How Digital Tech Is Transforming Business Ecosystem
Digital technologies have transformed the business scenario. Easy access to web and data analytics have disrupted the value chains, pushing companies to reinvent their business approaches for the future. Other technologies such as virtual reality and augmented reality are also disrupters, thanks to tech enthusiasts who are addicted to the latest gadgets and gaming. Businesses have started investing heavily in these technologies after evaluating strong early use cases. This investment in turn is creating improved market demand, bringing more entrants into the field of technology.
The adoption of emerging technologies such as AI, IoT, machine learning, data analytics, etc. is significantly helping businesses to fulfill the dynamic needs of their internal and external stakeholders. For instance, driverless cars utilize AI and IoT connectivity to update their algorithms. This requires a massive amount of data collection and processing. With IoT, the driverless car can share information about the road, including the actual path, traffic, and navigation around locations and destinations. When implemented in cars with drivers, it can monitor driving behavior, traffic and locations, to aid driving. All this data is shared among IoT connected cars to improvise automation. This can result in elevated level of customer experience and improvement of operating cost via speech analytics or data analytics.
The rise in digitalization has produced many startups that are manufacturing as well as developing advanced digital enablers. In the race to meet the increasing demand of business and trade, the entire focus is on enhancing features.
Digital transformation is backed by a complex eco-system consisting of consulting, devices, sensors, edge technology, connectivity, cloud, application, analytic, data, security and many more. People are not only involved in the entire transition but also oversee driving the process. For a successful transition to happen, one must think about business models that can define real value for customers and process analytics at the right time. The emerging technology is driving the digital space effectively for everyone, from brands and corporates to individuals who need to be seen or heard.
It is equally crucial to protect everyday operational processes. The misuse of business processes may lead to a breach in privacy or regulatory non-compliance. Therefore, it is necessary to monitor the data lifecycle and its gradation as the threat landscape is expanding, and unexpected attacks can be intimidating. A secured approach is thus vital.
Recently, the Indian Government has undertaken various measures to address the rising concerns in the connected world. The aim to make India digital and connected requires a serious digital communication infrastructure. The government believes that the country should take logical steps to nurture technologies such as IoT, AI, ML and other next-generation technologies. Introduction of the National Digital Communications Policy (NDCP) 2018 by the government was a good move to build the country’s information and communication infrastructure which aspires to achieve an ambitious target of 5 billion connected devices by 2022.
The government’s Digital India initiative has become so deeply embedded that we see advertisements, social awareness messages, and news on social media, news apps and even communicate with each other via texts, emails, and video calls. The objective of Digital India and Make in India initiative is to bring high speed internet services to every nook and cranny of the country. From bank accounts to kiosks, every sector will be given importance at an individual level, with people across the country availing government services electronically in a safe and protected cyberspace.
With the advent of cyberspace-based disruptive services, India is rapidly progressing on the path of digital transformation. Digital services, such as IoT services, have become a crucial part of enterprises helping create a 24×7 connected world. As per TRAI’s recommendation in 2018, Internet of Things (IoT) and Machine to Machine (M2M) services would reinforce the evolution of Industry 4.0. TRAI also spoke about the development of 5G services, IoT/ M2M systems, and their security framework and the need to convert the proposed recommendation into action.
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