In the era of digital economy, industries will disappear unless they anticipate changes and disrupt themselves, says Shanky Viswanathan, Global Head (Communications Practice), Tata Consultancy Services. Speaking at a leadership conclave on ‘Digital Economy and its implications’, Viswanathan said companies should focus on their target segments and design their products and services to keep up with the changing business environment, which is now moving towards digital.

“The disruptions in the digital economy are blurring industries’ boundaries, as the newer companies are diversifying into different sectors,” he said. Companies are collaborating with multiple players to provide different services, thus putting an end to monopoly.

Additionally, technology has not only made data accessible, but has also disrupted the way information can be used by the use of big data and artificial intelligence.

“For all these things to happen, the biggest enabler has been connectivity, which has been facilitated by faster consumption of smartphones in the country,” Viswanathan said.

Kalpathi S Suresh, Chairman and Chief Executive Officer, Kalpathi Investments, said processing power and access to data in the real time had given rise to services which were inconceivable a few years ago. “The enabling environment that we have now has facilitated such a transformation,” he said.

Social media impact

In addition, start-ups’ understanding of the social media has helped them leverage it for reaching out to people, thus creating better visibility and monetising it at the same time. Pravin Shekar, Governing Council Member, The Indus Entrepreneurs, said though the Internet has given opportunities, it has also encumbered consumers, with the amount of information available.

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