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KPMG report dissemination 'The Intelligent Economy' today

As technology literacy sees large-scale increase in India and demand for better products and services is on the rise, the internet driven industry revolution is giving way to several billion-dollar start-ups and changing business models by established firms. A new phenomenon of ‘internet economy’ is dominated by intelligent and interconnected machines, and self-learning algorithms. This digital revolution is not only expected to generate new market growth opportunities, but also create many new jobs and revenue streams.

 

Some key areas covered in the attached report are:

  1. A timeline of 22 years of digital disruption in India since 1993 starting from the Internet revolution in 1993 which led to online banking in 1997, Social media disruption in 2005 and smartphone disruption in 2008. 2010 witnessed messaging disruption and 2012 saw the emergence of digital wallets
  2. One of the key roles in the intelligent economy is being played by the digitally enabled consumer with India emerging as the second largest internet user market and the second largest market for a leading professional social network. The paradigm shift in businesses which is represented by greater adoption of technology-driven business models is another driver of the intelligent economy in India
  3. Key drivers and challenges in adoption of new technologies: Artificial Intelligence, Robotics process automation, big data and analytics, Internet of Things (IoT)
  4. Digital transformation in healthcare – Technologies like m-health apps, cloud, wearables, big data and analytics, artificial intelligence and cognitive technologies, telemedicine, IoT, 3-D printing, augmented reality and virtual reality – drivers, barriers and the future potential each have
  5. Digital transformation in automotive – Technologies like in-demand vehicle platforms, connected vehicles, self-driving vehicles, automation and robotics, additive manufacturing and 3-D printing, and IoT
  6. Recommendations to organisations, the government and the industry for digital transformation
  7. Challenges in the journey of digital transformation

 

Commenting on the emergence and proliferation of the intelligent economy in India, Mr. K.K. Raman, Partner, Management Consulting, KPMG in India, said, “Becoming a leader in the digital era will require organisations, government and the industry to be prepared for the unpredictable. This is challenging, but is achievable, with a top-down approach, with leadership driving a strategic, enterprise-wide approach, encouraging innovation at every level and latching on to big-ticket ideas, while developing digital competencies. The key is to be agile, yet stable.

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