Digital transformation of businesses that has got accelerated amid the challenges brought upon by the pandemic is poised to emerge as the next big opportunity for IT firms, speakers comprising government officials, industry leaders and experts told a summit here on Friday.
COVID is looking like a new Y2K, Telangana IT and Industries Secretary Jayesh Ranjan said, pointing out that the opportunity it presents, however, for the IT firms is much bigger. Unlike in the past, micro, small and medium IT enterprises are better placed to make most of the opportunity, the senior official said, addressing BizSummit 2021 organised by the Hyderabad Software Enterprises Association (HYSEA).
“The difference between Y2K and now is that the IT industry has become much more democratised. Hundreds of companies can provide same services, which in those days only a few could extend,” he said. Urging IT MSMEs to seize the opportunities, including those in less explored markets such as those in Latin American and Africa, Mr. Ranjan cited education and agriculture as examples of sectors in need of digital tools to overcome the challenges posed by the pandemic.
Responding to suggestions from HYSEA on how the government could enhance support to IT MSMEs, he said policies and orders to formalise them would be issued shortly.
HYSEA president Bharani K. Aroll said there are over 1,500 IT and ITES small and medium sized companies in Telangana employing over 50% of an estimated six lakh IT workforce. Thanking the government for its support, he said among the recommendations HYSEA has made included introduction of policy for IT MSMEs, setting up an online portal for IT policy incentive administration and compliance administration, creation of office space that can be allocated the such enterprises on cost-to-cost/subsidised basis as well as construction of Micro and Small Enterprises (MSE) Towers with many common facilities across Hyderabad.
Chairman and MD of Cognizant Technology Solutions, India, Rajesh Nambiar, who virtually addressed the summit, said accelerating the digital transformation is the key to success for businesses. IT firms have a crucial role in enabling this transition for them. “With digital moving beyond technology and into the heart of business operating models and processes, expanding growth horizons, including for SMEs, [it] will be about deepening and broadening new-age capabilities required to realise agile, data-driven and automated processes with an eye on accelerating innovation,” he said.
Joint Secretary to the Union Ministry of Electronics and IT Saurabh Gaur highlighted the various digital initiatives of the government. He said the Ministry would soon be unveiling a digital product development fund.
