The CISCO Thought Leadership Round Table- Crystechgazing India 4.0 at TiEcon Mumbai 2023 brought together the brightest minds offering a platform for startups to interact, develop and forge meaningful relationships. India stands on the threshold of a change with transformative capabilities. Today, IT systems are generating more and more data, and there is a clear opportunity to use AI to sift, analyze, and potentially prioritize this vast amount of data. The round table spurred vibrant discussions around the opportunities that lie ahead for the startups ecosystem in India and the role technology plays in fostering innovation and growth.
The discussions identified several broad, interconnected shifts, including how technology’s dramatically increasing power is pushing innovation to expert networks at the edges of the business and the ways to discover how to drive better business outcomes with a roadmap that encompasses technological properties. The panelist and participants analyzed how the pace and proliferation of the innovations necessitates radical new approaches.
The goal of the roundtable was to discover trends and stay one step ahead and optimize IT infrastructure for better performance and security. As technology continues to evolve, organizations must stay informed and adapt to the latest trends to stay competitive and protect their IT infrastructure. With the right tools, the company can successfully navigate the ever-changing landscape technology.
India’s digital public infrastructure is transforming the economy and people’s lives. Industrial businesses will be better positioned to benefit from the latest data-driven technological advancements. Data Security needs to be at the heart of Digital Transformation. It should be embedded in every aspect of product development. Cyber hygiene is critical for protecting digital assets, maintaining regulatory compliance and safeguarding public safety. Cyber security should therefore not be an afterthought, it should be integrated from the early design stage. A robust data protection framework is essential to protect citizens’ privacy. Organizations must hence put a security framework around application development.
Shruti Kannan, Head, Cisco for StartUps shared that Cisco for Start Ups is a deep tech B2B startup accelerator and it believes in the power of collaboration and helping startups scale greater heights. She explained that the fundamental change that the future will bring is based on broad connectivity and internet penetration which has grown by 44 % since 2022 and is projected to grow by 54 % in 2030, with around 370 million likely users from rural circles. In other major economic developments, in the healthcare sector, Ayushman cards were issued till Jan 2023 while the telecom sector is all set to attract US $ 18 billion worth of investments. Infrastructure Capital inflow is expected to be around 120 billion $ in 2024 while India’s e-commerce market size is projected to reach $120 Billion by 2026 and India’s Capital flow is projected to trend around $120 million.
She also added that the introduction of 5G and the cloud exponentially boosts network speeds and computer power, which can foster increased innovation. The rollout of 5G will radically transform how companies across industries interact with customers. Retaining consumers improves ROI, fosters loyalty, and attracts new clients which is essential for business expansion and success.
Mukund Pandey, MD, Enterprise Cisco said that Cisco is focusing on security innovations and investments in security infrastructure in India. With a promise of integrating Full Stack Observability with App security, Cisco’s core focus is on secure connectivity, digital experience management and customer interaction management. Cisco Live has path breaking features like secure access to cloud apps, multi cloud defense orchestrator, Generative AI driven capabilities and more. He also emphasized that there should be a cultural shift and every individual should think that the organization’s brand, reputation and security is his / her responsibility. That will be a good catalyst. Startups are key drivers of digital transformation in India. The government, academia, startups and investors are involved in cementing meaningful collaborations and co-creating India 3.0.
Businesses which can differentiate themselves based on sustainability, security and digital experience will have more value. He further added that technology companies with real business outcomes will be the game changers.
Srikanth RP, Editor, Express Computer, explained that technology plays a key role in empowering aspirations. India’s GDP growth accelerated to 6.1 % in 2022-23’s last quarter. India will be in Top 3 by 2027 in terms of absolute GDP. India’s GDP is projected to reach $26 trillion by 2047.
He further added that India is one of the fastest growing digital commerce markets. Scalable initiatives like UPI and ONDC are strengthening India’s digital ecosystem. India has tremendous opportunities ahead to shape its digital future. The future belongs to data- driven companies. The pace of innovation, AI is developing fast and furiously. Technology development is accelerating the growth of the economy.
The conversations also revolved around emerging technologies, compliances, data protection and the impact on future businesses, so that businesses are future ready by adopting the changes. The sharp focus of the discussions was on identifying and delivering measurable business outcomes.
It was further observed that, Growing Cloud adoption in India could unleash new-age edge computing applications. Cloud will also drive opportunities for faster innovation and enable other technologies such as AI (Artificial Intelligence), Virtual and Augmented Reality, IOT and more. The approach was focused on building companies of the future that blend digital and human capabilities—and apply them to all aspects of their business. Reengineering core processes to simplify them and integrating multiple services on technology platforms are important next steps. A successfully implemented tech- enabled transformation will directly affect revenue growth, margins and new revenue streams from new sources.
The session concluded with the thought that the future Outlook and growth prospects in 2023 and beyond are shaped by insights and perspectives in technology advances and trends. It is inevitable that the pace of technological change will continue to accelerate. A successful technology leader of the future must build the ability to absorb evolving change and turn it into a source of competitive advantage.