In today’s rapidly evolving digital landscape, businesses are increasingly turning to technology to drive growth and streamline operations. During his keynote address at Xcelerate 2024 in Lucknow on June 21st, Ashish Kaul, Director at Diya Technologies, shared valuable insights into how digital technology can accelerate business growth, particularly for small and medium-sized businesses (SMBs). Kaul, though not an IT specialist, emphasized his firsthand experience in leveraging digital tools to drive growth and innovation within his own enterprise.
Digital Technology: An Indispensable Growth Driver
Right from the start of his talk, Ashish Kaul made it clear that while he may not be an IT professional, he fully understands the transformative power of digital technology. He acknowledged its critical role in growth, saying, “Technology is today an indispensable part of growth, business, and industry everywhere.” Reflecting on his experiences with startups he mentors, Kaul emphasized that businesses that embrace digital technologies are the ones gaining the competitive edge.
In today’s marketplace, digital technologies allow businesses to adapt faster, innovate more easily, and thrive in a constantly evolving economic environment. “Companies that embrace digital are the ones who can gain that competitive edge. It is what enables them to adapt, innovate, and thrive in today’s economy,” Kaul noted.
From Digital Transformation to Digital Acceleration
Kaul introduced two key concepts during his address: digital transformation and digital acceleration. He highlighted the importance of understanding the distinction between these two processes.
Digital transformation, according to Kaul, refers to the integration of digital technologies into existing business operations. He mentioned how many companies during the pandemic rapidly moved to cloud computing and online tools. “You were using Excel sheets and local server applications, and you migrated to the cloud, using platforms like Google or Azure. That was digital transformation,” he explained.
However, the current challenge for businesses is to move beyond transformation into digital acceleration. “Digital acceleration refers to rapid modernization or adoption of the latest technologies to derive maximum advantage,” said Kaul. He provided a key insight into the future of business: transformation was just the first step. Now, businesses need to accelerate their digital capabilities to truly see the returns on their technology investments.
Real-World Examples of Digital Acceleration
To bring these concepts to life, Ashish Kaul shared two real-world examples, starting with the health insurance industry. He explained that digital transformation in this field meant moving claims and policy data to the cloud, enabling online filings and remote access. However, digital acceleration went a step further. By utilizing artificial intelligence (AI) and machine learning (ML), insurance companies could now predict fraudulent claims or identify customers underutilizing their coverage, delivering more value through predictive analytics.
Kaul then shifted focus to his own enterprise, where digital acceleration had a significant impact on business growth. He recounted how his company initially overlooked small tender contracts, only to realize later that they were missing out on a substantial revenue stream. By leveraging an AI tool to automate the analysis of tender documents, Kaul’s company was able to participate in hundreds of tenders, increasing their market share from 0% to 5% within six months. “That is digital acceleration—using technology to drive growth,” Kaul emphasized.
The Historical Context of Technological Shifts
Kaul brilliantly connected today’s digital revolution to past technological shifts, highlighting the importance of paradigm shifts in business processes. He shared an insightful historical example from the Industrial Revolution. In the late 1800s, when machines powered by steam transitioned to electricity, businesses initially made the mistake of keeping their processes and factory layouts the same. It wasn’t until they rethought how to use electric motors that productivity skyrocketed.
The same holds true for today’s businesses, Kaul argued. He likened the initial digital transformation—such as moving data to the cloud—to those early machines being powered by electricity but without changing the processes. “Just doing something in a slightly different way is not enough. What gets you the quantum leap in growth is rethinking the process and using the latest technology,” he urged.
Kaul extended this analogy to modern electric vehicles (EVs), particularly the Tesla Model 3. He explained that early electric cars were designed with dashboards that mimicked those of internal combustion engine (ICE) cars. However, Tesla revolutionized the design by eliminating unnecessary gauges, freeing up space for improved climate control systems. This shift in design thinking led to enhanced energy efficiency and a more innovative product.
Digital Acceleration: A Ground-Up Approach
Kaul’s message was clear—digital acceleration requires a ground-up rethink of business processes. Simply adopting technology is not enough; businesses must integrate it into their core operations and adapt accordingly. He urged companies to focus on their final objectives and to innovate their business models. “Technology is an enabler, but it is not the solution. You need to innovate your business model and rethink the process from the ground up,” Kaul advised.
One of the biggest hurdles businesses face during digital acceleration is ensuring that their employees embrace the digital culture. Kaul emphasized that digital transformation is not solely an IT department responsibility. Every department, from sales to service, must align with the organization’s digital objectives. He shared his own experience with implementing a CRM system, noting that it failed initially because his sales team wasn’t updating the data. It was only after explaining the value of the system and aligning the team with the company’s digital goals that it became effective.
“Everyone in your organization needs to embrace the digital culture. It’s not just about the IT guy. You need to get your people on board,” Kaul stated, stressing the importance of aligning incentives and goals across the entire company.
Key Takeaways for SMBs
As Ashish Kaul concluded his keynote, he left the audience with several critical takeaways for successfully navigating digital acceleration:
- Digital acceleration requires long-term commitment across departments and at all levels of an organization. It’s not just an IT initiative—it’s a company-wide effort.
- Focus on the most impactful projects first. By demonstrating tangible outcomes, businesses can build momentum for broader digital initiatives.
- Set appropriate milestones and track clear business outcomes. This helps to keep the project on track and ensures that the desired results are achieved.
- Incentivize and align your teams with digital goals. Every employee, not just IT, must be on board to ensure success.
In a rapidly evolving digital world, SMBs must not only transform but accelerate their use of technology to stay competitive. As Kaul aptly concluded, “If you can incentivize people in the right way, and focus on outcomes, you’ll succeed in driving digital transformation and acceleration.”Ashish Kaul’s address at Xcelerate 2024 served as an important reminder that digital acceleration is not just about adopting technology—it’s about rethinking the way we do business, from the ground up.
Watch the full session here: https://youtu.be/LZrgyXM9o-g
