Sterlite Power Has Been Awarded The Nangalbibra-Bongaigaon ISTS Power Transmission Bid For The North-East

Sterlite Power, a leading private sector power transmission infrastructure developer and solutions provider, has been awarded the Nangalbibra─Bongaigaon inter-state power transmission project worth INR 324 Cr* through tariff-based competitive bidding (TBCB) by virtue of emerging as the L1 bidder. 

The project elements consist of a new 220/132 kV substation at Nangalbibra and laying of ~130 km of 400kV D/c transmission line connecting Bongaigaon in Assam to Nangalbibra in Meghalaya across the river Brahmaputra. The project will also have ~20 km of 132kV D/c line connecting Hatsinghmari in Assam to Ampati in Meghalaya. 

Sterlite Power has a track record of executing complex projects successfully with the use of technology and innovative solutions.  The company has completed the NER-II project, an inter-state transmission scheme spanning across the north-eastern states of Assam, Arunachal Pradesh, and Tripura. It will also leverage its prior experience in implementing river-crossing solutions across the Ganges to address the challenge of long span river crossing across the Brahmaputra River.  

With this project win, Sterlite Power now has a portfolio of 26 projects across India and Brazil, which includes projects under various stages of development and those that have been sold. The company is focused on integrating renewable energy sources to the transmission grids. 

About Sterlite Power:  

Sterlite Power is a leading power transmission infrastructure developer and solutions provider with projects covering approximately 13,700 circuit kms of transmission lines across India and Brazil. The Company has a portfolio of high-performance power conductors, EHV cables and OPGW. The company provides bespoke solutions for the upgrade, uprate and fiberzation of existing transmission infrastructure projects. It is the sponsor of IndiGrid, India’s first power sector Infrastructure Investment Trust (“InvIT”), listed on the BSE and NSE. The company was also recognised at The Economic Times Innovation Awards 2020 and is a recipient of awards from International Project Management Association (IPMA).  

LTI Crosses USD 2 Billion Annual Revenue Run Rate; Net Profit Up By 20.8% YoY

Larsen & Toubro Infotech (BSE code: 540005, NSE: LTI), a global technology consulting and digital solutions company, announced its Q2 FY22 results today.

In US Dollars:

Revenue at USD 509.0 million; growth of 8.3% QoQ and 25.8% YoY

Constant Currency Revenue growth of 8.9% QoQ and 25.5% YoY

In Indian Rupees:

Revenue at INR 37,670 million; growth at 8.8% QoQ and 25.6% YoY

Net Income at INR 5,517 million; growth of 11.1% QoQ and 20.8% YoY

“We are happy to report the strongest sequential revenue growth and best ever Q2 of 8.9% in constant currency terms. As we cross the $ 2 billion annual revenue run rate, we continue to remain committed to growth in the future. We are witnessing strong demand and are rapidly scaling up on the supply-side with our headcount up 31% year on year,” Sanjay Jalona, Chief Executive Officer & Managing Director.

Recent Deal Wins

-          Selected by a European company providing digital marketing solutions for a global, end-to-end managed services deal spanning across the internal IT department. The scope includes business applications maintenance, development and support of cloud and data platforms, as well as   end-user services. This will cover multiple digital technologies and will ensure costs efficiency, increased service flexibility and quality, and support growth plans of the company

-          Chosen by a North American manufacturer of golf cars and utility vehicles for a global end-to-end IT managed services deal including set up of processes and tools, security operations, monitoring solutions, and application support. LTI will also be responsible for cloud migration of critical applications as part of this engagement

-          Engaged by one of India’s leading private sector banks to create a data platform on cloud spanning all core and foundational functions of the bank such as Retail, NRI, Wealth, Corporate, Risk, Finance, Operations and HR. The platform will deliver “Speed to Insights” through data & BI democratization, create an ecosystem for AI-assisted sales and services including hyper personalized customer management

-          Selected by a leading specialty vehicle manufacturing company as primary managed services partner to support applications and infrastructure landscape. This is company’s first-generation end-to-end outsourcing contract which will bring 30% savings to operational cost

-          Selected by a leading mass media company as part of a vendor consolidation exercise for database management and support to streamline operations and reduce costs

-          Selected by a global bank for solving regulatory reporting issues and improving business operations efficiency through process automation

