All posts by [x]cube LABS

[x]cube LABS is a leading digital strategy and solution provider specializing in enterprise mobility space. Over the years, we have delivered numerous digital innovations and mobile solutions, creating over $ 2 billion for startups and enterprises. Broad spectrum of services ranging from mobile app development to enterprise digital strategy makes us the partner of choice for leading brands.
Blog, Digital Transformation & Innovation

Worried About Cybersecurity? Here are 8 Best Practices You Must Adopt for Your Enterprise

With increasing digital adoption comes the risk of protecting valuable assets that are now being stored on the cloud and analysed by edge computing systems. We are all aware of how data science is one of the hottest buzzwords in the tech domain and associated jobs are some of the most desirable. This is due to the fact that as automation gets more intelligent to handle complex tasks and smart gadgets make everyday lives easier, they generate vast amounts of user data that can be used by companies to understand their customers better and extend improved services. To analyse the raw data that’s being collected and extract actionable insights from them, sophisticated algorithms have to be developed which can make sense of information, convert them to popular formats and present them across a wide range of interfaces. This is where data scientists make a difference and so do professionals skilled in cybersecurity.

For the data you and I share with your gadgets, are extremely powerful if you look at it from a commercial perspective. We share our usage patterns, activity types, most used features, what we’d like to see, things we do to keep the devices performing well and other, associated items we look for. All of this can be utilised to bombard us with advertisements, offers and more, not to mention, the use of sensitive information for unlawful purposes. Data analysts have to be extremely careful when it comes to the preservation and handling of information and every day, new heights have to be scaled to stay a few steps ahead of data thieves.

Just this month, within the first few days, there are talks of security threats to Oracle, Windows, Mac OS, Chrome and more. These are tools and operating systems we use daily for everything from work to entertainment. According to a Forrester study, nearly 80 percent of organizations had experienced a data breach in the last year, while 50 percent reported that a breach had occurred within the last six months. Ransomware hackers are busy introducing new types of threats as well. Additionally, the industry is battling a shortage of skilled cybersecurity experts.

Going by a recent Trustwave survey, more than half (57% to be exact), of the respondents comprising cybersecurity experts, stated that skills shortage in their organizations range from “bad” to “very bad”. Primary factors driving this shortage include the lack of quality professionals, compounded stress caused by a growing number of attacks and relatively few institutions offering comprehensive training. Cybersecurity experts are actively head-hunted by companies worldwide, making recruitment difficult for all. 

Let’s take a look at what businesses need to do on this front keeping the challenges discussed above in mind:

  1. Make Employees Aware: Putting the old adage of prevention being better than cure to the forefront, companies need to ensure their employees are aware of the various vulnerabilities that could creep into their work unless best practices are followed. These include computer security measures, various ways of protecting data, understanding of real-life security breaches and thinking about newer ways to keep improving upon the steps being taken.
  2. Block phishing attempts: spam emails and phone calls, commonly referred to as phishing tactics, are widely used by cyber criminals to trap unsuspecting employees. Ensuring everyone is aware and investing in powerful, frequently updated spam filters could mitigate this threat in a big way.
  3. Keep a close watch on third-party access: Businesses can’t help but work with a number of third-party vendors for various hardware and software requirements to ensure business continuity. While these vendors will have some access to company data, limiting access and closely monitoring all who are communicating with your network can keep you safe. Additionally, keep logs of all activities for any future eventualities.
  4. Limit the number of privileged users: More the number of special users who have permissions to read and distribute sensitive information, more the risk of data theft. It’s prudent to always start with limited access, monitor activities closely and allow privileged access only when absolutely necessary. Also, revoking permissions once the purpose has been served could be helpful as well.
  5. Manage passwords securely: While it’s common knowledge to stress on secure passwords, security concerns remain as individuals tend to repeat passwords across multiple accounts and expose themselves to getting hacked. Usage of specialized tools such as password vaults and PAM solutions can greatly alleviate the chances of unauthorised access.
  6. Bolster IoT Security: When it comes to building IoT products, implementing top-notch data security measures is of prime importance. Smart gadgets collect some of the most personalized user information and it’s paramount that such data be protected. To that end, developing firewalls, endpoint security solutions, end-to-end encryption and regular release of security patches are crucial. To know more about how we approach IoT security at [x]cube LABS, check out our IoT landscape report.
  7. Form a robust policy: Set up a comprehensive, centralized cybersecurity policy for the entire company to follow and also develop specialized policies for each department based on unique risks and requirements. Also, carry out risk assessments from time to time so you stay up to speed with evolving concerns, stay on top of changing guidelines and certifications and manage your strategy effectively.
  8. Always keep your data backed up: Finally, since it’s all about protecting your data, you would like to ensure you have copies of everything securely stored in case the local files are attacked and corrupted. Encrypt data, ensure regular backups and entrust it to multiple employees to reduce internal threats.

