The impact of technology on our lives, businesses, and strategies is undeniable. Today, organizations are not just considering implementing technology to automate business processes but also to create platforms that can be monetized in a new business model. They are embracing it and leveraging the potential of modern technologies such as AAA (Automation, Artificial Intelligence & Analytics), IoT, Blockchain and Quantum Computing for further disruption. The convergence of these technologies is expected to take us on an exciting journey into a future shaped by innovation and digital transformation. According to a report, India’s IT spending forecast will reach $124.6 Bn, led by AI and digital transformation. IT spending is set to rise as businesses prioritize AI integration across practices.
The incorporation of AI presents a transformative opportunity for businesses to adapt to evolving markets and global competition. This strategic shift can lead to long-term advantages for organizations, enabling them to explore new business lines and growth opportunities. As the technological landscape continues to evolve, India’s IT industry is set to embark on a significant period of growth, with a greater reliance on AI-powered solutions, which will drive progress and development.
Leveraging a Cognitive Operating Model for Business Foresight
Enterprises are expected to adopt a more data-driven approach to decision-making in 2024. With market forces constantly changing, businesses will increasingly rely on data and insights rather than relying on instinct alone. To achieve this, they will transition from a digital operating model that prioritizes multichannel and scale to a Cognitive Operating Model that puts data at the core. This shift will require them to establish proper data governance and ownership structures across business units and provide support to central technology teams. Data-driven architecture will ensure that foundational data elements are robust, enabling business and data science teams to work on use cases for business transformation. Moreover, conversations will shift from data accuracy and ownership concerns to monetizing data.
Generative AI: Unlocking Transformation across Industries
In 2023, there was significant interest and some increase in the potential of Generative AI (GenAI). This technology has the potential to increase business productivity by up to 40% through the use of AI tools for pair programming. However, many enterprises expressed concerns about data privacy, security, copyright infringement, and code quality when using GenAI. They had questions about who would be responsible if a prompt generated a response that seemed to have copied patented content or what would happen if a prompt generated a virus, along with the expected answer to the query. They were also curious to know if this technology was secure enough and who ensured that data was protected and not taken outside the organization. Most of these questions have now been addressed; for instance, using GenAI tools on a private instance of data ensures security and data privacy. Hence, we expect a significant surge in the use of GenAI for solving multiple business problems in 2024.
A significant challenge has hindered the widespread adoption of GenAI by organizations in the past: the high cost of building the necessary data infrastructure, including hardware, and running AI/ML models. This cost was often deemed higher than the immediate benefits that could be quantified. However, with the emergence of multiple new suppliers in the hardware market and the steep downward cost of running models, enterprises are now presented with a much better business case for using GenAI at scale. Going forward, enterprises will adopt safe and responsible AI frameworks and leverage GenAI to solve business problems.
Some of the most popular use cases of GenAI revolve around enhancing knowledge management. For instance, a contact center agent can leverage GenAI to generate insights to help them resolve customer issues more efficiently. This not only improves customer experience but also boosts the productivity of contact center agents. Moreover, customers can develop industry-specific language models and implement them using GenAI. In the near future, we may see widespread deployment of such technology, where human interaction will become digital, powered by photo-realistic avatars as the interface, a GenAI layer for response processing, and conversational AI for interactions.
Cybersecurity: Shift from Reactive to Proactive Approach in 2024
In the realm of modern digital landscapes, cybersecurity has evolved into a shared responsibility that extends far beyond safeguarding IT assets. The alarming cyber-attack surge has transcended technological concerns, targeting vital business assets. The proactive generation of threat intelligence coupled with adept threat response mechanisms has become imperative in this landscape. Enterprises are pivoting towards cyber resilience as a cornerstone of their strategic agendas. Substantial investments are channelled into fortifying businesses, comprehending the expansive attack surface, and bolstering preparedness for unforeseen incidents.
An increase in cybersecurity measures is expected in 2024, with a broad focus on domains such as cloud, network, and application security. Soon, the incorporation of advanced AI technologies into security protocols is expected to revolutionize the way we safeguard ourselves against threats as more and more resources are invested in cybersecurity. To enhance an organization’s security, it is essential that everyone takes responsibility for cybersecurity and that risky behaviour is discouraged. Additionally, creating a cybersecurity culture will help to prevent cyber threats and improve an organization’s overall security posture.
