“Digital transformation” to add $154 bn to GDP of India

• An IDC study commissioned by Microsoft predicts that digital transformation will add $154 billion to India’s GDP by 2021.
• According to the new business study, this will increase the growth rate by 1.0% annually.
• The research, titled “Unlocking the Economic Impact of Digital Transformation in Asia Pacific “, states that India can expect a dramatic acceleration in the pace of digital transformation compared to previous years.
• In 2017, about 4% of the country’s GDP was derived from digital products and services created directly through the use of technologies like Cloud, IoT and AI.
• India is clearly on the fast track and within the next four years, nearly 60% of India’s GDP will have a strong connection to the digital transformation trends.
• Organizations are increasingly deploying emerging technologies and that will accelerate digital transformation-led growth even further.

Significance for India

• The IDC-Microsoft study indicates that digital leaders in India is expected to gain a lion’s share of economic opportunities in the region. According to the research, 90% of organizations in India are in the midst of their digital transformation journey.
• 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.

Riding the wave of digital transformation

• Organizations need to accelerate their digital transformation journey to reap the full benefits of their initiatives. More importantly, companies need to focus on capitalizing their own data in order to gain new market insights and thereby create relevant digital products and services.

key strategies to become a digital transformation Leader:-

1. Create a digital culture: Build a culture of collaboration whereby the organization is connected across business functions, and has a vibrant and mature ecosystem of customers and partners.
2. Build an information ecosystem: Organizations should be able to convert data into capital assets, and enable data sharing and collaboration internally and externally in an open yet trusted manner.
3. Embrace micro-revolutions: In most cases, digital transformation efforts do not start with widespread change, but a series of micro-revolutions. These are small, quick projects that deliver positive business outcomes.
4. Develop Future Ready Skills for Individuals and Organizations: Organizations today must relook at training and reskilling its workforce so that workers are equipped with future ready skill sets such as complex problem solving, critical thinking and creativity for the digital economy.

Unlocking the Economic Impact of Digital Transformation in Asia Pacific

• Produced by Microsoft in partnership with IDC Asia/Pacific
• The survey, conducted with 1,560 business decision makers across 15 economies, highlights the impact that digital transformation is having on traditional business models.
• According to the research findings, business leaders expect to see more than 40% improvements in areas such as productivity, customer advocacy and profit margin.