May 13, 2022
India has an opportunity to fill the ongoing supply chain void emerge as a leader at the global level
A growing number of companies are integrating digital data, AI, and sustainability as an integral part of their business model and this trend will only grow in years to come
Around 70% of the global economic growth will come from the upcoming economies in the near future.
The Chairman also mentioned that health is and will continue to remain an important area that would need constant attention.
As technology becomes an integral part of businesses, Tata Group Chairman, N. Chandrasekaran spoke of “5 megatrends” for the future that would be necessary for all businesses to become solution-compliant.
They are as follows:
Digital adoption:
Using cutting-edge technology such as data science and artificial intelligence (AI) is necessary for the new-age businesses to succeed , stated N. Chandrasekaran. He further added that this technological development is a huge opportunity for India and will in fixing structural problems in the industry, allowing Indian firms to compete globally. A growing number of companies are integrating digital data, AI, and sustainability as an integral part of their business model and this trend will only grow in years to come.
Supply Chain rebalancing:
Due to the ongoing geopolitical situation and the pandemic, the global supply chain has been rebalanced, and it is estimated that around 70% of the global economic growth will come from the emerging economies over the next decade. India has an opportunity to fill this supply chain void and emerge as a leader at the global level.
Sustainability:
Chandrasekaran stated that emerging startups have a key role to play in countering issues stemming from climate change. As firms and business transition, new technology and ecosystems will be required to deal with climate-related challenges and the demand for sustainability arises. This will also bring huge business opportunities in its wake..
Health:
The Chairman also mentioned that health is an important focus area that would need more attention in the near future. With the global pandemic still prevailing in some parts of the world, health and wellness needs to be looked into with utmost importance.
Talent:
Businesses also need to keep up with the latest global talent, stated Chandrasekaran. As the industry evolves rapidly, businesses need to move away from the traditional method of operation and realize that skills will be prioritized over formal education across all industries and sectors. This will assist in the attraction and retention of talent, especially in the technology sector. The ultimate goal is to be able to access talent 24/7 from anywhere in the world.
As the country adopts technologies such as electric vehicles, renewable energy, advanced storage solutions, and circular economic solutions for efficient waste management, there is a demand for a greater degree of technological breakthroughs and innovation, which hold tremendous opportunity for the existing and future workforce of the country.