Digital Transformation has become the talk of the town after the coronavirus pandemic and most private and public sector companies have had to adapt overnight to the new norm.
Working from home has become the new normal and Digital Transformation has certainly made it possible. Sri Lanka is currently at 35 points whilst the world average is 33 according to a Mckinsey report on Digital Transformation country wise, so we are two points ahead of the world average but we are still lagging behind countries like India and Bangladesh who are leaders in the tech industry.
Digital transformation in South Asia
Digital transformation is happening at a serious rate in South Asia and this region has become a hotspot for digital transformation. India and Bangladesh in particular are key drivers of digital transformation. The tech industries in these two countries are particularly strong. Bangladesh has more than 600,000 IT freelancers out there and the number is growing. With the COVID-19 pandemic taking a hit on all the economies around the world, it is becoming increasingly important to implement digital transformation in State and private sector organisations.
During the lockdown the companies that really benefited were from the Fintech, Ecommerce and AI industries. They provided solutions to entire economies and if not for these companies the pandemic would definitely have taken a bigger toll on the economy.
Amazon, the world’s largest ecommerce company said they were finding it difficult to cater to the exponential demand as a result of the lockdown and in Sri Lanka also there was a huge rise in ecommerce activity as a result of the lockdown and several ecommerce companies emerged to cater to the demand of consumers in a time of crisis. There were several ad hoc social media vendors who emerged mainly on facebook groups and this helped solve the massive pressure on supermarkets to cater to the exponential demand.
Industries that thrived during lockdown
There were three main industries that thrived during the lockdown and they are E-commerce, fintech and AI. These three industries were the ones that benefitted and provided much needed solutions to consumers.
The E-commerce industry as mentioned previously flourished and hundreds of thousands of people in the country got deliveries via online orders. The global Ecommerce revenue is expected to hit US$ 6.5 trillion by 2022.
The Fintech industry has done exceptionally well during the pandemic as it provided crucial financial technology solutions to companies in the financial industry. Banks suddenly had to provide better and more efficient solutions to customers via online banking and fintech companies have provided crucial value additions. The global fintech market is projected to be worth US$ 450 billion by 2024.
The AI industry has provided some life saving solutions during the pandemic especially Machine Learning and Big Data analysis.
“Machine Intelligence (MI) is rapidly becoming an important approach across biomedical discovery, clinical research, medical diagnostics/devices, and precision medicine. Such tools can uncover new possibilities for researchers, physicians, and patients, allowing them to make more informed decisions and achieve better outcomes. When deployed in healthcare settings, these approaches have the potential to enhance efficiency and effectiveness of the health research and care ecosystem, and ultimately improve quality of patient care.” says the National Institute of Health, US.
This shows the massive potential AI has when it comes to medical advancements and in combating the pandemic. Oura Ring is a biosensor that is being used in a limited study for tracking of healthcare workers’ biometric data. In the on-going study, Oura Ring users are responding to symptom surveys to determine whether biometric data can help to identify patterns that could predict onset, progression, and recovery in future cases of COVID-19.
State sector in Sri Lanka must adapt to digital transformation
The State sector in Sri Lanka has a lot of progress to be made in terms of digital transformation and especially when it comes to reducing paper in the offices. There is a lot of progress being made, and an example is how the Department of Motor Traffic issues revenue licenses online. State sector banks are also embracing digital transformation and this was put to test during the lockdown.
The Export Development Board is also doing a great job when it comes to digital transformation, and they have a very commendable online trading platform and have conducted several webinars promoting this as well. This is a crucial sector that must transform digitally especially with digital marketing promotions. I did a presentation on digital transformation to the board of EDB before the pandemic and gave some key insights on the current trends.
Digital transformation is a crucial part of our personal and professional lives and its adaptation is imperative for us to progress in an ever evolving world with technological improvements by the day.
The consumer is starting to demand more as they become more tech savvy and what we offer may not suit the needs of a generation that was born and raised in a digital world. The only option for many companies in the private and public sectors especially during the current pandemic situation is to adapt to digital transformation or lose out in these challenging times.
(Thasim Rafi is an International Digital Transformation Specialist and an International Corporate Trainer working with diverse MNCs. He is a Visiting Lecturer at the University of Sri Jayewardenepura. He has conducted several workshops, lectures, keynote speeches, webinars and appeared on Live TV programmes on the topic of Digital Transformation. You can reach out to him on Linkedin or via email at thasimrafi@gmail.com)
