Day 4 of ET India Inc Boardroom 2022: How India Inc is embracing digitisation and automation to power India’s digital economy

“India’s digital economy is expected to witness an exponential growth of $800 billion by 2030 on the back of rising internet penetration, increasing income, and the young Indian population,” Finance Minister Nirmala Sitharaman said recently in March 2022. To be clear, India is one of the largest and the fastest growing digital markets in the world. Both private sector innovations such as the widespread adoption of digital payments and availability of high-speed internet in remote areas as well as public sector initiatives such as the government’s Digital India campaign have acted as a catalyst for this rapid digitisation.

To highlight how India Inc is embracing digitisation and automation, and the role Indian businesses will play in powering India’s $1 trillion digital economy dream, the deliberations on Day 4 of ET India Inc Boardroom 2022 is focused on the theme of digital transformation and automation.

In various knowledge sessions on Day 4 of the ET India Inc Boardroom, the business leaders, policymakers, and innovators who are leading digital transformation initiatives will share best practices on building a robust digital landscape and reinventing operations to stay competitive and thrive in a rapidly evolving digital economy.

Watch the theme-based sessions on ET India Inc Boardroom 2022 here

In order to stay competitive and relevant, companies and individuals are quickly adapting to this ever-evolving world, by reinventing themselves through technological advancements. While many companies were already experimenting with technology, the COVID-19 pandemic further accelerated the pace of digital transformation and implementation of automation processes for the greater majority.

The five-day-long ET India Inc Boardroom 2022 event, which kickstarted on May 16, 2022, has since focused on one key theme each day, including economy, ESG, financial inclusion, and startup and entrepreneurship. Rightly termed as India’s largest corporate boardroom, the ET India Inc Boardroom is being hosted virtually until May 20 for a global audience of over 10,000+ attendees and is brought to you in partnership with Associate Partner Commerzify and Knowledge Partner Bain & Co.

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What to expect on Day 4 of ET India Inc Boardroom:

• Revenue stream innovation with digital transformation

As companies adopt digital and automated working models, it has also brought about a change in their business models. On the one hand, it has presented businesses with opportunities for developing innovative products, new methods of service delivery, value creation as well as profit generation by incorporating cost-effective methods. On the other hand, it has also led to a new set of challenges for traditional businesses focused on physical products and retail as the transition to digital format would require them to develop new skills, value chains and a customer-focused mindset.

At ET India Inc Boardroom 2022, Aloknath De, Senior Vice President and Chief Technology Officer, Samsung India, Rohit Tuteja, Director - Product, UpGrad, and Rahul Khare, Director - Global Sales (New Verticals) - Honeywell Connected Industrial will deliberate on methods to innovate revenue streams as businesses head towards digital transformation in a panel discussion moderated by Florian Hoppe, Partner, Bain & Company.

• Developing cybersecurity expertise of corporate boards

Increasing adoption of technology, cloud computing, and digitisation raises cybersecurity risks for companies. As per a report by US Security firm Crowdstrike, India was among the top 3 countries most affected by ransomware attacks. It was also estimated that ransomware attacks cost the world $20 billion and hit 37% of all businesses and organisations in 2021.

Kalyan Muppaneni, Founder and CEO, Pi Data Centres; Dr. Pavan Duggal, Chairman, International Commission on Cyber Security Law; Priya Kanduri, Vice President, CTO-Infrastructure Management & Cyber Security, Happiest Minds Technologies; and Anand Agarwal, Former Group CEO and Board Member at Sterlite in a panel discussion moderated by Velu Sinha, Partner, Bain & Company will talk about how it has become necessary for corporate boards to develop cybersecurity expertise and why cybersecurity needs to become a boardroom priority in today’s digital-first, remote work environments .

• Managing workforce transformation post pandemic

Industrial production was transformed by steam power in the nineteenth century, electricity in the early twentieth century, and automation in the 1970s. Today, another workforce transformation is on the horizon with the rise of new digital industrial or Industry 4.0 technologies. In a panel discussion moderated by Shuvabrata Nandi, Partner, Bain & Company, panellists MS Jagannath, Independent Healthcare Consultant and Former CFO & Director, Columbia Asia Hospitals Private Limited; Vineeth Purushotaman, CIO, Aster DM Healthcare, and Srikanth Karra, Chief Human Resources Officer, Mphasis discuss how Industry 4.0 needs to focus on novel approaches to ensure workforce transformation that’s driven by digitisation and automation, while addressing the prevailing fear of machines replacing humans.

Watch the theme-based sessions on ET India Inc Boardroom 2022 here

The five-day-long ET India Inc Boardroom event started on Monday, May 16. Each of the five days are focused on one theme, just as day 4 is dedicated to digital transformation and automation,day 1 was focused on economy, day 2 on ESG, and day 3 on financial inclusion.

Sign up for the last day of the event on May 20, that will feature deliberations on startups and entrepreneurship.

For more on the ET India Inc Boardroom 2022 event, visit the website here.