Publication date: 12 Sep 2024
IDC Announces the 2024 Future Enterprise Awards Winners for India
Contact
For more information, contact:- Vanessa Ong Email: vong@idc.com
- Charles Cedric Joshua Tamayo Email: cjtamayo@idc.com
- Miguel Carreon Email: mcarreon@idc.com
- Sharath Srinivasamurthy Email: ssrinivasamurthy@idc.com
Amara Raja Energy and Mobility Limited Receives Future Enterprise of the Year Award; Tapan Singhel of Bajaj Allianz General Insurance Company Ltd. was Awarded with CEO of the Year
INDIA, 12 September 2024 – IDC India has unveiled the winners of the 2024 Future Enterprise Awards (FEA) India, celebrating exceptional digital transformation (DX) initiatives and visionary leadership that have harnessed technology to drive business success and competitive advantage. These winners were selected for their ability to lead and reshape their industries through disruptive technology-driven strategies, reflecting the evolving nature of digital transformation.
This year’s honorees span various industries, highlighting India's rich diversity of digital innovation. These organizations have excelled in various categories, such as customer experience, digital infrastructure, enterprise intelligence, operations, trust, and industry ecosystems. The awards also recognized exceptional leadership with the CEO of the Year category.
“As the world grapples with unprecedented challenges from economic and political uncertainty, we're transitioning from the Digital Transformation era to the dawn of the Digital Business age. As we spotlight the leading businesses in this shift, it's clear that the road to becoming a Future Enterprise demands holistic digital prowess – from harnessing digital talent and enhancing customer experiences to solidifying industry ecosystems and driving tangible outcomes,” says Sharath Srinivasamurthy, Associate Vice President, IDC India.
As global challenges reshape industries, enterprises are driven to adopt sustainable, tech-driven models. Now in its 8th year, the IDC Future Enterprise Awards have honored over 600 winners from 6,000+ nominations, recognizing digital-first pioneers from 3,000 organizations across 12 countries who are redefining their industries.
Following a two-phased approach, each nomination is evaluated by IDC analysts, with country winners then qualifying for a regional competition judged by a panel of international experts. The following are the best out of all the nominations received from India:
Best in Future of Connectedness | Project EdgeConnect by Jindal Steel and Power (JSP)
Software-defined (SD) WAN propels Jindal Steel and Power to the next level of digital maturity with a key focus on employee productivity and ease of access to the system. Upon implementation, JSP achieved cost reduction of Approx. Rs 1.13 Cr in its multiprotocol label switching (MPLS) network; ensure resiliency and business continuity 24x7, redundancy in application availability, and path control load balancing, enabled visibility of application usage, communication patterns, enhanced security and bandwidth requirements; and enabled users to easily connect branch offices and remote users to cloud applications and services with Zero Touch Deployment.
Best in Future of Customer Experience | Mahadhan Saarthie Farmer Digital Platform by Deepak Fertilisers and Petrochemicals Corporation Ltd.
With approximately 1.7 crore farmers, their diversity across India is one of the biggest challenges in the industry. To provide value-added services to farmers and help them with farm life-cycle management, Deepak Fertilisers and Petrochemicals developed the Farmer Deep Engagement Platform. The project has multiple components: deep insights about farmer life-cycle management and planning interventions; ecosystem of suppliers, providers, and consumers of digital and data services; finance and risk management services; integrated digital marketing platform to maximize digital engagement and reach; and first-of-a-kind digital-first farmer loyalty program for deep engagement with 10 lakh farmers. Aided by the platform, the company reached more than 90 million farmers and engaged with more than 69 lakh farmers.
