Dynamics of the new world order: Ajai Chowdhry

Ajai Chowdhry, esteemed member of the Consultation Group on Science, Technology & Innovation Centre, delivered the special keynote on dynamics of the new world order.

He said Covid-19 has taken a bitter touch point on the economy. It has brought about critical contact with customers. The NPCI has been pivotal in the emergence of the digital payment system of India. Growing Internet and mobile penetration have seen growth of shopping channels. The virus outbreak has seen the increase in digital payments and there has been huge surge in online pharmacies, etc.

The digital ecosystem built over the years has proved crucial. There is contactless security. The note of digital disruption is not new. More changes will be required as we move on. As per a new McKenzie survey, the company has increased the supply chain of their customers by 3-4 years. New strategies and practices are now required. Technology is required for digitally-enhanced offerings. People are going much faster than the world across Asia. Companies are refocusing their offerings. Across sectors, it is clear there are different changes for manufacturing.

The change in digital portfolios in healthcare, pharma, financial sectors is much higher than any other sector. Today, companies are making crisis-related changes with the long-term in mind. The alignment of strong leadership has been much stronger. There are impacts in areas such as education, entertainment, lifestyle, etc. New startups have emerged.

The critical nature of cybersecurity has also emerged. Keeping information secure has become a top criteria. It has cost a lot to companies earlier. During the pandemic, companies focus on cyber security has also shifted towards remote workforce. They have quickly pivoted in their work. Every sector has had to work at creating changes at a very fast pace.

A sector that was harmed is hospitality. Major hotel brands have started to install Alexa, or voice-activated digital butlers. They have also looked at automated revenue management tools. There are new opportunities for profit emerging. Accor implemented a ML system to provide additional features such as room booking. VR has also emerged. The pandemic has created VR-based travel experiences. Public broadcasters and museums are also looking at VR. You can see beautiful videos in 360 degrees. As VR grows more advanced, it will bring people to places that were never visited. New inventions will have people get peace of mind.

We need to keep our people safe from Covid-19 in the future. A lot of vaccines are not available for children. Aerosols needed protection. That led to bio defense protection. You need to protect yourself indoors. A product was available from an Indian company in Bangalore. It attenuates Covid-19 in any indoor environment. In the Netherlands, they are experimenting with an outdoor product. Ionization and UV are being used. There will be more such developments taking place in the future.