admin In a revelation set to redefine India’s economic trajectory, the International Data Corporation (IDC) has forecasted a notable surge in digital technology spending by Indian organisations in 2024. Remarkably, this surge is poised to outpace the national economic growth, doubling the rate of expansion.
Strategic Reshaping through Digital Investment
As organisations across sectors grapple with the imperative to adapt, the IDC report underscores the strategic role of Chief Information Officers (CIOs) in navigating this transformative shift. This emphasis comes as businesses recalibrate their models to fortify digital capabilities, aligning with market demands and fostering agility in operations.
With the integration of Artificial Intelligence (AI) and platform-driven changes, a new phase of innovation is anticipated. Predictive AI, machine vision, and GenAI capabilities are set to converge, along with the provisioning of on-demand services through digital ecosystems, signifying a paradigm shift in the digital technology landscape.
Digital Revenue Dominance on the Horizon
Delving into IDC’s ‘India Digital Business Survey, 2023,’ the report projects that a substantial 60% of Indian enterprises’ revenue will originate from digital business models within the next three years. Digital disruption, deemed indispensable for customer satisfaction and revenue growth, is at the forefront of this transformative journey.
Leadership’s Role in Digital Orchestration
CEOs are positioned as central figures in orchestrating organisational changes. The report highlights their crucial role in emphasising investments in digital-first initiatives, a strategic move seen as essential for achieving digital revenue targets amidst the rapid evolution of technology.
GenAI and Workforce Challenges
Looking ahead, Indian organisations are expected to actively engage with digital ecosystems, employing GenAI to co-develop digital products and services. However, the wholesale adoption of AI poses challenges, particularly impacting employee workflows and learning processes.
As organisations navigate this digital frontier, the report emphasises the imperative for swift adaptation. Sharath Srinivasamurthy, AVP, Research Group at IDC India, notes that these predictions align with the ongoing trajectory of enterprises and CXOs, showcasing a proactive readiness to adapt to the rapid and transformative changes in technology and business landscapes.
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