-          Chosen by a Global Fortune 500 company and a world-wide leader in beauty and cosmetics for migration of its SAP systems to cloud

-          Engaged by a leading property and casualty insurance software and data analytics provider based in North America in the product engineering space for their Centre of Innovation to enhance customer experience and efficiency across its core products

-          Selected by a Global Fortune 500 oil exploration and production company to bring down its cost and drive operational efficiency by transforming traditional operations into an agile based service delivery

-          Engaged by a multinational professional services provider to provide level 3 delivery management and support on a key revenue generating platform

-          Chosen by a financial services provider as its partner of choice to provide support for its key operational applications to ensure operational efficiencies and reduce costs

-          Selected by the Japanese subsidiary of a utility company headquartered in Europe to migrate to SAP S/4HANA to harmonize and simplify its business processes, improve productivity and enhance user experience

Awards and Recognitions

-          LTI recognized as a representative vendor in the Gartner Market Guide for Artificial Intelligence Service Providers, Shubhangi Vashisth et al., 26 July 2021

-          LTI Recognized as a Leader in the ISG Provider Lens™ Utilities Industry – Services and Solutions – North America 2021 Report

-          LTI Positioned as a Major Contender in Everest Group's Microsoft Dynamics 365 services PEAK Matrix® Assessment 2021

-          LTI recognized in the Forrester report: Experience Design Provider Trends, 2021

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Other Business Highlights

-          The Board of Directors at its meeting held on Oct 18th, 2021 have declared an interim dividend of INR 15 per equity share (Face value of INR 1)

-          LTI has entered in a partnership with eClinicalHealth Limited to accelerate digital innovation in R&D clinical trials management process for patient centric drug development. LTI will help accelerate joint go-to-market pursuits and faster deployment for Clinpal (cloud-based patient-centric SaaS solution). The solution will make use of exponential technologies such as analytics and AI to enhance patient engagement and faster clinical studies

-          LTI is now a signatory to the Ten Principles of UN Global Compact. These principles lay down the operating guidelines for a company to meet their fundamental responsibilities in the areas of human rights, labor, environment and anti-corruption

-          LTI has been recognized as a Great Place to Work-Certified™ Company in the USA for a second consecutive year

-          LTI has been awarded the Golden Peacock National Quality Award 2021. The award recognizes LTI’s consistent endeavor to deliver excellence while maintaining optimum quality benchmarks

About LTI

LTI (NSE: LTI) is a global technology consulting and digital solutions Company helping more than 460 clients succeed in a converging world. With operations in 33 countries, we go the extra mile for our clients and accelerate their digital transformation with LTI’s Mosaic platform enabling their mobile, social, analytics, IoT and cloud journeys. Founded in 1997 as a subsidiary of Larsen & Toubro Limited, our unique heritage gives us unrivalled real-world expertise to solve the most complex challenges of enterprises across all industries. Each day, our team of more than 40,000 LTItes enable our clients to improve the effectiveness of their business and technology operations and deliver value to their customers, employees and shareholders. Find more at http://www.Lntinfotech.com or follow us at @LTI_Global.

Morepen Ropes In Boman Irani For Their Medical Devices Campaign

* Boman Irani highlights the conveniences of home-use medical devices in brand’s latest ad

Morepen Laboratories Limited, a leading healthcare company, roped in versatile performer and ace Indian actor, Boman Irani in an all-new brand campaign focused on the medical devices business. In its latest advertisement, he briefly guides about the benefits of having Dr.Morepen’s effective, accurate and handy home care devices.

The medical devices are effortless unlike any other applications or gadgets, they can be used by following just few simple instructions to get accurate readings to keep one’s health in check. Even elderly people, who need to use simple solutions, can rely on these devices and be rest assured that these devices are quick and easy to use, without any hassles. Monitoring health is the best precautionary measure to avoid complication and manage sound health.

In the words of Mr. Boman Irani, “Nowadays, it’s imperative to have healthcare devices like glucose monitor and blood pressure monitor also at home, besides having a thermometer. I consider this collaboration with Dr. Morepen a good opportunity to communicate how easy as well as important it is to self-monitor health. Dr. Morepen’s devices are user-friendly, quick and reliable. With the help of these devices, we may in fact add Health to our DIY lists, instead of depending on others!”

