country), then your target audience would be different from what it was earlier as now you’re thinking about where your customers live rather than who they are or what they do for work outside of their homes. Digital technologies have made it easier for businesses to connect with customers, improve productivity and reduce costs.
Apart from that, the technology sector has been witnessing strong growth in recent years, thanks to the government’s initiatives in promoting the growth of the startup ecosystem. Many global IT companies have either set up an office in India or are planning one soon because they see it as an attractive market for their products and services.
India is well positioned to continue to grow in this space, with a large talent pool and ample opportunities for entrepreneurs who want to build their own businesses on top of these platforms.
Some Stats to Support our Beliefs
India is a fast-growing economy. Right through the previous year, the country’s GDP is expected to grow by 7.7% and reach $2.2 trillion USD by 2023. This growth has been supported by a booming technology sector which accounts for over 20% of India’s gross domestic product (GDP). With such rich potential in this huge market, digital transformation will hit India hard.
India has also become an important market for IT services and products as more people are embracing technology in their daily lives. The Indian tech industry employs over 4 million people—more than any other country except China—and contributes nearly 6% towards global job creation each year according to McKinsey Analytics estimates cited in Forbes magazine.
It’s no surprise that Indian startups have been growing at an impressive rate over recent years: from around 200-300 entrepreneurs at the start-up stage two decades ago, with now over 2 million Indian entrepreneurs globally who have founded startups across sectors ranging from eCommerce & Travel, FinTech & Healthcare, etc. These numbers show how much these young companies represent some really promising future technologies!
As we’ve seen in today Adesh Chaurasia news, digital transformation is changing the way businesses operate and how they interact with customers. It is transforming the very nature of business by making it more efficient, cost-effective, flexible, and scalable. Digital transformation is a process, not an event. It’s a journey that you embark on with your team and stakeholders to adopt digital technologies and leverage them for better performance, efficiency, and profitability.
Author- Adesh Chaurasia
A superior and highly experienced entrepreneur in the field of business for quite a long time now. Also, a philanthropist, author, and public speaker who believes in working towards the overall well-being and betterment of society as a whole.