Best in Future of Digital Infrastructure | J-Links by Jagran Prakashan Ltd. (Dainik Jagran)
To incorporate all their business partners and stakeholders into their digital landscape, the company designed and deployed a suite of software modules called J-Links. The module facilitates the end-to-end intelligent process of advertising, circulation, purchase, and inventory control — with all intermediate processes seamlessly woven into a single thread — bringing in efficiency, transparency, customer satisfaction, and ease of working anytime, anywhere through a secure single sign-on (SSO) gateway. With interactive follow-up workflows, strict monitoring of bill dispatch and receipt confirmation, and dashboards highlighting outstanding overdue, revenue collection efficiency improved significantly and cybersecurity risks was also reduced by more than 40%.
Best in Future of Enterprise Intelligence | CMPM by TCG Lifesciences Pvt. Ltd.
As the pharmaceutical industry continues to witness advancements in research and development, the demand for compound management services is expected to grow exponentially. Compound management plays a crucial role in the drug discovery process by efficiently storing, tracking, and retrieving chemical compounds used in various experiments. Built on Java EE, Java 11, CMPM is a versatile dynamic application that can be configured for every client data format. For direct application to application access, CMPM has robust application programming interface (API) service that can connect to client application directly. Overall, the CMPM supports the efficient, safe, and effective use of chemical compounds, enhancing operational efficiency, ensuring compliance, fostering collaboration, and accelerating research and innovation.
Best in Future of Industry Ecosystems | Yono Business Unified API-fication for Omni-Channel Experience by State Bank of India
Yono Business is a unified platform for five legacy applications: Corporate Internet Banking (CINB), Supply Chain Finance (SCF), Cash Management Product (CMP), Trade Finance (TF), and Forex. In this new approach, all business cases are coded in future-ready standard API format to cater to web, app, and API channel simultaneously; and independent, modular, and loosely coupled microservices were created with reusable components to achieve this. This approach has simplified implementation complexity for multiple channels while having a clear separation of boundaries, ensuring that failure of any microservice will not prevent the entire application from functioning. With this initiative, overall turnaround time (TAT) is decreased up to 60% and development costs was reduced significantly.
Best in Future of Operations | iTrack by KEC International Limited, RPG Group
Construction projects often face operational challenges, such as delays, budget overruns, and resource inefficiencies because of inadequate data visibility, manual workflows, or siloed information systems. iTrack, KEC’s digital platform powered by AI and geographic information systems (GIS), revolutionized construction project management through agile decision making and reduced operational risks. By integrating diverse data sources (map data, building information modeling [BIM], onsite sensors, project schedules), iTrack provides a unified view of projects. With the implementation of iTrack, KEC has been able to transform the following business areas: project execution; product development; cloud-native scalable architecture, use of digital capabilities; and convergence of IT and operational technology (OT). By optimizing productivity, the solution reduces wasted hours by approximately one hour per day for each member of the average-sized project team (comprising 150 people).
Best in Future of Trust | Business Application Security Management by Axis Bank Limited
Axis Bank embarked on a journey to implement an application security framework based on ISO27034 Standard and has been certified. The ISO27034 Standard is an internationally recognized standard for application security providing a framework for information security controls for business applications and covers software applications developed internally, by external acquisition, outsourcing/offshoring, or through hybrid approaches. The bank has undertaken the ISO27034 journey to implement a standardized process for deployment of security controls during designing, programming, procurement, and implementation of application systems. The standard also enables the bank to meet its regulatory obligations to protect (data) sensitive information, including personal data, financial records, and other personally identifiable information (PII).
Best in Future of Work | Digital Capability Transformation by CBRE India (Digital & Technology)
The Digital Capability Transformation initiative is focused on building contemporary talent to be future ready by driving a culture of innovation, collaboration, and adaptability to support the global transformation programs across the organization. Part of this initiative is empowering specialized Technology Focus Groups (TFG) on emerging technologies (AI markup language [AIML], data engineering, analytics, Java and .net full stack, hyper-automation, quality engineering and cybersecurity), evaluating them, understanding their implications, and making informed decisions about adoption to ultimately deliver customer-centric, value-add outcomes. The initiative has proved its worth as 60% of new roles are now filled through internal mobility, leading to faster onboarding and organic career growth in the organization.
