To drive digital transformation, ITC Ltd has constituted a Young Digital Innovators Lab, made up of digital specialists from across its businesses to crowdsource transformative digital strategies.
In an official press release, the conglomerate stated that it has formed a dedicated digital council of senior ITC managers called DigiNext, which will ideate and sponsor high impact digital interventions.
Sanjiv Puri, ITC chairman, told employees that the empowered team of innovators, free to set their agenda and seek the necessary resources, will access ITC’s digital assets, evaluate the digital initiatives, identify best-in-class digital technologies, and spot opportunities across value chains.
The company said digital innovations are increasingly being harnessed to enhance competitive advantage in business efficiencies, consumer engagements and logistics. It highlighted that new technologies such as Industry 4.0, smart robotics, artificial intelligence, big data, industrial internet of things (IoT) and machine learning are being deployed by all businesses, including ITC’s supply chain and distribution ecosystem to enhance operational effectiveness.
Moreover, the company said substantial investments have been made in creation of a digital eco-system to drive smart manufacturing, product quality, traceability and supply chain agility. It recognized that changes brought about by the COVID-19 pandemic have accelerated the need for greater digital transformation across companies. The statement said that DigiNext, along with ITC’s businesses will in turn reach out to the Young Digital Innovators Lab for crowdsourcing ideas and provide valuable inputs on contemporary practices in the digital arena.
It said the pandemic has reinforced the efficacy of digitalization that was already moving at high velocity. As digitalization becomes more pervasive, ITC said it is expected to become a source of significant disruption, creating new profit pools and revenue streams, and offering newer ways of interacting with consumers.
Hindustan Unilever Ltd, India’s top FMCG company, had also announced setting up of a digital council in 2019. It had announced the creation of a full-fledged, end-to-end digital transformation programme for its business, in anticipation of India’s younger, more mobile-savvy population shaping consumption behaviour going forward.