SVKM’s NMIMS Holds Path breaking E-Summit on Digital Transformation

MUMBAI, India | 24th December 2020: SVKM’s NMIMS, a legacy academic institute, held a path breaking ‘Digital Transformation Summit 2020’ from 17th to 19th of December to highlight the role of digital transformation in BFSI (banking, financial services, and insurance), e-commerce/supply chain, pharmaceuticals and healthcare sectors. The three-day virtual event was attended by a panel comprising of industry experts, business leaders, and academicians. The summit provided a timely platform for an animated exchange of information and ideas while exploring the best practices to avoid business disruptions.

The summit comes at a time when the process of digitalisation has been hastened as a strategy to ensure business continuity during the pandemic. It accelerated the process of digital transformation across various sectors in line with the fourth Industrial Revolution or Industry 4.0. The panelists discussed the state of digital transformation in their respective sectors and the challenges facing them. 

The three-day event was broken down into three major themes where each day was dedicated to a particular sector. Day 1 was dedicated to the BFSI sector where the speakers discussed the state of digitisation and the areas of improvement. The panelists included Ms. Vishakha R M, MD & CEO of IndiaFirst Life Insurance; Mr. Vijay Chandok, MD & CEO ICICI Securities; Mr. Ramesh Iyer, Vice Chairman & MD, Mahindra and Mahindra Financial Services, Mr. Tridib Paul, Senior Vice President, BB&T Bank; and Mr. Samir Singh Jaini, CEO, The Digital Fifth. The talk was moderated by Prof. Geeta Iyer, Assistant Professor, Mukesh Patel School of Technology Management & Engineering (MPSTME). The sector was at the forefront of digitisation, helped by government policies on mandatory procedures for financial transactions. It has brought greater transparency, democratisation, and functionality. The challenges lied in ensuring data security, ensuring smoother coordination between technology and human skills, felt the panelists.   

Moderated by Prof. Rajesh Prasad, Associate Professor, Marketing, Day 2 focused on the pharmaceutical and healthcare sectors where digitisation was relatively late to take off. The guest speakers were Mr. Rajesh Ramdurai, ED & COO Inzpera Healthsciences; Mr. Prateep Guha, Chairman, SPRINRIVER Technology Private Limited; India, Mr.  Sylvester Johnson, Professor and Director of the Center for Humanities, Virginia Tech;  Mr. Nickil Baswan, VP & Group Head Corporate Affairs & Policy, Cipla, and Ms. Naba Ghosh, Founding Director, WebRx, RxPONT, & Vaximum. The panelists agreed that it was the COVID-19 pandemic that had accelerated growth in every sphere, from making an appointment to diagnosis and delivery of medicines. The slow pace of digitisation across the industry and the inequalities of medical access were seen as the biggest challenges in the digital transformation of the sector. 

The subject for Day 3 was the e-commerce/supply chain sector. Moderated by Prof. Vikram Sankhala, Assistant Professor, Business Intelligence & Data Analytics,  MPSTME, the speakers were Mr. Rajgopal Nayak, Chief Technology Officer, Metro Brands Limited; Mr. Ravi Venkateshwar, Independent Consultant; Ms. Rekha Jain, Professor, IIMA; Mr. Deepak Bhosale, General Manager, IT, Asian Paints; Mr. Balamurali Rengarajan, Segment Head, Digital Consulting and Business Transformation, Larsen & Toubro Infotech. This sector saw tremendous disruptions due to the COVID-19 pandemic. The panelists attributed digitisation as the instrumental factor in overcoming these disruptions. The focus should shift towards a long-term strategy, rather than focusing on immediate returns of investment, felt the panelists. Technology coupled with human innovation would lay the foundation for the future. 

The summit marked the increasing importance of digital transformation across different sectors and its capability to create value addition in every business function. The panelists agreed on the necessity of a more strategic implementation of digitalisation that focused on long-term goals with a human-centric approach. 

Most Popular

More from Author

Business Leaders Give Thumbs Up to Union Budget 2023’s Growth-Focused Provisions

Understand the impact of the Union Budget 2023-24 on the Indian economy through the eyes of business leaders and why they are optimistic about its potential.

Read Now

Caspian Equity Brings Fresh Perspective to Investment with Launch of LEAF Fund for Food and Agriculture Startups

Get in on the ground floor of the next big thing in agriculture. Invest with Caspian Equity's LEAF Fund in innovative Food & Agribusiness startups.

Bringing Back Ancient Indian Purity: The Story of Seven Spring Tea

Rediscovering India's Natural Goodness with Seven Spring Tea.

Hyderabad E-Mobility Week Hosts Grand Finale of CASE Mobility’s Start-up Challenge

Discover the groundbreaking innovations in Connected, Autonomous, Shared, and Electric (C.A.S.E.) mobility presented by young entrepreneurs at the finale of CASE Mobility Grand Start-up Challenge.

Mercom Elevates Cleantech Startups with Launch of Pitch Competition at India Renewables Summit 2023

India Renewables Summit 2023 Gets a Boost from Mercom's Cleantech Startup Pitch Competition.

SDG Impact Finance Recognizes Varthana and Consortium with USD 200,000 Grant Award

SDG Impact Finance awards USD 200,000 (approx. 1.63 Cr.) grant to Varthana and its Consortium.

Thane-based Startup Avni Transforms Menstrual Healthcare in India: 55,000+ Women’s Lives Improved

With plans to serve 1,50,000+ clients in fiscal 2023-24, Avni is expanding its presence across e-commerce platforms and retail outlets.

Delhi-based Drone Tech Startup TSAW to Take Part in Prestigious Aero India 2023 Exhibition

Innovative drone solutions await at Aero India 2023. TSAW, with its R&D department located on the IIT Delhi campus, is set to showcase their state-of-the-art technology.

LoanTap Group Secures INR 24 Cr in Venture Debt Funding Led by Lighthouse Canton

Lighthouse Canton leads the way in providing debt capital to technology-enabled startups in India, including LoanTap's financial technologies.

Early Stage Investment Platform Inflection Point Ventures Unveils its First Advertising Campaign with Sony’s Shark Tank India

Inflection Point Ventures Launches Debut Marketing Campaign on India's Leading Investment Show.