Morepen Laboratories is investing heavily in technology and mastering the process of home testing and make it convenient for the users to keep a tab on their vitals conveniently with help of latest digital devices that also stores and analyse the data for you. .

Mr. Anubhav Suri, CEO of Medical Devices Business, stated, “We are honored to have associated with legendary Bollywood star who has won many hearts for playing memorable characters in the film industry. The harsh pandemic has completely changed our perspective of health and safety, we have become more conscious about our choices and lifestyle to maintain well-being. Thus, we at Morepen are always focused on creating trouble-free technical solutions to help people to examine their health in safer and quicker ways. Our medical devices make it convenient for people to keep a record of their health in comfort of their houses. Mr. Boman Irani resonates and embodies the seriousness of this topic and rightfully shares insight in the latest ad. It gives us immense pride and satisfaction that Dr. Morepen products stand guard in every Indian home and not just takes care of family health but also the financial ruin that follows due to late detection of medical problem. A small investment in home diagnostics will act as an armour and protect your health.”

Video Links – Dr. Morepen Glucose Monitor with Boman Irani - https://www.youtube.com/watch?v=v_3nAOjolj8 https://www.youtube.com/watch?v=fjQ3INkkgPw

Mr. Sushil Suri, Chairman & Managing Director added, “Our association with Mr. Irani is step forward to increase the reach and penetration of Medical Devices in India at a larger level and help our increase consciousness about the increasing menace of diabetes and cardiac disease which have entered fourth house in the country. We are confident that our association will go a long way in sending the message across the country through various channels To focus on the growth and big expansion plans of this fast-growing business segment, the shareholders of the company approved transferring the into a wholly subsidiary Morepen Devices Limited.”

The home monitoring market is currently US$ 25 billion and is expected to grow to US$ 50 billion in the next two years. There is an influx of medical devices that are aiding this transition, at the same time it is necessary to adapt to the changing environment as going to diagnostic centers might pose threat to the health. Educating the masses on the development is pivotal, and association with Indian cinema icon, Boman Irani will provide an additional boost.

About Morepen Laboratories Ltd. (www.morepen.com)

Morepen is a leading manufacturer of high-quality APIs, Home Diagnostics, Formulations and OTC products in India since last 35 years. All the manufacturing facilities of the company are in the state of Himachal Pradesh and meet the latest international standards. Company’s both API facilities at Masulkhana and Baddi are approved by USFDA and other regulatory bodies of Europe, Asia, and Australia. The company’s state-of-the-art manufacturing facility at Baddi comprises a scientifically integrated complex of 10 plants, each with a specific product profile exporting to over 80 countries worldwide.

Morepen continues to invest in its Research and Development (R&D) infrastructure aimed at developing new molecules to deliver the latest drugs at competitive prices in the global markets. Morepen’s R&D Centre meets all the global regulatory requirements and was recently approved by Department of Scientific & Industrial Research, Govt of India, New Delhi. Morepen R&D and QA team, known for its impeccable service, has filed 125Patents, 60 DMFs and 8 CEPs for USA and Europe, Japan, China, Taiwan and Australian markets

Morepen is also an established name in home diagnostics sector which remained untapped for a long time in India. Dr. Morepen has gained No.1 position in manufacturing and marketing of Blood Glucose Monitors in India. With a stable base of more than four million installations of Blood Glucose Monitors, the company has an installed base of over 10 million Glucose meters and has sold more than 600 million glucometer strips (single tests) till date. Dr. Morepen also has a formidable presence and is the leader in the Blood Pressure Monitors and Nebulizers segments in the domestic market.

Brand Dr. Morepen, which was launched way back in 2001, has created a niche for itself in over the counter (OTC) and Self-Health segment products as well. Dr. Morepen has reached all over the country with over 100 products available both online and offline.

Parag Milk Foods Launches GO Milkshake – Aims To Capture 10% To 15% Of Market Share

* The thickalicious range of milkshakes is priced at INR 30 for 180 ml and will be exclusively available across all platforms

Parag Milk Foods Limited, the makers of India’s favorite dairy products like Gowardhan, Go, Pride of Cows and Avvatar, announced the expansion of their product portfolio with the launch of a range of milkshakes - GO Milkshake. GO Milkshake is made from 100% cow’s milk and is available in  180 ml Tetra Packs in Strawberry, Vanilla, Chocolate and Coffee flavours. It will have a long shelf life at ambient temperature. The thick and delicious milkshake is priced at INR 30 and is available across all the distribution channels.

