Our Strategies Aim To Tackle Complex Problems With Innovative Solutions: Deloitte's Romal Shetty

Deloitte is driving India's growth in technology and innovation by investing in sectors like AI, semiconductors and supply chain advancements, boosting economic potential. India CEO Romal Shetty throws light on this and more in this interview with BW Businessworld’

You have made some big decisions regarding Deloitte’s tech investments. In this ‘techade’, as India becomes the innovation capital of the world, would you like to take us through the sectors seeing the highest impact? 
Deloitte has been at the forefront of technological innovation, and we are heavily investing in emerging technologies such as Gen AI, 5G, the internet of things, cybersecurity,  analytics and augmented/virtual reality across various sectors. To spearhead these, we recently launched a Centre for Innovation and Technology. The centre in Bengaluru features over 100 use cases, demonstrating applications such as 3D printing for rapid prototyping of precision parts and 5G-enabled low-latency communications that drive precision manufacturing across industries. It also highlights the practical benefits of solutions such as intelligent manufacturing, AI-driven content and modern customer experiences. 

We also have centres of excellence across Gen AI, ESG, Operate and Space, where we help our Asia Pacific and global clients. 
We foresee five key areas being most impacted in this ‘techade’ -- financial services, electronics manufacturing services, semiconductors, industrial products and services and transportation and logistics. These sectors will be crucial in achieving our vision of a $7-trillion economy by 2030 and increasing our share of global merchandise exports from approximately 1.8 per cent to 3 per cent during this period.

You referred to Gen AI a couple of times, and this is a new opportunity for India to focus on AI from a product and service lens. Can you tell us more about the specific AI-driven initiatives you are focusing on?
Deloitte’s AI Center of Excellence offers a comprehensive approach to help enterprises improve business outcomes, redesign business models, enhance revenues, accelerate innovation, discover insights, boost productivity and improve profitability. To embed AI and Gen AI at the core of businesses, we adopt an ecosystem approach, collaborating with alliance partners, startups, and academic and research institutions to address our clients’ business challenges.

Our Gen AI Incubator in India supports Indian companies in developing and deploying innovative GenAI solutions and helps global organisations productionise their Gen AI journeys. We address critical business issues across several industries. Leveraging our alliance partners, we provide a comprehensive ‘silicon to services’ offering, covering the entire Gen AI stack.

Additionally, we have launched a geospatial and AI platform for scenario planning and monitoring, integrating Google Earth, Google Earth Engine (GEE), and Gen AI. This platform aids organisations in sustainable decision-making, such as improving disaster response, infrastructure planning, and urban development. 

The Deloitte AI Institute leverages deep industry knowledge to lead the AI conversation and uncover insights within this complex ecosystem. Our partnerships with academic institutions deliver rigorous, immersive programms in AI and machine learning, aimed at building the next-generation workforce.

Since we are on this subject, as you are aware, cyber risks grow with increased digitisation. What steps is Deloitte taking to enhance cybersecurity, especially in emerging sectors?
As businesses embrace digital transformation and threat actors become increasingly sophisticated, the cyber risk landscape becomes more challenging. This is a top concern for CEOs and boards worldwide. 

From a national perspective, space is now the fourth domain of national security, with satellites being critical for security, communications and business. Safeguarding these assets and their data is imperative. 

Deloitte’s cyber practice safeguards critical infrastructure for emerging sectors through 24/7 engagements. We deliver comprehensive cybersecurity services. Key measures include regular risk assessments, addressing findings, employee training, business-wide collaboration, robust crisis management, and scientific progress tracking. Mastering these fundamentals is crucial.

With regulatory demands intensifying, we work closely with clients to enhance compliance through technology and automation, strengthen third-party risk management, improve data visibility and practices, and bolster governance, security and privacy. Ultimately, transforming cyber practices to align with the digital age is key.

What are the biggest challenges you foresee for consultancies in emerging markets over the next decade?
The biggest challenges for us over the next decade will also create significant opportunities. We have to stay ahead of the curve. Rapid technological advances, such as generative AI, will disrupt the industry. Consultancies need to be a step ahead of these developments to drive innovation and offer cutting-edge solutions.
Innovative business models are another challenge as developing new business models and adopting outcome-based fees for unexplored areas will be crucial. Some of the other challenges include risk management, healthcare and infrastructure solutions, frugal innovation and cost competitiveness.

There also are additional considerations. For example, adapting to cultural norms is vital for building strong client relationships. Emphasising corporate responsibility and ethical practices will gain prominence amid increasing public scrutiny, allowing consultancies to demonstrate their commitment to social good. And of course talent development. 

Success in emerging markets will require strategic foresight, local knowledge and resilience to navigate these challenges and capitalise on opportunities.

Finally, how do you balance your roles with the responsibility of financial stewardship in volatile markets?
As an organisation, we maintain robust systems of internal and quality controls, and risk management frameworks to safeguard integrity and maintain the highest ethical standards. This involves continuously assessing risks which our clients and different businesses face, adjusting risk, operational and investment strategies, and ensuring compliance with regulatory standards.

Moreover, enabling transparency and ethical conduct is paramount. We uphold high standards of corporate governance and accountability, ensuring that our decisions align with both regulatory requirements and the long-term interests of our clients, regulators, talent and other stakeholders.

Our continuous investment in technology and data analytics enables us to enhance decision-making processes and provide clients with sophisticated risk assessment tools.

Noor Fathima Warsia

BW Reporters A veteran journalist in business and corporate journalism, Noor Fathima Warsia is the Group Editorial Director of India’s oldest business publication, BW Businessworld. In her role, Noor leads the editorial initiatives across BW Businessworld’s flagship product and communities focused on education, startups, healthcare and wellbeing, media & marketing, gaming, HR and legal among others. In a career spanning more than two decades, Noor has led the publishing of the flagship BW Businessworld magazine and its community magazines, guided the online editorial team and led communities such as BW Marketing World apart from working on editorial-led IPs such as BW Most Influential Women, BW India’s Most Sustainable Companies, BW Top 50 Marketers and more.