"Going digital is the only way. Companies slow to adopt digital transformation will eventually become obsolete and face extinction," said Mr. Sandeep Raut, Founder & CEO of Going Digital, during an interactive session on ‘Demystifying Digital Transformation’ organized by WTC Mumbai and the All India Association of Industries. The session aimed to equip MSMEs and startups with the necessary resources and knowledge to embark on their digital transformation journey.

In his welcome address, Dr. Vijay Kalantri, Chairman of WTC Mumbai and President of AIAI, highlighted the role of digital technology as a key driver of economic growth. He remarked, "In the last ten years, India has witnessed rapid digitalization across various sectors, including land records, compliance, banking, and finance. India’s digital ecosystem has emerged as the third largest in the world, employing close to 2 crore people. Digitalization has also significantly benefited MSMEs, with 68% of them experiencing revenue growth post-digital adoption. Additionally, digital tools have helped improve productivity by 7% to 10%."

Commenting on India's low share in global e-commerce exports, he added, "While India has successfully developed a robust digital ecosystem, its commercialization is lagging. For instance, India accounts for less than 1% of global e-commerce exports. Although the country aims to increase its share to 10% by 2030, given the size of the Indian economy, we should aim for at least a 20% share."

Highlighting the disruptive power of technological advancements and the importance of staying ahead of the curve, Mr. Raut further remarked, "More than half of the Fortune 500 companies have disappeared since 2000 due to their reluctance to adopt modern technology. It is crucial to understand the distinction between digitization, digitalization, and digital transformation. While the first two involve limited application of digital technology to specific processes, digital transformation entails adopting cutting-edge technology to fundamentally transform businesses and create new business models."

Mr. Raut emphasized three key pillars of digital transformation: customer experience, new business models, and operational optimization. He added, "For successful digital transformation, it is essential to place customer experience at the core while ensuring alignment with business strategy and organizational structure. The information boom has empowered consumers, who now know exactly what they want. Similarly, it is critical for companies to identify their target customers before embarking on the digital transformation journey. If executed correctly, digital transformation has potential to reduce business expenses by 30% while increasing revenue by 20% ".

Addressing the challenges of digital transformation, Mr. Raut identified lack of execution as a major reason for failure. He noted, "Digital transformation is about data, insights, and action. Approximately 70% of companies fail in their digital transformation efforts due to inaction or poor execution. This is especially true for MSMEs, where factors such as inadequate internal communication, resistance to change, and lack of expertise and resources hinder progress. In small businesses, it is vital for top leadership to take the lead in driving digital transformation."

Mr. Raut also advocated for government policy support to help MSMEs adopt digital technologies, underscoring that digital transformation is key to enhancing efficiency and profitability.

The introductory session was followed by a technical session, where Mr. Raut introduced participants to various digital technologies and strategies for their implementation through case studies.

Capt. Somesh Batra, Vice Chairman, WTC Mumbai proposed the vote of thanks for the session. He stated, "Digital technology has emerged as a facilitator, supporter, and disruptor of businesses. It is a highly dynamic system that requires coordination among all stakeholders for effective implementation. It is also a powerful tool, especially for MSMEs and startups, enabling them to enhance business efficiency and profitability. The session like this can play a crucial role in informing the business fraternity about the know-hows of the digital ecosystem ".

The session was attended by MSMEs, startups, entrepreneurs, and business executives.

In the photo: Dr. Vijay Kalantri, Chairman WTC Mumbai and President All India Association of Industries (2nd from left), felicitating Mr. Sandeep Raut, Founder & CEO, Going Digital (3rd from left). Also seen in the picture are Ms. Rupa Naik, Executive Director, WTC Mumbai (on left) and Capt. Somesh Batra, Vice Chairman, WTC Mumbai (on right).