Digital Transformation is expected to contribute USD 154 bn to India GDP by 2021

The survey highlights the rapid impact and widespread disruption that digital transformation is having on traditional business models

According to a new research Unlocking the Economic Impact of Digital Transformation in Asia Pacific produced by Microsoft in partnership with International Data Corporation (IDC), "by 2021, the digital transformation will add an estimated USD 154 billion to India's GDP, and increase the growth rate by 1.0 annually,"

The study predicts a dramatic acceleration in the pace of digital transformation across India and Asia Pacific's economies. Last year, about 4 percent of India's GDP was derived from digital products and services created directly through the use of digital technologies, such as mobility, cloud, Internet of Things (IoT), and artificial intelligence (AI).

"India is clearly on the digital transformation fast track. Within the next four years, it is estimated that nearly 60 percent of India's GDP will have a strong connection to the digital transformation trends," said Anant Maheshwari, President, Microsoft India.

The survey highlights the rapid impact and widespread disruption that digital transformation is having on traditional business models.

According to the study, while 90 percent of organizations in India are in the midst of their digital transformation journey, only 7 percent in the entire region can be classified as leaders. The study indicates that Leaders experience double the benefits of Followers, and these improvements will be more pronounced by 2020. Almost half of the Leaders (48 percent) have a full digital transformation strategy in place.

"The pace of digital transformation is accelerating, and IDC expects that by 2021, at least 60 percent of India's GDP will be derived from digital products and services, with growth in every industry driven by digitally enhanced offerings, operations and relationships. The study shows Leaders seeing double the benefits of Followers, with improvements in productivity, cost reductions, and customer advocacy. To remain competitive, organizations must establish new metrics, realign organization structures, and re-architect their technology platform," said Daniel-Zoe Jimenez, Research Director Digital Transformation Practice Lead, IDC Asia/Pacific.

Apollo Hospitals, one of India's Leaders in Digital Transformation has recognized the potential of latest technologies like artificial intelligence, machine learning and data analytics in providing high-quality preventive healthcare services.

"With data being generated at an exponential proportion, technology is helping us derive insights to predict and suggest preventive steps with utmost accuracy. Our partnership with Microsoft brings us to the forefront of this remarkable metamorphosis that is allowing us to meet health care demand and maintain service excellence regardless of geography," says Sangita Reddy, Joint Managing Director, Apollo Hospitals Enterprise Ltd.

Companies and organizations need to leverage their digital transformation journey to reap the full benefits of their initiatives, and to address the invisible revolution brought about the mass adoption of AI.