Digital Transformation Changing Industries' Landscape: Dilip Chenoy, Bharat Web3 Association

"Digital transformation is changing the very landscape of industries and we must ride this wave of change to usher in a new era of business growth," said Dilip Chenoy, Chairman, Bharat Web3 Association and former Secretary General of Ficci.

While speaking at the BW Emerging Business Summit & Awards, he discussed the evolving phases of digital transformation, likening them to waves that shape industries. The first wave, he highlighted, focused on data utilisation, setting the foundation for subsequent waves that would intertwine technology, efficiency, and innovation.

Undoubtedly, the Covid-19 pandemic has acted as an accelerator for digital transformation, Chenoy emphasised. He underscored how industries, irrespective of their scale, have undergone rapid shifts by adopting digital strategies. This transformation is not just about survival, but about thriving in a competitive landscape.

Chenoy also touched upon the emergence of new business models. He cited examples of pioneering companies like McDonald's, Walmart and Unilever, which have not just embraced digitalisation but have also leveraged it to reinvent their operations, thus securing higher growth and net margins.

In his address, Chenoy spotlighted the challenges and concerns associated with digital disruption. He highlighted the growing importance of having a digitisation strategy in place and the pressing need for companies to adapt or risk irrelevance.

The emergence of startups, as highlighted by Chenoy, was a central theme. He showcased Indian startups in AI, health tech, robotics, virtual reality, and other cutting-edge fields, which are spearheading innovation and disruption.

Chenoy's discourse also took a visionary turn, with a focus on Web 3 and the metaverse. He discussed how decentralised systems and digital twins are poised to reshape industries further.