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Microsoft today conducted a press conference in New Delhi where the tech giant revealed some interesting statistics about the impact of Digital Transformation on the Indian economy. The event was focused on the joint research conducted by Microsoft and IDC Asia/Pacific, titled- "Unlocking the Economic Impact of Digital Transformation in the Asia Pacific". The study suggests that India can expect a dramatic acceleration in the pace of digital transformation as compared to last few years.
By 2021, digital transformation will add an estimated US$154 billion to India's GDP, and increase the growth rate by 1.0% annually, according to the new business study released today.
"India is clearly on the digital transformation fast track. Within the next four years, it is estimated that nearly 60% of India's GDP will have a strong connection to the digital transformation trends," said Anant Maheshwari, President, Microsoft India. "Organizations are increasingly deploying emerging technologies such as artificial intelligence, and that will accelerate digital transformation led growth even further."
As per Microsoft, the survey conducted with 1,560 business decision makers in mid and large-sized organizations across 15 economies in the region highlights the rapid impact and widespread disruption that digital transformation is having on traditional business models. The study identified five key benefits from digital transformation.
According to the research findings, organizations are seeing significant and tangible improvements from their digital transformation efforts across these benefits in the range of 11% to 14% today. Business leaders expect to see more than 40% improvements in those key areas by 2020, with the biggest jump expected in productivity, customer advocacy as well as profit margin.
Impact on the Indian market- Huge economic opportunities for leaders
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. These are organizations that have full or progressing digital transformation strategies, with at least a third of their revenue derived from digital products and services. In addition, these companies are seeing between 20 - 30% improvements in benefits across various business areas from their initiatives. The study indicates that Leaders experience double the benefits of Followers, and these improvements will be more pronounced by 2020. Almost half of the Leaders (48%) have a full digital transformation strategy in place.
Sangita Reddy, Joint Managing Director, Apollo Hospitals Enterprise Ltd. was also present at the event and shared some important insights about the advancements in the health sector. She says, "Apollo Hospitals recognized the potential of technologies like artificial intelligence, machine learning and data analytics in providing high-quality preventive healthcare services, very early on."Technology is helping us derive insights to predict and suggest preventive steps with utmost accuracy," she adds.
Anil Bhansali, Managing Director, Microsoft India (R&D) also shared his views about the impact of digital transformation in India. He said, "There is a pressing need for organizations to fully capitalize on the potential value of digital transformation in the next few years. To do so, organizations need to invest in building their ecosystem, from employees to customers, to partners, across their value chain by gaining new insights through new data sources, and incorporating digitization in their products and services."
Notes to organizations
Some guidelines were also shared by the industry leaders during the event. Organizations in Asia Pacific need to accelerate their digital transformation journey to reap the full benefits of their initiatives and to address the invisible revolution brought about the mass adoption of AI. More importantly, companies need to focus on capitalizing their own data in order to gain new market insights, create new digital products and services, and monetize data through data sharing securely, and in collaboration with its ecosystem.