Clear Delineation Between Traditional & Digital Business Might Be Hard

Akhil Bansal, Deputy CEO, KPMG India, on rapidly digitalising economies, challenges and opportunities thereof, and implications for the CFO. Excerpts...

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How do you think the fundamentals of digital economies are different from that of traditional economies?

Fast-emerging digital economies are the result of the transformational effects of Information and Communication Technology (ICT) on real lives, real processes and real structures. A clear delineation between traditional and digital economies might be hard, as many economies today lie at some point in the continuum of transformation towards digital. One defining fundamental is that digital economies have either developing or developed strategies to understand disruption, identify vulnerabilities and create value. Thus moving from a physical (traditional) to digital and further from knowledge and innovation is the new normal for economies.

How should India rewire to deal with the rapidly digitalising world?