The new range of milkshakes are tastier and thicker than existing range of milkshakes in the market. It is the perfect drink for both for children and young adults to quench their thirst with a healthier option. According to a new report by EMR titled, ‘India Flavoured Milk Market Report and Forecast 2021-2026’, the market is expected to witness healthy growth in the forecast period, growing at a CAGR of 24% between 2021 and 2026. This unlocks a huge potential for the company to tap into the growing market. Maharashtra with a consumption share of 18.6% represented the biggest market in India in 2017. Maharashtra was followed by Tamil Nadu (15.5%), Uttar Pradesh (12.4%), Delhi (8.9%) and Gujarat (7.5%).

Commenting on the launch, Mr. Devendra Shah, Chairman, Parag Milk Foods, commented “Parents are always looking for healthy food and beverage options for their children that are nutritious and at the same time delicious. The GO Milkshake range is developed keeping in mind the requirements of a modern family who can have a thick and tasty drink on the go, without the hassle of making a milkshake. The drink has optimum calorie content that appeals to children and adults alike. With this launch, we are aiming to capture 10-15% market share.  With our unmatched quality of milk, we are confident of providing a unique taste experience to milkshake drinkers.”

PMFL has been the pioneer of various product formats with its core positioning around “cow’s milk” and has already established a strong dominance in Cheese (with a near 35% market share) and Ghee. If a brand can crack shelf space against large coops at one end and multinationals on the other, it makes for an extremely interesting proposition. With a strong product portfolio catering to the “consumer of tomorrow” (whey protein, branded paneer, curd, etc.), a robust supply chain, PMFL is perfectly positioned to become the most preferred private dairy player in the country.

About Parag Milk Foods Ltd:

Parag Milk Foods Limited, established in 1992, is the largest private dairy FMCG Company with a Pan India presence. We have our own manufacturing facilities with in-house technology which are strategically located at Manchar in Maharashtra, Palamaner in Andhra Pradesh, and Sonipat in Haryana. We sell 100% cow’s milk products which are healthy and nutritious. Our integrated business model and strong R&D capabilities has helped us emerge as the leader in innovation.

Our dairy farm, Bhagyalaxmi Dairy Farm Private Limited house more than 2,500 Holstein Friesian cows, with a mechanized milking process. Under brand “Gowardhan”, we offer traditional products like Ghee, Dahi, Paneer etc. while under brand name “Go” we offer products like cheese, UHT milk, buttermilk, lassi, yoghurt etc.

“Pride of Cows”, the flagship brand of Parag Milk Foods was introduced with a proposition of Farm to Home concept targeted towards customers seeking premium quality cow milk. The Company has also ventured into B2C segment for Whey Protein with the brand Avvatar – India’s 1st 100% vegetarian whey protein, first of its kind manufactured in India.

Our goal is to become the largest dairy FMCG Company that emphasizes on health and nutrition to consumers through innovation.

Vi Partners Larsen & Toubro For Trials Of Smart City Solutions On 5G

* Pilot project to be set up in Pune on Govt. allocated 5G spectrum to visualise and analyse Smart City applications

Leading telecom operator, Vodafone Idea Limited (VIL) and Smart World & Communication business of leading Engineering & Construction conglomerate Larsen & Toubro have partnered, for a pilot project to test 5G-based Smart City solutions, as part of its ongoing 5G trials on Govt. allocated 5G spectrum.

The companies will collaborate to test and validate 5G use cases built on IoT, Video AI technologies leveraging L&T’s Smart City platform – Fusion, addressing the challenges of urbanisation, safety & security and offering smart solutions to the citizens, in a pilot to be conducted in Pune.

Commenting on the 5G trials and partnership, Abhijit Kishore, Chief Enterprise Business Officer, Vodafone Idea Limited, said, “Telecommunications solutions are the backbone of building smart and sustainable cities. The advent of 5G technology opens whole new opportunities to address challenges of urban growth and provide end-to-end solutions to support sustainable creation of Smart Cities, in the future. Vi is happy to partner with Larsen & Toubro to test 5G based Smart City solutions and utilise our mutual expertise to find solutions that can help shape cities of the future.”

