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Digital technology has seen an upswing in the last decade, with both businesses and end-users gaining in terms of convenience, cost advantage, quality, and innovation. Even though the pandemic disrupted the world in a massive way, digital technologies helped businesses, especially startups, find opportunities and cash in on them. Digital transformation has gained momentum like never before with the adoption of SaaS (Software as a Service) based solutions. In this churn where businesses are looking to leverage technologies to gain a host of advantages, deep tech has struck deep roots. It refers to businesses that use high-tech innovation to upend business models and succeed.
Businesses using deep tech aim to address some of the intractable problems of the real world. Based on business models using artificial intelligence, machine learning, blockchain, VR, or computer imaging, deep tech has the potential to transform the world we know now. For instance, deep tech using AI or molecular imaging can predict natural disasters or identify diseases long before they could possibly be found by conventional methods. The startup ecosystem has a big component of deep tech, with around 19% of them (source: NASSCOM) using innovative technologies to drive product enhancements and achieve greater market share.
Deep Tech: The Road Ahead
The pandemic has highlighted the importance of contactless technologies and smart automation. Besides, digital transformation 2.0 demands intuitive, self-reliant, smart, bespoke, and continually improving technologies. Technological innovation has led to massive economic growth across industry verticals in a few nations. In the future, deep tech is going to set the benchmark for economic growth and prosperity.
For developing countries like India, deep tech has the potential to create products or deliver services to drive quality, speed, security, and scale across the economic landscape. It can solve festering problems like global warming, food shortage, and dealing with an aging population. Advances in deep tech platforms have been aided by technologies such as CAD, 3D printing, DNA sequencing, and others. These help deep-tech companies innovate, build prototypes, and reach the market quickly.
Deep Tech Drives Digital Transformation 2.0
If the first phase of digital transformation focused on aspects such as mobility, social media, big data, and the spread of the internet, digital transformation 2.0 is about enhancing and incorporating technologies such as artificial intelligence and machine learning, augmented and virtual reality, blockchain, data science, and others. The last decade saw business enterprises adopt digital technologies that drove innovation in software engineering. Now, they are aiming at advanced technologies and models to build value propositions, innovate core offerings, enhance vision and mission, and streamline and scale processes and capabilities.
Technology transformation is no longer a choice but an imperative to achieve success, sustainability, and longevity in the competitive marketplace. However, digital transformation is a complex, multi-dimensional change matrix with real challenges that organizations need to face and address. The challenges could include cultural disconnect, especially among key decision makers, prevalence of legacy infrastructure, difficulties to scale and access funding, technology temptation that does not align with business goals, or the shortage of skills.
Conventional paradigms do not hold water any longer. What is needed is to create new ecosystems with technology-focused leadership, digital maturity, and innovative building blocks. Deep tech can help accelerate innovation in the software engineering space and take an adaptive approach to fast-track digital transformation 2.0.
Conclusion
Deep tech can drive enhanced agility and speed, fuel innovation, increase efficiencies, and generate great CAPEX and OPEX benefits. It has the potential to transform the world by addressing crucial issues in a sustainable manner while unlocking growth. Deep tech ventures can be successful if they become problem-oriented and hypothesis-driven to achieve economies of scale across multiple disciplines. By powering digital transformation 2.0 through innovation, deep tech can reshape the societal and economic landscapes of the world.
