Village Financial Services

Nov 22, 2019

Digital Innovation around us

By Arabdha Das

As we wonder at the innovation, creativity, changes and evolution that is going around us, trend watchers are struggling to keep pace with all the extra ordinary new ideas born every minute and science fiction is somewhere coming to reality and much faster than expected.

Running a competitive business is challenging as we tumble from one paradigm into another; the leadership role is significant. Culture change is the bigger picture that needs to happen in organizations to stay relevant in the coming years.

Human and machines are connecting more intensely as the world around us is shifting higher gears. Preparing for the digitally enabled future is essential and it’s important to explore the new opportunities, new ways of working.

AI, Block chain, 5G, AR and much more is here for more and more cross company collaborations, to drive more innovations and to solve the bigger problems humanity has. The potential for value creation lies at the crossroads of new technology, new business models and the knowledge and competences of the workforce.

Asia is fast becoming the center of digital innovation for the world. The region accounts for half of the world’s total 2.8 billion Internet users, and it is already the largest regional e-commerce market. India is already home to one of the world’s largest and fastest growing bases of digital consumers. India is digitalising faster than many mature and emerging economies.

With more than half a billion internet subscribers, India is one of the largest and fastest growing markets for digital consumers, but adoption is uneven among businesses. With each passing year the digital capabilities are improving, and connectivity is becoming omnipresent.

Going ahead, technology is poised to quickly and radically change every sector of India’s economy, which is likely to both create significant economic value and change the nature of work for tens of millions of Indians. India, a growing economy, has plenty of room to grow.

Innovation and transformation are often used synonymously, but they are different in the digital world. In some instances, transformation can lead to innovation. In others, innovation can lead to transformation, but this mutually causal relationship is often overlooked since they are thought to mean the same thing.

While indeed related, it is crucial for modern business leaders to know the difference between the two terms. One of the major differentiating factors between transformation and innovation is speed—or lack thereof. Transformations take time—moving from one state to another is a process. Innovation, on the other hand, usually refers to a sudden spark or creativity, and the incipient actions that lead to implementing that spark into a company’s strategy.

Across the globe, it is important to understand the drivers of the development and the paradigm shift that has happened in the last few years with the advent of new digital service platforms. It’s time to look at the will of the leaders on using innovation for society, country, organization and its also time to notice the developments that around us are changing our lives.