The next wave of digitization in India could be blockchain

For a major organization, it is important to understand the fast changing pace of business and the uncertainty involved with it. This is the key to understand the business of a customer and the challenges that exist. With sweeping changes across the World, large companies focus on the digital transformation and the energy and momentum existing in India is significant. India is slowly but surely moving towards digitization and the entire World is taking note of the same. With automation in various processes and the digitization drive, India has taken some strong steps towards adapting the new technology. 

Digitization is happening across many levels in India. With robotic process automation driving the process of digitization, various rule based tasks are now performed by software bots. This is a huge change taking place across the industry, with every multinational company working on such automation initiatives. This is not limited to banking or IT services, many back office processes are also up for automation. Multinationals are not looking at this as a cost reduction method, but it also improves the quality and competency of the task, which also reduces the rate of error. Robots are expected to replace humans for performance of repetitive tasks by the end of 2020.

With reduced costs and the Internet of Things coming into play, we see digitization of operations as a key to Industry. It is also results in the generation of data that is helping businesses thrive and provides insights powered by analytics. There is a huge amount of data available in the industry as compared to the data in the last decade. Various companies are building hardware which is intended for wide consumers and are embedded with features like eye tracking. Companies need to build an ecosystem of partners to bring capabilities to the clients. Even slower sectors are adopting new technologies and beginning to use the same. They realize that the future cost structure will not be competitive in any other case.

There is also a big thrust towards innovation in India with the drive for cashless payments. The move is ambitious but not without its challenges. With the GST and Aadhar ID system, there is a huge appetite for transformation in the Government than ever before. The next could be blockchain, with the Institute for Development and Research in Banking Technology (IDRBT) looking into it. There is potential to build the necessary trust through the software mechanism rather than relying on human only institutions.

To conclude, it can rightly be said that it is a fascinating period in India and all the major organizations are watching closely while tracking the ecosystem. There is optimism in the industries about the quality of startups in the areas like cognitive computing and blockchain. Large clients are keen to get an insight into new business models and related mergers and acquisitions. In short, things are just starting to heat up across the technology sector in the country.