Switch to digital a bigger opportunity than Y2K for IT firms

MSMEs better placed to make most of opportunity, says IT Secretary Jayesh Ranjan

Digital transformation of businesses that has got accelerated amid the challenges brought upon by the pandemic is poised to emerge as the next big opportunity for IT firms, speakers comprising government officials, industry leaders and experts told a summit here on Friday. COVID is looking like a new Y2K, Telangana IT and Industries Secretary Jayesh Ranjan said, pointing out that the opportunity it presents, however, for the IT firms is much bigger. Unlike in the past, micro, small and medium IT enterprises are better placed to make most of the opportunity, the senior official said, addressing BizSummit 2021 organised by the Hyderabad Software Enterprises Association (HYSEA). “The difference between Y2K and now is that the IT industry has become much more democratised. Hundreds of companies can provide same services, which in those days only a few could extend,” he said. Urging IT MSMEs to seize the opportunities, including those in less explored markets such as those in Latin American and Africa, Mr. Ranjan cited education and agriculture as examples of sectors in need of digital tools to overcome the challenges posed by the pandemic.