India Jolts Its Cash Economy

Prime Minister Modi’s announcement of the demonetization of the large denomination bills is a significant initiative. While he indicated terror financing and corruption as the main causes for the initiative, there are many ramifications this move will have on legitimate business activities as well.

India is known for its love of cash. Uber is primarily a cashless service elsewhere in the world, but more than 50% of Uber trips in India are paid for in cash. This preference for cash transactions arises primarily from following reasons:

  1. The majority of Indians are still not familiar with card-based or electronic payments, irrespective of the relentless focus of the Reserve Bank of India toward changing their behavior.
  2. Merchants in India are forcing the choice of cash payments on customers because electronic payments eat into their margins — just like everywhere else in the world.
  3. Even more significantly, cash payments allow merchants and professionals like doctors, lawyers, and accountants to keep such transactions off the books and avoid tax.
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Manufacturing Firms Could Do Better With A Focus On Customer Experience

Companies are turning to digital to do one of the three things: improve customer experience (CX) using digital technologies; improve their operational efficiency to better serve customers; and launch new business models.

The manufacturing and industrial sectors are undergoing a similar transformation. In my recent discussions with leaders in this market, Industry 4.0 and smart factory dominate the conversations, but the discussions quickly shift to the Internet of things (IoT). While the industrial internet is the most significant manifestation of the digital revolution in these sectors, we are also coming across a broader range of digital initiatives from manufacturing firms.

Tech vendors and systems integrators working with manufacturing firms have identified two types of engagements emerging. Infosys’ Global Head of the Manufacturing Vertical, Nitesh Bansal opined that one set of firms are taking charge of sensors and monitors that they own and leveraging the data assets to improve predictive maintenance, asset efficiency and improve track and trace. Outcomes from these digital operational excellence (DOX) initiatives include:

  • Collecting data and analyzing it for better predictive maintenance
  • Empowering technicians to do their job better by providing actionable directions at the point of maintenance
  • Using augmented reality to help with quick diagnosis and fix
  • Increasing the asset throughput while increasing safety using automated self-driven vehicles
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Digital Transformation Mumbai 2016 - Guest Q&A with Paul Cobban, DBS Bank

In my earlier blog post, I talked about why you should attend this year's Digital Transformation Mumbai 2016 Forum. With the event just around the corner, I'm very much looking forward to the various sessions that we have in store that will help India's most senior business leaders understand Forrester's research on the customer-obsessed operating model, which will provide a blueprint for organizations on their digital transformation journey.

As I prepared for my role as Forum Chair, I spoke to Paul Cobban, Chief Operating Officer, Technology and Operations at DBS Bank, about his views on the need to be customer-obsessed and what DBS is doing to digitally transform themselves.

I hope to see you at the St Regis Mumbai in less than 2 weeks – register here! In the meantime, here's a sneak peek of what to expect from Paul's session at the Forum.

Q: How has the age of the customer impacted the financial services industry? How have you seen consumer needs evolve?

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Join Us At DT Mumbai 2016: The Customer-Obsessed Operating Model Is Key To Your Digital Transformation

It’s that time of the year again. As we approach the month of June, Forrester brings its annual flagship India event Digital Transformation Mumbai 2016 to the country’s most senior business leaders.

As Indian businesses become increasingly familiar with the importance of digital to their success, they often ask “Where do we start, and how can we navigate the choppy waters of transformation?” We are now in the age of the customer, and its singular focus on customers is what will make or break any digital transformation. Our seminal research on digital maturity, customer experience, and business technology has helped our customers across the globe become successful in their digital initiatives. This event is about providing you a first-hand glimpse of our latest research.

Our main goal for this event is to help you understand where to start on your digital transformation journey. We will bring to you the theme of the customer-obsessed operating model, which provides a blueprint for your digital transformation. We have carefully curated a team of Forrester and industry experts to talk about how the four dimensions of this operating model help organizations in their digital transformation.

We will highlight the imperative for organizations to:

  • Become customer-led than simply being aware of customer needs.
  • Be able to drive actions from insights than simply being data-rich.
  • Be fast — because being perfect but slow doesn’t cut it anymore.
  • Get rid of internal siloes and derive power from being connected.
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