How to Spread Your Wings in The Year of The Digital Dragon

Roughly a decade ago, Gartner Research coined the term ‘Digital Dragon’- referring to enterprises that enabled radical digital disruption across industries and geographies. In their landmark report, Gartner identified the key characteristics underpinning the Digital Dragon, including the ability to build and orchestrate platforms and ecosystems, and the ability to analyse and monetise Big Data by using AI.

Some of these have become the mainstays of how we navigated the pandemic and bounced back stronger for the future.

Now in 2024 Asia is emerging as the powerhouse engine of global economic growth. With it being the very special and auspicious year of the Dragon, it is interesting to look back and see how Digital Dragons have progressed in the region. At the time Gartner carried out their research, these organisations were at the forefront of digital innovation, technology, and transformation. Today, with the advent of generative AI and the increased excitement for all things technology to drive operational resilience, businesses are expected to deliver growth amid an array of challenges.

For example, business ecosystems have evolved vastly over the last few years to become highly complex and integrated, and value chains have increasingly become non-linear. These ecosystems have also become ‘hyperconnected’ with increasing reliance on immersive interactions between employees, partners, suppliers, customers, and other ecosystem partners. The last two years have highlighted that ecosystem-wide agility is as important as a company’s internal strength.

The democratisation of Generative AI and the speed it affords all of us has been a major tech equaliser. We are seeing increased adoption of AI to enhance decision-making processes, automate mundane tasks, and improve overall efficiency.

In emerging markets, AI is becoming a transformative force, particularly in sectors such as healthcare, finance, and agriculture. It has been the main subject but how it will transform businesses and the world along with it is yet to be seen. I believe, it will continue to accelerate and move to the next wave rather rapidly.

AI is obviously the topic of the year, and perhaps for the whole of the coming decade, but are there other aspects of digitalisation that these “dragons” will need to excel at to keep their edge?

That leads us to another trajectory that is on its upward trend – Security.

As we connect more people and things in the hyperconnected ecosystem, attack surfaces increase and consequently, cyber-risks will increase manifold. The average cost of a data breach increased to $4.35 million in 2022. Enterprises will also need to ensure that they have robust guardrails to mitigate risks from the transformative impact of AI. The rapidly increasing sophistication on either side will lead to stronger impact and evasion tactics. Apart from this, an increase in IoT (connected devices) also equates to a larger potential for risks and vulnerabilities at play.

So, what can organisations do during their digital transformation journey to be successful?

The convergence of infrastructure and security solutions will create a more sustainable set of IT operations for enterprises and governments alike. They will also augur well for a more digital approach to a more sustainable world.

Digital solutions offer a world of unparalleled opportunities. A strong digital core can be both transformative and regenerative. Digital solutions to unlock human potential and improve productivity – severalfold.

Technology becomes the key differentiator across levers. To create capabilities and leverage technology to its fullest potential, organisations need to adopt an end-to-end approach that impacts the entire value chain and the organisation as a whole. Building the right skill sets will be crucial in achieving this goal.

Several key trends will define successful corporate strategies going forward. These include tapping into the immense potential of generative AI and the critical importance of a holistic security infrastructure. Most notably, there is the need for a “constant cycle” of introspection, innovation and technology embracement to stay ahead of the competition.

As the pace of innovation continues to accelerate, there will also be a growing demand for high-speed reliable networks and growth is expected to be 15.5% up to 2026. With the pace of innovation continuing to accelerate, I expect businesses to increasingly focus on ‘future-ready’ networks that offer the ability to introduce new services quickly, effectively and securely.

The next generation of connectivity is all about flexible options that serve a variety of business needs. As such, we will see more hybrid and multi-cloud deployments, which enable greater agility and business resiliency. Whether you are looking to transform your business into one of these dragons, or simply partnering with one, be ready to take flight and soar. Keeping up with the times requires a commitment to continuous adaptation and a willingness to be agile and embrace new technologies and solutions.

Find out more about Tata Communications network solutions here.

You can also tune in to the Empowering Tomorrow podcast where Genius shares ‘Enterprise Technology Trends in 2024’ and listen to even more podcasts from Tata Communications business leaders, here