Positioning itself as a key player in the rapidly evolving enterprise application market, Techwave is targeting the lucrative sector, projected by IDC to grow from $279.6 billion in 2022 to $385.2 billion by 2026.
This strategic move aligns with the industry-wide trend towards bespoke enterprise application solutions, driven by businesses' needs to address unique challenges and achieve specific objectives such as enhancing customer experiences (CX) and optimising operational processes.
According to a senior industry leader, at the heart of this shift is the integration of advanced technologies like ERP systems with IoT and the deployment of AI-powered enterprise data applications.
“Cutting-edge technologies like General AI, IoT, and blockchain into operational frameworks is set to revolutionise many industries by enabling real-time data analysis, secure transactions, and predictive maintenance, thereby meeting the growing demand for tools that enhance both the top-line and bottom-line goals of businesses,” said Raj Gummadapu, founder and CEO, Techwave in an exclusive interview with TechObserve.in.
Edited Excerpts:
How are digital transformation strategies in the IT and engineering services industry evolving in response to new technologies and market dynamics?
In the rapidly evolving IT and engineering services landscape, digital transformation strategies are increasingly intertwined with business agility, technological innovation, and customer-centric approaches. Businesses are not hesitating to adapt evolving technologies to gain competitive advantage. Forbes predicts the number of large enterprises with a multi-cloud strategy to rise from 76% to 85% by 2024. The small and medium sized enterprises too are adapting cloud offerings more confidently than earlier to better their business operations.
We combine our robust enterprise application expertise with cutting-edge digital technologies. This synergy empowers our clients to leverage advancing technologies such as cloud computing, AI, and IoT. We focus on creating resilient, scalable solutions that adapt to changing market dynamics, ensuring our clients remain at the forefront of their industries.
What trends in the customisation of enterprise application solutions are evident across different industries?
Across industries, there's a growing trend towards bespoke enterprise application solutions. Businesses are seeking applications tailored to their unique challenges and objectives, ranging from enhanced customer experiences to optimised operational processes. Integrating ERP systems with IoT, enterprise data applications leveraging AI, and pre-built modules with low-code/no-code capabilities – the possibilities are endless.
At Techwave, we leverage our diverse digital technology portfolio to develop customised solutions that not only meet the current needs of our clients but also anticipate future trends and requirements. This trend is reflective of the broader market, where, according to IDC, worldwide revenue for enterprise applications will grow to $385.2 billion in 2026 which was just $279.6 billion in 2022 with an 8% CAGR.
How are industries integrating emerging technologies like Gen AI, IoT, and blockchain to enhance operational efficiency and customer experiences?
The integration of Gen AI, IoT, and blockchain into operational frameworks is revolutionising industries. These technologies are enabling real-time data analysis, secure transactions, and predictive maintenance. So, naturally businesses are quite enthusiastic to get their hands on these transformative tools to improve their top-line and bottom-line goals.
In sectors like finance, healthcare, and retail, Generative AI is empowering businesses to create predictive models for customer behaviour, optimise supply chain management, and personalise customer interactions. IoT is revolutionising how businesses monitor and manage their operations.
In manufacturing, IoT sensors facilitate real-time monitoring of equipment, leading to predictive maintenance that reduces downtime and costs. On the other hand, Blockchain's impact is most notable in sectors requiring high levels of data security and transparency, like finance and supply chain management. It offers an immutable ledger, ensuring data integrity and traceability.
We are also at the confluence of EBS and EDS, uniquely positioned to guide and implement these transformative technologies, ensuring that our clients stay at the forefront of innovation and customer satisfaction.
What are the common industry challenges during SAP S/4 HANA migration, and what are the best practices Techwave suggests for effective transition?
SAP is a powerful enterprise resource planning (ERP) suite, but any enterprise application is only as good as the alignment of its capabilities with the organisation's strategic goals and processes. Lately, one of the main goals of many businesses is to modernise their ERP systems which requires S/4 migration from either a non-SAP platform or an obsolete SAP platform. But the common challenges during SAP S/4 HANA migration include data management, system compatibility, and maintaining business continuity.
It requires a structured approach for a smooth transition, involving thorough planning, data cleaning, and staff training to minimise failure. Emphasising on a phased implementation ensures minimal disruption to business operations, allowing for gradual adaptation and optimisation.
What emerging technology trends are expected to significantly influence digital transformation in the near future?
The future of digital transformation is likely to be significantly influenced by technologies like edge computing, quantum computing, and advanced AI algorithms. These technologies promise to bring more speed, efficiency, and personalisation to various processes.
We are actively exploring these technologies to integrate them into our solutions, thereby keeping our clients ahead in the digital curve. With the IoT market projected to reach $5.5 trillion in revenue by 2030 according to McKinsey, I see significant potential in integrating these technologies to offer innovative, future-ready enterprise solutions.
What has been the major driver of growth for Techwave?
The major driver of growth for us has been our commitment to innovation and customer-centric solutions. Our ability to anticipate market trends and rapidly adapt our services has enabled us to meet diverse client needs effectively. Furthermore, our emphasis on creating a culture of continuous learning and improvement has been instrumental in fostering innovation and attracting top talent.
Our integrated approach, combining our key capabilities from across the business units has been our unique proposition throughout the years. This integration has allowed us to provide comprehensive, end-to-end solutions to our clients, addressing complex business challenges with innovative, technology-driven solutions. Our growth trajectory aligns with market trends, where integrated digital solutions are increasingly sought after by enterprises looking to stay competitive.
What are your company's growth projections and strategic plans for the next fiscal year?
We are optimistic about growth prospects. We plan to expand our service offerings, particularly in emerging technologies like AI and IoT, while continuing to strengthen our core areas of expertise. Our strategy includes entering new markets and investing in R&D to stay ahead of technological advancements. We are committed to delivering transformative solutions that enable our clients to thrive in an increasingly digital world.
We plan to delve deeper into emerging technologies, capitalising on market trends, and expanding our global footprint. Our focus will be on continuous innovation, and our commitment is towards empowering clients with solutions that are not only technologically advanced but also strategically aligned with their business goals.
