The term digital transformation, like many other widely used expressions, has become a catch-all that has varying meanings for various people. That's the problem. Organizations need to embrace digital transformation to compete and thrive. Artificial intelligence (AI), and especially generative AI, is completely changing how businesses function and create value. It offers enormous prospects in content creation, new discoveries (especially in industries like chemicals and medicines), and coding. However, it's simple to become distracted by flashy new things. Previous technological discoveries still teach us valuable lessons. Rapid experimentation and learning are vital, but it's equally important to avoid giving in to the need to create use cases for novel, exciting technology that won't ultimately provide value to the company. An organization's functions may communicate in new methods when a successful digital transformation touches all of them. The only people who can make that into a reality are the ones from the leadership board. Here are top leaders from top companies who interacted with CEO Insights magazine, sharing their views on digital transformation in each of their respective fields from their extensive experience.
Kishor Patil, Co-Founder, Managing Director, & CEO, KPIT Technologies
“I believe that over the next 7-8 years, we will witness significant changes and innovations in the software segment. But the core competency of many automotive companies revolves around their manufacturing prowess, branding, and, of course, some of the critical technologies. Hence, the skill gap is evident with the industry becoming more software-driven. They have enough workforce, but they need a different outcome now. They need more software people”.
Anshuman Magazine, Chairman & CEO—India, South East Asia, Middle East & Africa, CBRE
“The growing synergies between various technologies and real estate have accelerated. The key to this transformation is a large number of diverse data sets in addition to the ‘Big Data’ aggregated at a hyper-personal level. Over the last few years, integrating new technologies has propelled productivity, enhanced stability, and ensured business continuity”.
Siddharth Dialani, Co-Founder, BharatAgri
“We will see a time when all farmers will have access to tools to make scientific decisions on their farms, produce more, and finally sell in the right market. They will be able to bypass all the middlemen and the inefficiencies in the system. And that will make an individual farmer profitable and strengthen the weakest link in the Indian economy. Another place where technology can help is crop diversification Farmers need to diversify risks by growing different kinds of crops that may be drought resistant”.
Thompson P Gnanam, Managing Director & Global CEO, 3i Infotech Ltd
“Fundamentally, 5G networks will drive forward edge computing, which is the convergence of the Internet of Things (IoT)-or rather, the Internet of Everything, exponentially growing big data and real-time applications.
Amidst the rush of technology transformation, hyper-automation, innovation, and disruption, it is important to remember that people are still at the heart of all these.
It's also important that the workforce is adaptive, empowered, and self-managed, mainly because innovation cycles have become smaller and shorter”.
Sunjae Sharma, Managing Director, India & Southwest Asia, Hyatt India Consultancy Pvt. Ltd
“In the long run, technology will play a key role in building unique and personalized experiences for our guests. The use of artificial intelligence and machine learning will not only improve the guest experience but also increase operational efficiency. Furthermore, hotels will continue to prioritize sustainability as more customers continue to become environmentally conscious and prefer brands focusing on environmental goals”.
Yezdi Nagporewalla, Chief Executive Officer, KPMG India
“Emerging technology has been a top concern for CEOs in the country, but companies now realize how indispensable the benefits of technology are. Companies have been planning capital investment in advancing digitization and connectivity across the business, focusing on partnerships and preparedness”.
Rajan Sethuraman, CEO, LatentView Analytics
“You have to plant, cultivate, and firmly root the philosophy of bringing data to the center of decision-making within the organization. There will be instances wherein you cannot be 100 percent objective, which is all right. The important aspect is having a general philosophy around objectivity and understanding”.
Zubin Zack, Managing Director—South Asia, Middle East & Africa, O.C. Tanner
“Companies are turning to AI-powered tools and nudges to understand employee behaviors and recognition patterns. This analysis helps identify active recognition habits, unused recognition points, and the need for program optimization education. AI-driven nudges are vital in enhancing program engagement and efficiency, resulting in better employee engagement and utilization of recognition initiatives”.
Neel Mehta, Director & Co-founder, Asteria Aerospace
“Drones integrated with AI/ML, enhanced sensors, and advanced communications will not only redefine the concept of operations in modern-day warfare but also transform how enterprises operate across sectors as diverse as agriculture, oil & gas, GIS, telecom, and utilities. The focus area for the Indian drone industry will be on developing indigenous manufacturing capabilities and significantly reducing reliance on the import of technology”.
Prahalada Rao, President, Tata Technologies
“Presently, when we refer to digital transformation, the emphasis lies on its transformative impact on how businesses perceive and leverage technology. The end-users, the ultimate consumers of technology, play a central role in this paradigm shift”.
Chandrakant Nayak, CEO & Country President, Dow India
“Industry 4.0 offers significant outcomes for the chemical industry. However, after all these years – we have understood that technology is not ‘one-size-fits-all.’ India must develop its own smart manufacturing plants that can particularly address the economic challenges. It provides an opportunity to create a level playing field for large, medium, and small companies through regulation, innovation in a responsible manner, and creating value that makes India a competitive market for the world”.
Raaja Kanwar, Managing Director, Apollo LogiSolutions & Apollo International
“A leader who can leverage the potential of technology to advance business and advance an organization’s vision is the new-age leader that everyone wants to work with.”
Prashant Mehra, President & CEO, SRF Limited
“In my view, the following key technological trends are emerging in flexible packaging post the COVID-19 pandemic: (i) Growing demand for ship-ready packaging driven by booming e-commerce, (ii) increasing demand for packaging material with higher barrier properties, driving product innovation, and (iii) increasing digitization of supply chain driving the need to integrate technology with packaging”.