: +91 7718886506“Technology has made scale irrelevant. In this era of digital innovation, start-up enterprises such as OYO, Swiggy, Uber and Airbnb are competing with large companies without large scale investment. Digitization makes the content viral. The most successful digital companies have never required advertisement. MSMEs must break out of their conventional mindset and adopt digital technologies to remain competitive. Today, start-up enterprises are using digital technologies to customize their offering to cater to diverse cultural and linguistic groups in India. Local problems in India are effectively addressed by using digital technologies. Millions of farmers in India are using digital technologies to access market information and manage price risks,” said Mr. Prasad Ajgaonkar, CEO, iRealities Technology Pvt Ltd. at an interactive panel discussion on Business Model Transformation in a Digital Economy. The panel discussion was organised jointly by MVIRDC World Trade Centre Mumbai and All India Association of Industries.
MSMEs are disrupting large companies using digital technologies, says Mr. Ajgaonkar
Explaining the meaning of true business transformation in the era of digital technology, Mr. Ajgaonkar said technologies used only for generating efficiency and reducing cost is not real transformation. The true business transformation happens when technology is used to drive sales exponentially.
Speaking at this event, Mr. Saugata Basu, Chief Technology & Digital Officer – Textile, Aditya Birla Group said, “Digitalisation and digitization in manufacturing sectors such as textile enhances labour productivity rather than creating unemployment. Artificial intelligence and data mining are bringing about efficiency in factories by enabling predictive maintenance and promoting safe working environment. Digitization has transformed manufacturing from mass production to customized production. Even in the retail sector, digital technologies such as virtual reality have enhanced customer experience.”
Speaking about the benefits for society from digitisation, Mr. Basu said, “Digitisation can reduce rural-urban divide by improving the reach of education and healthcare to a wide geography.”
In his remarks, Mr. Saurabh Sinha, Associate Vice President, Intellecap said, “In rural areas, we adopt the approach of ecosystem digitization. For instance, farmers are empowered in rural areas by digitizing their access to credit, farm advisory services and market. Earning women in rural areas are the best change agents as they have benefitted immensely by adopting digital payments.”
In the era of digital revolution, large brick and mortar companies are collaborating with fintech and other startups to stay competitive in the market, Mr. Sinha concluded.
The panel discussion was a precursor event to the 8th Global Economic Summit, which is an annual flagship event of MVIRDC World Trade Centre Mumbai and which is scheduled from March 6-8, 2019. The 8th edition of the Summit is on the theme ‘Services: Enabler of Growth for Trade and Industry’.
Earlier in his welcome remarks, Mr. Y.R. Warerkar, Director General, MVIRDC World Trade Centre Mumbai said, “This event is being held when India has embarked on an incredible journey of digital transformation. Digital India is a vision of our Hon’ble Prime Minister Shri. Narendra Modi. Digital transformation has a profound impact on services such as finance, transportation, retail, healthcare, education, among others.”
The event was attended by consular corps, senior officials from trade and industry, start-up enterprises, academic institutions and think tanks.
Mr. Anil Velde, Joint Director, MVIRDC World Trade Centre Mumbai proposed vote of thanks for the event.
Photo Caption: (Left to Right) Mr. Y.R. Warerkar, Director General, MVIRDC World Trade Centre Mumbai, Mr. Prasad Ajgaonkar, CEO, iRealities Technology Pvt Ltd., Mr. Saurabh Sinha, Associate Vice President, Intellecap, Mr. Saugata Basu, Chief Technology & Digital Officer – Textile, Aditya Birla Group, Ms. Sohini Das, Senior Assistant Editor, Business Standard, Mr. Anil Velde, Joint Director, MVIRDC World Trade Centre Mumbai.