The penetration of the Internet, proliferation of smart devices and burgeoning IT/ITes industry has provided a fillip to emerging technology over the past few years. The leveraging of technology to boost business outcomes has become the key metric for determining the successes of organisations worldwide. Start-ups, too, have followed suit and catalysed innovation and digital transformation to solve real-world problems through emerging technology.

Technology has unlocked umpteen benefits for companies and start-ups- savings of time and resources, automation of manual processes and thereby accelerating tasks, offering uniquely tailored solutions in line with customers' preferences, building reach and recall among stakeholders, fostering digital transformation and innovation and much more. Technology has also broadened entrepreneurs' horizons and enabled them to tap uncharted territories as their next avenues for growth.

The start-ups are leveraging emerging technologies such as Artificial Intelligence, Cloud Computing, Big Data, Blockchain, among others. This suite of next-generation technologies have redefined how we live, work and play. Artificial Intelligence (AI) is among the dominant technologies that have disrupted businesses. AI mimics human intelligence and executes tasks accordingly, thereby maximising productivity and efficiency in sectors such as education, retail, healthcare, etc. In the retail sector, AI can improve the quality of customer service calls and boost conversions. AI leads to a personalised and informed stage at every leg of the customer journey that facilitates quick decision-making and course correction in their strategies. Similarly, AI-powered chatbots address customer queries and foster engagement in real-time. Education is another sector where AI has proved to be a boon. The use of AI in e-learning helps instructors customise modules according to each student's learning pace and deliver improved outcomes. Start-ups are also using AI to generate precise survey results through geolocation, street maps, etc.

3D technology

According to a Dell report, companies investing in Big Data, cloud and security experience 53% faster growth in revenue than their peers. The explosion of Big Data has necessitated the storing of vital information on one platform for its easy accessibility and management. Cloud Computing technology allows access to all files and documents without any necessity of storing in in your system. This technology will enable businesses to access information quickly, saves time and resources and facilitates increased collaboration. It finds utility in automotive, healthcare and hospitality sectors that rely heavily on data. 

The advent of 3D technology has enabled the precise mapping of metrics such as interaction, attention, intention to cater to cybersecurity and retail purchase processes. The Augmented Reality has also gained traction in the tourism and retail sectors to maximise customer experience. This technology provides an interactive experience by enhancing objects through computer-generated perceptual information. Augmented Reality has aided real estate and retail sectors through 3D immersive walkthroughs and video shopping to improve their experience and boost sales during the COVID-19 lockdown.

Entrepreneurs are also betting on the potential of blockchain technology that can revolutionise real estate, banking and fintech, food safety, healthcare and defence industry. Blockchain refers to the decentralised digital ledger that underlies most cryptocurrencies and eliminates the need for a financial intermediary. This technology can speed up the transfer of funds from few days to few seconds and improve efficiency in the banking and financial sectors. Blockchain can also store titles and deeds on its block, thereby serving as a repository of information and usher transparency in real estate. In the food processing sector, blockchain can trace the source of contaminants in food and thereby improve the food safety process.

Technology for social development and inclusive growth

The series of initiatives by the government has also propelled the use of technology. Taking cognisance of the power of AI, the government of India has formulated the National Strategy on Artificial Intelligence in 2018 that aims to harness the technology for social development and inclusive growth with the aim to make India the 'AI Garage of the World.' The National Mission on Interdisciplinary Cyber-Physical Systems aims to implement CPS and associated technologies to foster translational research and catalyse entrepreneurship and start-up ecosystem development in CPS. It envisages a network of 18 Technology Innovation Hubs (TIHs), 6 Sectoral Application Hubs (SAHs) and 4 Technology Translation Research Parks (TTRPs).

The COVID-19 pandemic has accelerated the digitisation and witnessed start-ups leveraging a gamut of technologies to develop solutions such as UV sterilisation systems, source-based oxygen concentrators, super protective masks and doorstep delivery of fuel to tackle the pandemic.  This trend is foreseen to continue backed by conducive policies, stress on innovation by organisations and cutting-edge research and development efforts. Nevertheless, it is to be remembered that the digital transformation journey entails several challenges; the foremost among them is upskilling and reskilling of the workforce to enable them to stay relevant amid automation. Another challenge is to select the right mix of appropriate technology by aligning it with goals and business outcomes. Here technology should be an enabler and not the end in itself. Also, digitisation is a continuous process and doesn't stop at the mere deployment of technology; it is ever-evolving in tune with the requirements of businesses over time.

The COVID-19 has unlocked the potential of technology to the fullest. The journey of digitisation is arduous but worthwhile in the long run. 

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-Dr. Rajiv Mathur is Managing Director, The Fuel Delivery.