Conclusion

As vital as digital solutions are for enterprises worldwide, it’s cybersecurity that helps you get the best out of them . Across a number of industries and service types, requirements are different and so are implementations. However, the measures discussed above, to safeguard against threats, are largely similar. As a business leader, ensure you build an IT infrastructure capable of repelling attacks and a skilled IT team to keep everything running smoothly. To know more about the right approaches to transforming digitally with security at its core, get in touch.

Blog, Digital Healthcare, Healthcare

How Digital Technologies are Transforming Medical Devices and Healthcare in 2020 and Beyond?

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Emerging technologies are fundamentally transforming how we interact with medical devices. In the past couple of decades, technology has gone from being contributors of interesting features to product standards. According to a report published in Sept 2020, the total medical technology revenue globally is expected to be nearly 600 billion U.S. dollars by 2024. Hence, medical devices are increasingly being built around technologies. The scope of innovation and accuracy they come with, has changed the entire landscape of the medical device industry.

Doctors themselves have realised the consistency and efficiency that comes along with introducing technology in medical devices. The innovative minds working in the industry have taken a deep dive into understanding the needs and wants of the customer. The medical device Industry has something for everybody, we’re talking about right from a wearable heart rate monitor to a painless brain activity monitoring device. As with every year the MedTech landscape widens, here we will talk about how digital technology has been disrupting the medical device industry and will continue to do so in the coming years.

  1. On-demand healthcare services

    The need for on demand healthcare has seen a major upheaval in the past few years and the 2020 pandemic has just elevated that very need. The conventional way of booking an appointment and going to see a doctor is facing stiff competition from virtually driven healthcare services.  the convenience and flexibility that comes with these services, not just the patients but the doctors as well have been found to openly advocate the use of medical devices that can assist in on-demand healthcare services.

    This is just a piece of the puzzle, the success seen by Doctors On Demand in the US is a primary example on how the healthcare industry is transforming today. According to a report by review42, There will be 2.87 billion smartphone users worldwide in 2020. This forms a huge chunk of the entire world’s population, by engineering products made for mobile devices, several healthcare organisations have been able to proactively service their patients with greater efficiency. One such Fortune 500 company Magellan Health Inc. reached out to [x]cube LABS to make their application more customer centric. With our expertise and understanding of the MedTech Industry, we provided them with a tailored CBT application that helped 80% of their patients sleep better.

  2. Constant check on vitals

    With the devices becoming optimized and accessible, the customers, not necessarily patients in this case have realised the benefits of involving these devices in their day to day routines. Several technology companies ventured into Medical Devices to leverage upon their already existing capabilities and gradually evolved themselves into fitting the needs of the customers. Companies like Fitbit and Apple with their products FitBit Fitness Trackers and Apple watches respectively are turning out to be the market leaders in wearable technology that assist their customers into keeping a check on their health. With their robust fitness technology and understanding of the consumer, organisations like these have carved a niche for themselves.

    Apple on a different note has also been very successful in enabling an IoT ecosystem with a variety of connected devices. [x]cube LABS has also worked with 24 hour Fitness into enabling their IoT ecosystem by developing an application for their wearable fitness tracker, back when fitness wearables were relatively new to the market, we developed an extensive application called Bodybugg which garnered a lot of attention and success by their customers.

    We have a device to combat snoring, an automatic drug dispenser, constant BP monitor, etc. With lifestyles getting more dynamic and busier, the health risks involved are also increasing. There’s a great amount of research and thought that is being put into coming up with devices that can make healthcare more convenient and accurate and the pace isn’t  slowing down anytime soon. The sheer mobility and utility of these devices have made them so popular, there has been an immense boom in the acceptance of these medical devices with people becoming more and more aware of the health benefits they provide.

  3. Predictive healthcare is the future

    With an increase in the number of digital touchpoints a patient interacts with, the possibility of predicting what illness could become a major problem for a patient in the future is also increasing. The enormous amount of data that is being logged into these medical devices helps in profiling their patients and better understand their anatomy. The push given to the maintenance of electronic health records has made predictive health analysis hassle-free and will continue to do so.

    By making sense out of data that is being acquired by these smart medical devices, healthcare companies can make recommendations on how to remain fit and maintain a healthy lifestyle to their customers. A digitally driven analysis of a patient’s health records can spot any inconsistencies in his health condition. From an organisation’s perspective, with the right analysis, a healthcare organisation can also predict where they should deploy their resources, how to assign the budgets and take several staffing decisions. Medical devices are the perfect digital touch points and with crunching of the data, both the healthcare organizations as well the patients reap the benefits.

  4. Emerging technologies leading the way to innovation

    According to a Stanford University press release, the active number of AI startups has increased 14 times since the year 2000, this clearly indicates how a lot of early age start ups have identified the scope for emerging technologies in several industries. There’s a lot of money that is being put into emerging technologies for the Medical devices industries, lately we’ve seen a lot of medical companies employing chatbots and AI assistance to help solve patient’s queries, these assistants are versatile and play a lot of roles at one.