CEO of the Year | Tapan Singhel, Bajaj Allianz General Insurance Company Ltd.
Under the leadership of Mr. Tapan Singhel, Bajaj Allianz General Insurance (BAGIC) epitomizes ground-breaking innovations within the insurance sector. Its pioneering utilization of cutting-edge technology has set new benchmarks for exceptional customer service and led to remarkable operational efficiency advancements. BAGIC's comprehensive suite of digital solutions is a testament to its unwavering commitment to revolutionizing insurance processes. BAGIC’s commitment to agricultural support is exemplified by innovative initiatives such as the Kisaan Suvidha Agri Chatbot, an AI-powered solution that simplifies and streamlines crop loss reporting for farmers. Additionally, Agri NXT, a cutting-edge tool, manages every aspect of BAGIC’s agricultural business operations, from underwriting and policy administration to claims assessment and payouts. These initiatives have strengthened BAGIC’s position within the agricultural support ecosystem.
Future Enterprise of the Year | Amara Raja - Digital Transformation - Wave-2 - InnovAIte by Amara Raja Energy and Mobility Limited
Amara Raja Group’s vision is to transform businesses into digital entities that enhance revenue streams and create new value-added opportunities for innovation and growth. The organization laid out a multiyear digital transformation (DX) strategy by following five driving principles: strategic alignment, technology innovation, operational excellence, cybersecurity and risk management, and collaboration and change management. Wave-1 of the strategy focused on setting up a digital core for all businesses for enhanced operational efficiency and business agility. With digital core implementation, CIO provided an optimal intersection for future phases of road map by innovating around it and developing the actionable insights that drive value. Wave-2 of strategy included cloud-first platform approach, AI/generative AI (GenAI), Industrial Internet of Things (IIOT), and advanced analytics for superior business insights that can harness innovation and enable new business models.
Special Award for Digital Innovation | Project MAL by Maithan Alloys Ltd.
Maithan Alloys has embarked on a comprehensive digital transformation journey aimed at enhancing operational efficiency, product quality, and customer satisfaction. The company’s future digital innovation strategy focuses on expanding current digital initiatives, exploring new technologies, and fostering a culture of continuous improvement and innovation – leveraging advanced technologies such as Internet of Things (IoT), AI, and data analytics to modernize and streamline various aspects of the company’s operations. So far, the company has been able to achieve the following from the project: 15% reduction in raw material wastage through real-time monitoring and predictive analytics; 25% increase in customer satisfaction scores through real-time support and personalized services; and 15% increase in productivity through automation and streamlined workflows, to name a few.
All country winners qualify for the Asia/Pacific competition, where a panel of judges comprised of IDC worldwide analysts, industry thought leaders, and members of the academia will determine the regional winners. These winners will be announced during the IDG Technology Symposium & Awards in Singapore at Sands Expo and Convention Centre (MBS) on 19 November 2024.
“India's GDP grew 8.15% YoY over fiscal 2023 to 2024 and continues to be one of the fastest growing economies in the world despite uncertain macro and geopolitical environment. Enterprises have realized the importance of embracing digital technologies to excel. Nominations, finalists, and winners for IDC’s Future Enterprise Summit and Awards are proof of the increasing digital maturity even with challenging economic conditions. We're thrilled to observe an unparalleled elevation in the quality of entries, reflecting the surge in innovation and growth across Asia/Pacific. This serves as a testament to burgeoning digital business and operating models, with a rising number of digital-first pioneers making strides, embracing state-of-the-art technologies to foster resilience and catalyze growth,” ends Srinivasamurthy.
For more information about FEA, contact Vanessa Ong at vong@idc.com or Charles Tamayo at cjtamayo@idc.com. For media inquiries, contact Michael de la Cruz at mdelacruz@idc.com or Miguel Carreon at mcarreon@idc.com.
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