Enabling Business Agility through Industry Cloud Platforms
Industry cloud platforms have brought significant advancements by seamlessly integrating Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS), empowering businesses to achieve outcomes faster. The healthcare sector is an excellent example of how this integration has helped organizations deliver comprehensive patient management solutions. By combining SaaS for electronic health records, PaaS for building custom applications, and IaaS for scalable storage and computing, the healthcare industry has been able to streamline patient care, reduce appointment lead time, and significantly cut administrative costs.
Industry cloud infrastructure offers numerous advantages, including scalability, adaptability, and cost-efficiency. It enables businesses to adjust their operations without the need for extra infrastructure or resources, making it particularly beneficial for small and medium-sized enterprises that may lack the means to create and maintain their IT infrastructure.
Seizing the Quantum Opportunity on the Horizon
Quantum computing has made significant advancements, especially in hardware, crucial to mainstream technology integration. Improvements in qubit stability, error correction, and scalability have transformed theoretical possibilities into actual progress. Many innovations, such as novel quantum algorithms, efficient error correction techniques like surface codes, and advancements in quantum error correction protocols, have boosted quantum systems’ reliability and computational capacity. As hardware becomes more stable, businesses increasingly consider quantum computing a valuable addition to their technology portfolios. This shift in corporate strategy is leading organizations to adopt a long-term outlook on quantum computing, with the aim of utilizing its capabilities for complex problem-solving, optimization, and revolutionary advancements.
Metaverse: Connecting Virtual and Real Worlds
Digital Twins and the Industrial Metaverse are emerging as key technologies to revolutionize industries. These technologies are rapidly gaining mainstream acceptance and are poised to usher in a new era of innovation and connectivity. Digital Twins are increasingly being adopted across various sectors, such as manufacturing, healthcare, and urban planning, to enable predictive maintenance, enhanced simulations, and real-time monitoring. At the same time, the Industrial Metaverse, an interconnected digital realm that blends virtual and physical worlds, is expanding the horizons for collaboration, training, and immersive experiences within industrial domains. Recent developments in AI-driven analytics have led to more accurate simulations and refined predictive capabilities. According to reports, the global Metaverse market is expected to reach USD 800 Bn by 2030. As these technologies continue to evolve, the synergy between Digital Twins and the Industrial Metaverse will offer unparalleled opportunities for efficiency, sustainability, and transformative growth in the years ahead.
India has the potential to reap significant benefits from the use of Industrial Metaverse, such as improved efficiency and reduced CAPEX and OPEX. The country has already taken significant steps towards achieving this by launching its “Digital Twin Strategy for Indian Infrastructure”. This strategy allocates funds and resources to advance knowledge and policy development for the widespread implementation of digital twin technologies. These initiatives are helping to drive the growth of the Industrial Metaverse, and we can expect to see a wide range of innovative applications across various industries.
Chief Digital Services Officer
Tech Mahindra
Placing Sustainability at the Core of Innovation
In the rapidly advancing technological world, sustainability takes on a central role in guiding the direction of industries. ESG (Environmental, Social, and Governance) principles are no longer just a buzzword but an essential aspect of innovation. Adopting renewable energy sources, reducing carbon footprints, and leveraging cleantech solutions are becoming standard practices. Investors are shifting their focus towards organizations that prioritize sustainability, while consumers are demanding innovative and ethically responsible products. In the upcoming years, tech industries will emerge as leaders of change, combining innovation with responsibility to shape a world where progress isn’t measured just in bytes but in sustainable footprints.
As we dive deeper into India’s digital landscape, we see the amalgamation of transformative technologies shaping the country’s growth trajectory. The democratization of GenAI and the seamless integration of industry cloud platforms highlight a vibrant ecosystem that embraces innovation. As we venture into the Metaverse era and augmented realities transform industries, the Indian IT sector displays a strong appetite for evolution. In 2024 and beyond, India’s digital realm will continue to evolve, poised to redefine norms, empower sectors, and revolutionize technological and sustainable innovation!
