- Forrester came out with its recent report on Predictions for 2020 – On the Precipice of Far-Reaching Change. Some of the key highlights as per the report are: Advanced firms will double their data strategy budget, more than 55% of consumers will consider company values when making a buying decision, the top 10% of CMOs will broaden their role in the name of customer value, CIOs will automate 10% of their IT tasks and look to upskill everyone, 80% of enterprises will recognize the threat of automation islands and set up strike teams, the number of CX executives will grow by 25%, Privacy class-action lawsuits will increase by 300% and though overall VC funding will plateau but not in every market.
- Assessment of the Progress of Digitisation from Cash to Electronic’, the Reserve Bank of India (RBI) noted that ‘cash still rules but it is increasingly seen as a way to store value as an economic asset rather than to make payments’. This, despite the fact that the report candidly admits that there is no method to measure cash payments, while the great progress made by digital payments can be measured accurately. Overall digital payments in India reported a CAGR of 61 per cent and 19 per cent in terms of volume and value, respectively, over the past 5 years. The value of digital payments to GDP increased from 660 per cent in 2014-15 to 862 per cent in 2018-19, said RBI.
- According to a report by analyticsinsight.net, the expansion of potentials of data science, data scientist has become one of the most desired profiles across the field. From big techs to start-ups, all are keen to hire best data scientists today. Such accelerated demand along with peculiar skill sets make the salaries of data scientists soar higher than any other. Moreover, according to the Bureau of labour statistics jobs for computer and information research scientists, and data scientists will experience 14 percent growth through 2028.
- At the GST Council meetings, there was a feedback from State Finance Ministers about various loopholes due to which tax revenue was not accruing to the government. Elaborating, Revenue Secretary said that a targeted approach was being followed by tapping on data analytics and Artificial Intelligence and it has helped improve GST collections. During the last three months, the GST collection crossed Rs One lakh crore every month, Finance Minister said addressing a press conference here on budget 2020-21.
- IT sector cheers Union budget 2020 for focusing on AI – The thrust on technology and digitisation during the current budget has been welcomed by the technology sector. The budget has recognised the importance of analytics, IoT (Internet of Things). Machine Learning (ML), Artificial Intelligence (AI) besides other technologies, and a policy has also been announced to set up data centre parks throughout the country. The government has allocated Rs 6,000 crore for this initiative industry was pleased to see Artificial Intelligence adoption emphasised in the budget by the government.