Digital transformation is increasingly presenting businesses with new value creation opportunities across revenue growth, cost efficiency, and enhanced customer experience. Mastering digital transformation requires not just a deep understanding of collaboration, integrated processes, and a clear strategy but, also a shift in people’s mindset. This is a far-reaching task and requires companies to act now by undertaking short-term initiatives while preparing for medium and long-term initiatives at the same time. Embracing digital is increasingly not just a question of competitive advantage, it is essential for the very survival of the business.
Organizations are shifting from talking digital to make it real. Some leaders are redesigning their customer offerings, capabilities and operating model to take full advantage of digital technologies to keep step with the connected consumer and attract talent. Others are creating qualitatively new business models and tremendous value around disruptive digital opportunities. In doing so, these companies secure not only continued relevance but also superior returns. Digitally transformed companies achieve their competitive advantage by successfully orchestrating and integrating three key ecosystem components – Customer Offerings, Commercial Model and Operating Model (Technology and People Ecosystem).
- The Perfect Storm:
Emerging technologies today are creating a huge wave of transformation in every industry; and organizations are trying to leave no stone unturned to pace up this transformation. These emerging technologies includes AI, IoT, IIoT, Blockchain, AR/VR, Cloud, Automation, Robotics, 3D printing and many more.
- Riders’ on the Storm:
Skills and Talent have become the center point and the most vital factor for the Digital transition that is happening. The need of the hour is to Skill, re-skill and up-skill the talent we have and on-board new talent equipped to accelerate the Transformation in the organizations.
- Navigating to the Maze:
Digital technologies unlock new value creation opportunities via emerging Business models that not only create new value pools but also provide opportunities to existing and new players. There is a clear shift happening from products to services enabled by a shared and connected ecosystem. In this context, data and value chain integration is an asset that can be leveraged to generate value. The organizations today play the role of a Navigator. Changing Business models, evolving Organizational structures and re-structuring will always play a vital role in high-pace digital transformation.
But, has the Design & Engineering world started to fully benefit from Digitization?
Global ER&D spend continues to be on the upward trajectory as evidenced previously and is set to touch the ~ US$ 2.1 Tn size globally by 2022, up from ~ US$ 1.7 Tn in 2017. The corporate sector spend, driven significantly by the top 2000 corporates, is forecasted to touch ~ US$ 900-1000 Bn over the same period, with Auto and Semiconductors being the major sectors in absolute terms. As already evidenced by our data, the majority of the growth in ER&D is going to come from digitization across sectors. While becoming more global, Design & Engineering companies are experiencing increased competition while facing huge disruptions in their core products and economic models. For many traditional OEMs, the immediate focus is on controlling costs and reducing the Time-to-Market of their core products. In this constrained environment, how can we Innovate, Create and Scale to make digital real and support the Design & Engineering companies to transform themselves and fully capture the benefits of the new digitized world?
The 2018 edition of Nasscom Design & Engineering Summit with the theme: “Innovate, Create & Scale: Making Digital Real” will focus fully on this pivotal question.
Participants can expect:
- Thought leadership through engagement with appropriate stake holders
- Emerging practices around the globe
- Special interest group sessions for specific verticals
- Master Classes for hand-holding on issues on the ground
- Technology showcase area displaying cutting edge technology innovations
- Networking session to facilitate exchange of ideas on common challenges
- Business Connect platform to meet like-minded professionals, customers and analysts