A panel discussion on ‘Business Model Transformation in a Digital Economy’ was organised by MVIRDC World Trade Centre Mumbai in association with All India Association of Industries. Panellist Mr. Prasad Ajgaonkar, Chief Executive Officer, iRealities Technology Pvt Ltd. said, “MSMEs must break out of their conventional mindset and adopt digital technologies to remain competitive. Today, start-up enterprises are using digital technologies to customise their offering to cater to diverse cultural and linguistic groups in India. Local problems in India are effectively addressed by using digital technologies. Millions of farmers in India are using digital technologies to access market information and manage price risks.”

Mr. Ajgaonkar said technologies used only for generating efficiency and reducing cost is not real transformation. The true business transformation happens when technology is used to drive sales exponentially.

Panellist Mr. Saugata Basu, Chief Technology & Digital Officer – Textile, Aditya Birla Group said, “Artificial intelligence and data mining are bringing about efficiency in factories by enabling predictive maintenance and promoting safe working environment. Digitisation has transformed manufacturing from mass production to customised production. Even in the retail sector, digital technologies such as virtual reality have enhanced customer experience.”

Mr. Basu said, “Digitisation can reduce rural-urban divide by improving the reach of education and healthcare to a wide geography.”
Panellist Mr. Saurabh Sinha, Associate Vice President, Intellecap said, “Farmers are empowered in rural areas by digitising their access to credit, farm advisory services and markets. Employed women in rural areas are the best change agents as they have benefitted immensely by adopting digital payments.”

In the era of digital revolution, large brick and mortar companies are collaborating with fintech and other startups to stay competitive in the market, Mr. Sinha concluded.

The panel discussion was a precursor event to the 8th Global Economic Summit, an annual flagship event of MVIRDC World Trade Centre Mumbai which is scheduled from March 6-8, 2019 on the theme ‘Services: Enabler of Growth for Trade and Industry’.

Mr. Y. R. Warerkar, Director General, MVIRDC World Trade Centre Mumbai said, “India has embarked on an incredible journey of digital transformation. Digital India is a vision of our Hon’ble Prime Minister Mr. Narendra Modi. Digital transformation has a profound impact on services such as finance, transportation, retail, healthcare, education, among others.”

In Photo:

From (L-R): Mr. Y. R. Warerkar; Mr. Prasad Ajgaonkar; Mr. Saurabh Sinha; Mr. Saugata Basu; Ms. Sohini Das and Mr. Anil Velde.