“In this constantly-evolving world, we are seeing an exponential rise in demand for smarter and more intelligent solutions and L&T Smart World is committed towards leveraging the latest technological innovations in the IoT and Telecommunications areas to benefit society at large. We are excited to partner with Vodafone Idea to bring to the table our experience, of having successfully executed several smart solutions across Indian cities, to develop customised, IoT-driven 5G solutions for various industry and enterprise verticals”, said Mr. J D Patil, Whole Time Director & Senior Executive Vice President (Defence & Smart Technologies, L&T). “This specific initiative is one of L&T’s portfolio of connected services that leverage 5G’s strengths to gather intelligence to provide value added and actionable insights in the digital and connected services domain, including healthcare where timely communication of critical patient health status to healthcare professionals can save lives,” he added.

The partnership between Vi and Larsen & Toubro aims to trial several 5G based use cases that cover 5G services such as enhanced Mobile Broadband (eMBB), Ultra Reliable Low Latency Communications (uRLLC) and Multi-Access Edge Computing (MEC). It will help to analyse performance requirements of Smart city applications and business models in 5G, design and implement 5G based Smart & Safe city applications and use data analytics tools to visualise and analyse the trial results.

Vi Business has been a steadfast provider for the Smart Cities with its range of innovative IoT, Mobility, Fixed Line data, Business Communication and Cloud Solutions.

Vi has deployed its 5G trial in a setup of end-to-end captive network of Cloud Core, new generation Transport and Radio Access Network, in Pune city. In its initial test results Vi has achieved peak speed in excess of 3.7 Gbps with very low latency on the mmWave spectrum band. These speeds were achieved with state-of-the-art equipment in 5G Non-Standalone network architecture and using NR Radios.

Vi has been allocated 26 GHz and 3.5 GHz spectrum in the mmWave band by the DoT, for their 5G network trials and use cases. Vi has also achieved peak download speeds of up to 1.5 Gbps in 3.5 Ghz band 5G trial network with its OEM partners.

The high speed and low latency characteristics of 5G network enables capabilities such as improved surveillance and video streaming/broadcast to permit the evolution of 5G smart cities and smart factories. Smart City and Industry 4.0 will accelerate with 5G deployment and usher in new era of Digital India.

About Vodafone Idea Limited

Vodafone Idea Limited is an Aditya Birla Group and Vodafone Group partnership. It is India’s leading telecom service provider. The Company provides pan India Voice and Data services across 2G, 3G and 4G platform and has a 5G ready network. With the large spectrum portfolio to support the growing demand for data and voice, the company is committed to deliver delightful customer experiences and contribute towards creating a truly ‘Digital India’ by enabling millions of citizens to connect and build a better tomorrow. The Company is developing infrastructure to introduce newer and smarter technologies, making both retail and enterprise customers future ready with innovative offerings, conveniently accessible through an ecosystem of digital channels as well as extensive on-ground presence. The Company is listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India. The company offers products and services to its customers in India under the TM Brand name “Vi”.

For more information, please visit: www.MyVi.in and www.vodafoneidea.com

About Larsen & Toubro

Larsen & Toubro is an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services. It operates in over 50 countries worldwide. A strong, customer–focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.

Seagram’s Royal Stag Rallies Fans With #InItToWinIt Movement For The ICC Men’s T20 World Cup

* Cricketers Rohit Sharma, Jasprit Bumrah and Suryakumar Yadav have broken the internet with the hash-tag #InItToWinIt. The posts on social media have ignited excitement amongst cricket fans across the country & social media platforms are flooded with conversations & support messages for team India to win back the T20 World Cup.

Seagram’s Royal Stag is proud to announce the new high energy campaign, #InItToWinIt, for the ICC Men’s T20 World Cup. The campaign not only celebrates the game of cricket, but also supports team India in their endeavour to bring home the cup. The campaign features celebrated Indian cricketers Rohit Sharma, Jasprit Bumrah and Suryakumar Yadav as well as global super stars like Kane Williamson, Andre Russel, Mitchell Starc and Faf Du Plessis. The campaign seeks to rally the Indian cricket fans behind the men in blue in their quest for the cup.

