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Be a CIO, not a CI-NO: Why you should say “yes” to digital transformation
By Vibhuti Garg,
As a CIO, you need more than infrastructure to run your enterprise. But that’s not all you need. Don’t you also want to foster better employee engagement and create exceptional customer experiences? It was found that 67 percent of consumers site bad experiences as a reason to stop doing business with a company, according to research from thinkJar. Striving to change this, 82 percent of CxOs expect to engage more digitally in the next 3-5 years, IBM reports.
Are you ready to support your customers’ needs by starting your digital transformation journey?
To understand your needs as a CIO, let’s first understand the Indian market landscape, its challenges and how to approach them.
Indian market landscape
The Indian market today is largely disrupted by digital evolution. It is partly due to a surge of mobile devices, online consumers and regulatory reforms. India today has more than 1 billion mobile subscribers, 400 million internet users and has ranked third in the global smartphone market.
On the regulatory front, digital disruption is partly being powered by the Digital India programme, a flagship programme of the Government of India, with a vision to transform India into a digitally empowered society.
What does it mean for you?
Your business is counting on you to deliver the insights and innovations that fuel digital transformation and lead to enhanced customer and employee experiences. Here’s how can move your business forward:
- Design a digital transformation strategy that drives bold change and allows you to exploit every growth opportunity.
- Enrich customer and employee experiences with better insights with a cloud platform that offers the digital, mobile, collaboration, advanced analytics, and artificial intelligence (AI) services that you need.
- Reinvent work with unified collaboration solutions and industry- and role-based mobile applications that integrate AI to empower employees and optimize their productivity.
Indian banking industry perspective
Need: Rapid growth of internet and mobile usage are opening up options for large-scale disbursement of financial services. The Indian government’s “Digital India” initiative exemplifies massive volumes of micro-transactions. Mobile banking and mobile wallets — relatively newer forms of payment — are growing in popularity at a tremendous speed. It’s projected by Google and A.T. Kearney that mobile purchasing will make up 70 percent of all transactions by 2020.
Challenge: There is a gap between the rapid growth of technology and the infrastructure to support it. As a result, financial services are still inaccessible to a large section of society.
Solution: Digital transformation looks like a path to viable solutions and growth.
- The rise of low-cost direct banking where reach is determined by technology and marketing, not by branch networks.
- Mobile payments will grow in importance, taking its place alongside cards as the primary medium for consumer payment and eventually, dominating it.
- The rise of devices to support digital transformation will be governed by how CIOs create a roadmap and work toward its realization.
Indian healthcare industry perspective
Need: India’s demand for healthcare services will significantly increase due to an increasing number of corporate hospitals offering better quality services, increasing disposable incomes and better health awareness.
Challenge: It will not be possible to meet this increased demand given the growing costs of healthcare. Healthcare costs are projected to rise above the expected growth in individual incomes. Increasing public expenditure on healthcare alone will not be sufficient to address these challenges. So how do Indian healthcare organizations manage this situation effectively?
Solution: Stakeholders need to fundamentally rethink healthcare delivery models through better technology adoption, expanded innovation and extensive collaboration. By collaborating extensively across ecosystems, healthcare stakeholders can optimize usage of infrastructure and professional skills and effectively implement health awareness initiatives.
How to start your digital transformation journey
- Embracing technology to respond to disruptive business needs.
- Learn how you can team up better with LOBs, especially CMOs.
- Learn to effectively address the modern conundrum of shadow IT.
A look into the future
The digital revolution is transforming the Indian social and business landscape. It’s driven by the need for a connected society, an innovative and entrepreneurial mindset, and an emergence of large enterprises. The success of any enterprise will be determined by agility, brand value and differentiators which can be refined through innovation and continued digital transformation.
This article was originally published on Mobile Business Insights.