“By failing to prepare, you are preparing to fail.” ― Benjamin Franklin, Founding Father of the United States, had once said.
His words probably make more sense to all businesses and business leaders today, especially because of the volatile, uncertain and ambiguous circumstances that humankind is experiencing and is changing the way we think and live forever.
Strategic planning and execution are critical to a company’s success as they help in improving the overall results, generating more revenue, anticipating market trends, and meeting the ever-changing needs of customers.
There is enough evidence that most companies have been planning or implementing modules to harness data to generate more insights from different sections of the business driven by growth opportunities, followed by increased competitive pressure and new regulatory standards.
Companies such as Uber, Netflix and Apple have showed us how dynamic business models combined with digital offerings have let them stay ahead of the rivals.
But what do you do as a business or a leader when you are faced with evolving challenges?
The old slow-changing modules might not just be enough. Speed combined with the next wave of frontier and digital technologies has to be integrated with your business model and processes to ensure that you can plummet to the top in your sector not just taking over the market but the customer’s mindshare. In simple terms – organisations and businesses have to undertake the journey of unifying business processes across the entire organisation while allowing themselves to accelerate business value by breaking down information silos and eliminating inefficiencies.
Join us at The Economic Times & NTT Data presents TRANSFORM 2021 – Experience the new wave of digital to arrive at a one-stop destination for understanding the importance of business intelligence and solving all the challenges pertaining to unifying business processes for future resilience. The one-day virtual summit will showcase how new technologies combined with business intelligence and data analytics can transform businesses and industry sectors.
In a world of flux, chaos and information overdose, the Economic Times TRANSFORM 2021 Summit is an effort to filter noise and guide you to a platform that will discuss the absolute cutting edge in AI and IoT. The discussions will not just stop there but will look at providing a roadmap or a guide of sorts to take your company through its new digital journey. How much to invest? Where to invest? When will you get return? – these are some of the questions that the sessions will try to answer.
If you are looking to glean knowledge and take the next steps in your digital journey in order to survive this black swan event, then this platform is your dream destination. We will not only engage solution providers but also decision makers in firms so that they can bridge the gap between ideas and implementation.
Key Highlights and Statistics:
Since the early 90s, the IT and ITeS services sector in India has been of tremendous importance to its economy eventually growing to account for 7.7% of India’s GDP in 2016. In an attempt to capitalize on this foundation, the current Indian administration announced in February 2018 that the government think-tank, National Institution for Transforming India (NITI) Aayog (Hindi for Policy Commission), will spearhead a national programme on AI focusing on research.
This development comes on the heels of the launch of a Task Force on Artificial Intelligence for India’s Economic Transformation by the Commerce and Industry Department of the Government of India in 2017.
According to an Accenture report, AI has the potential to add US$957 billion, or 15 percent of India’s current gross value in 2035. The combination of the technology, data and talent that make intelligent systems possible has reached critical mass, driving extraordinary growth in AI investment, the report read.
For this, universities, companies and other organisations need to push education to where the demand is. In 2016, India produced 2.6 million students with STEM specalisation.
Also, interestingly, India ranked third among G20 countries in 2016 measured by the number of AI startups, which have increased since 2011 at a compound annual growth rate of 86 percent—higher than the global average. However, the funding is lesser compared to developed countries such as the US and China. India has the opportunity to change this in sync with the Prime Minister’s vision of a self-reliant India.
Digital Transformation- a necessity
1) According to IDC, 40% of all technology spending will go toward digital transformation.
2) Despite pandemic, IDC expects global spending on digital transformation technologies and services to have grown 10% in 2020. (IDC)
3)As of 2019, direct digital transformation investment was expected to grow at a compound annual growth rate (CAGR) of 18% from 2020 to 2023. By 2023, it was expected to approach $7 trillion as companies build on existing strategies and investments, becoming digital-at-scale future enterprises. (IDC)
4) While 52% of companies plan to cut or defer investments because of COVID-19, just 9% will make those cuts in digital transformation. (PwC)
5) Digital transformation is expected to add $100 trillion to the world economy by 2025. Platform-driven interactions are expected to enable approximately two-thirds of the $100 trillion value at stake from digitalization by 2025. (World Economic Forum)
6) The digital transformation market is expected to grow at a CAGR (compound annual growth rate) of 23% from 2019 to $3.3 trillion by 2025. (Research and Markets)
Digital Transformation Benefits
1) Executives say the top benefits of digital transformation are improved operational efficiency (40%), faster time to market (36%) and the ability to meet customer expectations (35%). (PTC) (can be divided into three parts)
2) 56% of CEOs say digital improvements have led to increased revenue. (Gartner)
3) Digitally mature companies are 23% more profitable than their less mature peers. (MIT)
4) High-tech B2B companies have reported a 10% to 20% cost reduction and revenue growth of 10% to 15% from transforming their customer experience processes. (McKinsey)
5) Employees at companies with less than 100 employees are nearly three times more likely to say their digital transformation was a success than employees at companies with more than 50,000 employees. (Mckinsey) (can omit if the line is too long)
- Hear about the new digital technologies that can transform our business
- Brainstorm and listen to solutions
- Figure out what not to do when trying to digitally transform
- Access to senior professionals from Fortune 500 companies
- Tap primary market with decision makers at the fore
- Automation to the end user
- Dive into bigger customer pool with virtual product pitch & proposal sharing
Who should attend:
Business leaders, founders, entrepreneurs, chief executive officers, chief financial officer, chief operating officer, chief human resources officer, chief technology officer, chief digital officer, chief information officer, chief information security officer, academicians, researchers, scientists, experts, consultants