Cricket has always been a core pillar in Royal Stag’s brand communication. Over the years, the brand’s strategic partnership with ICC & its association with world’s top cricketers has bolstered its engagement with cricket fans across the world. This year, it seeks to capturing the emotion of a cricket loving nation through its hash-tag #InItToWinIt which has got the nation rallying behind & cheering for the Indian cricket team.

#InItToWinIt campaign was rolled out with an exciting consumer promotion where fans can get an opportunity to watch the T20 WC live in UAE by participating either through social media or by simply giving a missed call on 7329073290. The campaign will be amplified through a high decibel 360 plan across mediums like digital, print, radio & OOH.

Speaking on the new campaign, Kartik Mohindra, CMO, Pernod Ricard India, said “Our journey with cricket started in 2000 and since then we have only strengthened our association with the sport. Since 2018, We have been proud partners to ICC in our journey to be an integral part of our consumer’s numero uno passion - cricket. Royal Stag has always stood by its philosophy of “live it large”, inspiring people to dream large and be the creators of their own destiny. This year, we seek to create a social movement by rallying our fans around their collective dream - of winning the World Cup with a unique way cry, #InItToWinIt. We seek to inspire our national team to be the shapers of their destiny and bring the World Cup back to India. Partnering with ICC, one of the most coveted sports bodies in the world, also allows us to deliver a truly “Live it Large” experience for die-hard cricket & Royal Stag fans, by watching the world cup live in UAE.”

The ICC Men’s T20 World cup matches are scheduled to be held in United Arab Emirates, starting 17th October 2021 to 14th November 2021. Royal Stag had signed a 5-year long global partnership with International Cricket Council (ICC) in 2018 and is an associate sponsor for all ICC events till 2023.

ABOUT ROYAL STAG:

Seagram’s Royal Stag is the flagship brand of Pernod Ricard India. Royal Stag has been a consistent star since launch, and a brand quite often credited to have changed the rules of the game. It is for the young, confident, progressive, and inspiring individual who embodies self-belief. The brand has been inspiring the youth of India through its communication around the philosophy of “It’s your life. Live it large”.

ABOUT PERNOD RICARD INDIA

Pernod Ricard India (P) Ltd. is a fully owned subsidiary of Pernod Ricard SA and is a fast-growing multinational alcohol beverage company delivering quality products to its consumers across the country. With leading brands in each category, Pernod Ricard holds one of the most dynamic and premium portfolios in the industry led by Seagram’s whiskies such as Royal Stag, Royal Stag Barrel Select, Blenders Pride, Blenders Pride Reserve Collection, Imperial Blue, 100 Pipers and a wide range of International premium brands that include Chivas Regal, Ballantine’s, The Glenlivet, Royal Salute and Jameson Irish whiskey. Some of the eminent brands in white spirits category include ABSOLUT vodka, Jacob’s Creek and Campo Viejo wines, Martell cognac, Beefeater and Monkey 47 gin, Kahlúa and Malibu liqueurs, Mumm and Perrier-Jouët champagne. Pernod Ricard India is recognized as an industry leader with various recognitions and achievements that help the company deliver quality products to the consumers. Seagram’s whiskies are exported to 26 countries across the world. Pernod Ricard India is a socially responsible organization with a strong belief to strengthen corporate citizen by addressing social, economic and environment sustainability in all key states.

The Global Digital Innovation Summit 2021: What The New Breed Of Digitally Innovative Companies Is Doing Differently

In an increasingly connected world, a digital first business has become a business imperative. Opportunities, channels, expectations, and competitors are what businesses in the digital landscape revolve around. Technology has forced organizations to adapt and innovate in a bid to keep pace with the ever-changing environment; It has fostered a new breed of digitally innovative companies and has ushered in a new era for businesses in the digital landscape. 

Businesses today find themselves in a period of transition where they are re-imagining several business processes.  The Economic Times Global Digital Innovation Summit offered several insights on how business processes are being re-imagined.  The summit was a meeting of the minds where business leaders discussed how key technologies and digitization such artificial intelligence, analytics, and cloud are creating new opportunities and challenges for organizations.  It consisted of 60 plus speakers and 2000 plus influencers that are set to play a crucial role in shaping the future. 

Speaking at the summit, Shailender Kumar, Senior Vice President & Regional Managing Director - Oracle India, says, “In uncertain times, it's critical for businesses to re-think and reshape their way forward. Industry leaders need to exhibit the following 3 traits: Being Seekers, Market Readers, and Technology Drivers. We’ll see a business transition from survival to growth.” 

