Organisations that do not adopt digital technology will lose to those that do, said R Chandrasekaran, Chairman, Nasscom.
Over $30 trillion of market value across eight sectors will be disrupted to digitisation. The expected spend on digital technology is likely to increase to $230 billion by 2020 from $70 billion this year.
This could be a problem, or an opportunity to beat others and be successful, he told at a conference on Digital Transformation – Emerging IT trends and the impact – organised by FICCI.
The average age of companies in the S&P Index used to be nearly 100 years but is now nearly 15 years and these companies have adopted digital technology in a big way, he said.
The power of technology, which doubles every 18 months, has long underpinned expectations of technological change.
Faster, more powerful computers, combined with access to exponentially increasing amounts of data, have altered ‘our vision of what is possible’.
In 1990, sequencing human genome was a project equivalent to constructing the Panama Canal – team of scientists spent 13 years and $3 billion to unlock the mysteries of human genome.
Today, a $1,000 machine could be soon available to sequence the genome in a few hours, he said.
Chandrasekaran urged companies to adopt digital technology on customer target engagements, operational excellence, internal workflow, supply chain management, risk management and development product and services.