Digital economy booms post COVID-19

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  • McKinsey Global Institute estimates in 2019, could create some US$1 trillion of value in India alone, with the adoption of digital technology and analytics.

The whole world is climbing the steps forward for adopting digital technology and analytics to transform business amidst Covid-19. The advancements are expected to continue in the post-COVID-19 period, as the technologies can generate accelerating impact. The technologies like artificial intelligence, Blockchain, robotic process automation etc. make India in an accelerating pace in the growth and development in the corporate businesses.

In the coronavirus outbreak, India is in the initial steps to be digitalized which enables it with rapid growth in the field of technology. Digitalizing the activities like delivery services, at-home entertainment, education, food, staples, shopping, communications, health and fitness which are at the touch of various technologies, which establishes the concept of social distancing which acquires prime importance in the current scenario.

The senior partner of McKinsey & Company, Rajat Dhawan points out that executives are planning for a sustained economic downturn and an eventual recovery. He enumerated five priorities for corporate India post Covid-19, which include making balance sheets and cost structures stronger, reshaping business portfolios for enhancing the value creation, etc. The embedded digital keys with businesses increase productivity, build greater safety and security, flexibility, automated decision making, and foster more secure and harmonious corporate systems.

This crisis has highlighted the strengths and weaknesses of Indian business systems and demanded a gradual upgrading. As it is said, necessity is the mother of invention, India is on the way ahead to a digitalized and automated technology. It creates an opportunity to make changes that will see the companies through the decline and position them for long-term success.

Several executives positively responded to the current opportunities that the pandemic has come as an alert to embrace advanced technologies and move forward with the existing business opportunity. With rapid development in various technologies, automation is at a tipping point. Today’s automated systems can replace human labours and will boost connectivity and reliability in a hyper-competitive ecosystem

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