Much of the business transition that we see today has been spurred by behavioural change. Consumer preferences have shifted towards digital mediums and they are here to stay. “The change in everyone’s behaviour is remarkable. Every company has to become a software company. Brillio's mission is to help businesses become a greater software company,” observes Aftab Ullah, CDO & COO, Brillio. 

As companies are also becoming software companies, they are focussing on creating a seamless digital ecosystem for key business stakeholders and customers alike. Technological adoption has become a key differentiator for businesses. Rinoo Rajesh, VP - Digital Transformation Services - ConneQt Business Solutions Ltd, avers, “Technology led digital disruption is shaping the industry. More than ever, it is important to strike the right balance between the human touch and AI led automation to deliver a superior stakeholder experience for customers and employees alike.” 

Martin Schwenk, MD & CEO - Mercedes-Benz India highlights that his business has to imbibe a significant degree of learning to make a shift to phygital with online and offline business touch points. To make experiences seamless for customers, it was critical to complement both the online as well as the offline. The human element will be complemented by a digital element.    

Technology is also paving the way for quicker turnaround times for products and services coupled with improved availability and accessibility. “Technology has become crucial for every fashion retailer in the world. This year has been a big growth year for us. We're a family of 8 brands and innovation has always been a part of our mindset. Our ambition is to make sustainable fashion more affordable and available,” says Alan Boehme, Chief Technology Officer - H&M Group. 

Even banks today are also leveraging AI/ML to create a more frictionless experience for customers. They are using analytics to understand customer wants and create innovative products and service that address customer pain points more effectively. Pawan Panjwani, Managing Director & India Head of Technology - JP Morgan, says, “Gone are the days when the conversation between customer and bank is a simple conversation. Presently, AI/ML allows for voice biometrics and sentiment analysis to deliver what the customer wants. This helps banks automate many bank processes. AI/ML allows customers to leverage the insights of banks to make better decisions. Customer expectations have increased. Safety and security is of prime importance, and with the evolution of the cloud the safety and security is facilitated for banks to run their business virtually.”

Digital technologies are also revamping commuting. Businesses have also been forced to innovate on the transportation front owing to a constant disruptions. Prabhjeet Singh, President - Uber India South Asia, says, “When the pandemic hit, it was imperative that we turned up to support both drivers and riders. We were quickly able to innovate much more. We set up uber medics to help all the health care workers and it has become a service line now.  There will be very high expectations from employers to provide safety and that is why we started the uber shuttle.” 

The focus today has shifted to helping create compelling buyer’s journeys to make a lasting impression of the business on the customer. This approach also allows for better customer loyalty. Prabjeets adds that it is super important to make sure that businesses design journeys which are beyond economic value.   

Some vehicle manufacturers have created novel forms of transportation that is not only eco-friendly and in sync with customer values but also innovative. “There has to be a better way of travelling than sitting in a car and polluting the environment and this is where Virgin Hyperloop comes in. It is fair to say that we have become an absolute leader in this technology.  Our vision in India is to connect India: It is the ability to connect 41 cities in under 2 hours,” asserts Harj Dhaliwal, Managing Director - ME & India – Virgin Hyperloop. 

Some other prominent speakers that were featured at the summit were Vipin Sondhi, MD & CEO - Ashok Leyland, Allen Lau, Founder & CEO - Wattpad, Ahmed Abdelaal, Group CEO, Mashreq Bank, Dr. Chintan Vaishnav, Mission Director - Atal Innovation Mission, NobuoKishi, Chief Technology Officer – SkyDrive, Dipali Goenka, CEO & Joint Managing Director -Welspun India, Soumitra Dutta, Professor & Former Founding Dean - Cornell SC Johnson College of Business, C K Venkataraman, Managing Director - Titan Company, Kate Barker, Chief HR Futurist & Advisor - Ministry of Interior (UAE), Navaneel Kar, President & Head India Sales - Tata Consumer Products, and Divya Kumar, Global Digital CFO – IKEA. 

Undoubtedly, digital transformation has both opportunities and challenges for businesses. Creating a culture of innovation has become critical for businesses that intend to stay competitive in a digitally connected world.