India is now one of the fastest growing economies, growing almost three times faster than the world average. It is projected to be a $5 trillion economy by 2030. Recently, at the G20 summit, one of Prime Minister Narendra Modi’s key discussions was on digital transformation.
This is not surprising, as according to Polaris Market research, the size of the digital transformation market is expected to reach $373.9 billion. So it goes without saying that digital transformation is keeping companies in every industry busy. But are companies adequately prepared to drive transformation across their organizations? Nearly 70% of digital transformations fall short of their goals and fail, according to a BCG report.
Of course, digital transformation is important for any organization today, but one key factor is often overlooked: the people factor. Driving organizational change means changing processes that have been in place for years, getting people to change how they work that they may have learned over decades and sometimes. It means a complete overhaul of existing processes. Organizational criteria can be a real challenge for digital leaders despite decades of experience and technical know-how.
Building Mindset for Innovation
Transformation is a journey, an ongoing process, not final. Digital leaders need to develop teams that work with an innovation and collaborative mindset. Work with other department heads to drive this behavioral change at the team and organizational level across all departments. Providing departments with context for what they are trying to achieve through process change and incorporating their input into change implementation rather than implementing a uniform policy, can go a long way in reducing inertia.
One way he’s tapped into such important content is by participating in online programs such as ISB Executive Education’s Chief Digital Officer Program. This 40-week program was curated by ISB’s top talent. The program is the first of its kind designed specifically for Indian audiences and covers Digital Leadership & Digital Strategy, Digital Innovation & Business, Communication & Leadership Presence.
What does the Future Hold?
Today, if a person generates 1.7 MB of data per second, they generate about 146,880 MB of data every day. In 2024, 149 zettabytes of data value will be created and consumed in 2024. Now is the right time to leverage digital technology and optimize digital disruption. By using advanced digital solutions such as LoT and automation, companies can improve performance, reduce the potential for human error, create more flexible processes, and make cross-departmental coordination smoother and more effective.
The use of modern technologies such as AI< machine learning techniques and blockchain is in 5-10 year plans for all Indian companies. India recently took over the chair of the third Global Partnership on Artificial Intelligence in Tokyo. This is India’s next decade of driving digital disruption, creating synergies across multiple industries and economies, and building a global collaborative network to create real, lasting change.
Programs like the Chief Digital Officer Program at ISB Executive Education offer his two electives in AI Strategy for Business Transformation and Digital Transformation, where Digital leaders will learn about this future of Digital India and these latest technological developments. It will help you get the most out of your preparation and creativity. A more efficient, effective, and sustainable organization.
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