Digital transformation is about creating business models: Jaspreet Bindra
New Delhi: For the Mahindra Group, the key to digital transformation lies in the use of technology in moving away from legacy models to create new ones.
“We have come a long way from the traditional legacy model of Mahindra or that of any established firm... Our current focus is directed towards expanding businesses into rural areas,” said Jaspreet Bindra, senior vice-president, digital transformation, Mahindra Group.
Speaking at EmTech India 2017, the Mint-MIT Technology Review Conference on technology innovations, Bindra said digital transformation is not just about creating an app or a website but about creating business models and customer experiences. He further stressed on effective use of technology wherever it is appropriate to foster innovation. “We have used blockchain— one of the newest technologies—in our financial services sector and it has impacted our businesses positively,” Bindra added.
As a $17-billion conglomerate with businesses in various sectors and geographies, he said it is the group’s belief that as each sector evolves due to innovation, the impact is felt on all businesses associated with it.
Citing an example, he said there is a lot of innovation happening in the agriculture sector and a lot of data about weather conditions and crop patterns gets generated and captured by technology systems. “Therefore, how we target farmers is also changing in tune with the shifts in technology,” he added.
The Mahindra Group is incubating start-ups in areas such as financial technology to facilitate digital transformation.