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What’s Bothering Tech Firms?
Technology is a component of all industries and encompasses the entire business world. For any industry to rise to its potential, it must be embraced by the market, people and the governing bodies
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E-mergent technologies and tech companies hold a huge potential in the coming times. Over the past year, demand for smarter and easier solutions and that too quickly has become a necessity. Tech companies have not only risen to the challenge but also thrived in their ventures as a result. Apparently, many have been able to successfully connect millions of people to their desired needs and the market from the comfort of their homes. However, there were challenges galore along the way.
Representatives from top tech companies and entrepreneurs joined in a discussion on ‘Technology as a disrupter and its ripple effects in the ecosystem’ at the third edition of the Techtors Summit and Awards 2021 organised by BW Businessworld, which debated the the impact, performance and accomplishment of technology both as a product and service.
The daylong event saw more than 30 speakers take part in eight panel discussions where the subject ranged from the role of technology to its potential, which many experts believe is still in the exploration stage. The summit recognised those who have caused a significant disruption in the market and have received a noteworthy response in their ventures.
Data privacy and security
Undoubtedly, data is essential to emergent technologies like AI (Artificial Intelligence) technology, which are increasingly being adopted across various industries. So, the first challenge to be faced is to collect data and the second is to protect it. MNCs (multinational corporation) are known to use India as a ground for experimentation of new technologies. For this reason, Indian privacy laws and security needs have to be always at the forefront of technology advancement.
Moreover, the regulations and privacy laws are constantly being updated. The largest challenge any business faces when using emergent tech in its model is complying with the latest regulation, which makes it necessary for companies to revise their products or services several times a year. Experts thus suggest that the need here is for the Indian government to have long term policies, which are also favourable to entrepreneurs.
This is not to say that the government is not playing its part. In fact, as Amit Dhakad, CEO, Market Pulse pointed out that within the tech industry “the biggest disrupter is the government with Aadhar, E-KYC and video KYC initiative.” It goes without saying that for any system to be embraced by society and be used to its fullest potential, security is essential. For that, as reiterated by many industry experts, the government needs to not only invest but lead the way forward in the post-pandemic times.
Rise of fintech and its challenges
Still in its foundational period, the fintech sector is showing a rise of specialised companies with entrepreneurs moving away from large organisations towards creating their own ventures. There are wide range of services available for consumers from startups to make payments, gather wealth and invest. “The ideal goal is to have a mindset where payment is a by-product, so we can focus on the product or service that we want” stated Anil Kumar, CTO, ToneTag. Experts also believe that from the consumer end, the need is to encourage investment in the stock market and educate people on finance and investments.
Anurag Garg, Founder and CEO of Nivesh.com stated, “Access is a major factor. Technology is creating that access. Tech will now facilitate movement from transaction to more value addition.” However, even with such access, the task may not easily be accomplished. Tarun Saini, Founder and CEO, Vidyakul - Bharat ka Online School, informed, “As we move between different tier towns, we can see not everyone has smartphones or face network issues.”
Technology juxtaposes the effect of providing access to everyone but not always to the same degree. Undoubtedly, these have to be some problems unique to India. BW Techtors event recognises the entrepreneurs that are looking to solve such problems. The winners of the BW Techtors awards this year were innovative in finding solutions to problems such as bookkeeping, sustainable mobility, financial literacy, upskilling and keeping local markets and vendors in business during the lockdown. Collaboration and innovation was key in ensuring that life went on as seamlessly as possible during one of the biggest global crises.