    Moxi is a pinnacle in emerging technology for the healthcare industry, it is a one of a kind hospital droid designed to help human nurses in their routine tasks. Emerging technologies like AI have also solved one of the biggest challenges the industry faces, providing genome based therapies and treatments to patients to get a better success rate. The use of emerging technologies has also cut down the discovery cycles for several drugs as well, making them available in an early and efficient manner.

Conclusion: in what ways have mobile devices reshaped the healthcare industry?

As we saw above in the article, not just healthcare companies but a lot other industries as well, are looking towards investing their resources to use technology in developing Medical Devices to bring about a favourable change in how they serve their patients/customers. We at [x]cube LABS possess expertise in the Healthcare and Medical Devices sphere, we build transformative experiences and help organisations realise how they can attain their full potential using technology.

Halloween
Blog, Life at [x]cube

Ready to Get Spooked? It’s Halloween Season at [x]cube LABS

All Hallows’ Eve, also known as All Saints’ Eve and commonly, Halloween, has long become an integral part of popular culture in the west. The tradition of trick or treat, cosplay, decorating places with jack-o’-lanterns and other props are what this day is all about. Gradually, Halloween is becoming a global phenomenon which is welcomed for the fun quotient it adds to our lives. So when the festival comes calling, we at [x]cube Labs get ready for tricks waiting for us at every area and a scare around every corner.

We have fun dressing up as ghouls, witches, wizards, our favourite characters from popular movies and shows and organize events such as decorating workstations and parades of monsters. As the lights dim and a creepy soundtrack wafts through the office, the ghouls are unleashed and you better run and hide!

Here are a few glimpses of past celebrations:

Blog, Internet of Things

What are IoT-powered Smart Homes and How are they Revolutionising Everyday Lives?

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Life before automation

The main aim for bringing technology into our lives was to reduce the human effort and increase the efficiency of a task. Automation has been a part of our lives from 1946, when an engineer from the Ford Motor Company coined the term for using automatic devices for manufacturing to 2020 where our homes are filled with machines which has reduced our task effort and made our lives more comfortable. Machines like washing machines, vacuum machines, dishwashers etc. were invented almost 100 years back and started the idea of what an automated home would look like.

Before automation, the traditional home idea was a lot different as all the tasks were done manually which increased the cost of maintenance and living and made it hard to manage big properties without huge labor force. Today, the market of Smart Homes is expected to grow by an outstanding CAGR of 15% for the forecasted year 2020-2025 and had a market size of $70 Billion in 2018 as per IndustryARC. North America has the biggest market share in this with 28% in total which shows a great future potential in the area.

Smart homes making life simple

Smart phones, smart cameras, smart televisions- Smart is becoming more of a lifestyle then just a technology. It resembles a lifestyle which is updated, customized and automated as per your needs and requirements. Then why not Smart Homes? It’s becoming a need to have a Smart Home that is fully controlled over your fingertips and informing you about decisions to take and improvise. Alexa by Amazon or Echo by Google, these devices are already making customization easier on lower levels. The residential real estate firms are offering built in Alexa powered homes in India so that the adaptation would be flexible for the consumers. The completely integrated household which is communicating to each other on your one command is the future we are looking for.

For elderly or people with disabilities, it’s a breakthrough where the Smart Homes are making their life really simple. Cameras who are using smart analytics can be a great help in security or electrical fans/lights/air conditioning which can be controlled on your voice command or from a phone device are the smart tech we are talking about here.

IoT is changing the meaning of comfortable space

The ability to communicate with each other and then work together by using some basic analytics is something that we humans do to keep up with the task or for better efficiency. Then why shouldn’t our machines or devices do that? Here is where IoT technology comes into the picture. This technology is already creating and collecting some genius statistics in the business world and helping some customer centric companies to provide a better experience to their customer base. They help in coagulating the data from every touch point and bring them to the center where essential decisions are made. It’s doing the same with the devices available at your home and bring the statistics to you. With a little help from AI, these communication channels are setting the ecosystem of your home in which you are comfortable as per your mood. IoT technology is cost efficient and environmental friendly at the same time with better security.

One of the examples for how an IoT can change the picture of an ecosystem was captured when 24 Fitness came to us. The problem statement was a better coordination between the wearable device, the app and the firm. By leveraging the IoT technology, we developed an interface which was faster, integrated and helped the brand to stay ahead of the competition.

Some new innovations

  1. Smart Bathrooms

    When the space can be cleaned and sanitized as per your need with complete integration with your other home appliances, it can be a big relief after a tiring day and a happy shower.

  2. Robot Vacuum Cleaners

    Many of them are already in the market and have been getting alot of positive feedback. These cleaners can work 24*7 without causing harm to any living being and keeping the house clean at the same time.

  3. Phone controlled washing machines

    Doing your laundry is not a task for the weekends only anymore. Now, it can be done no matter where you are or what you are doing. Just with a phone click all this can be done and you will be back to some washed out clothes.

  4. LED Walls

    Imagine a wall that can completely turn into a television and then get back to being a wall when you are not watching it, pretty cool right? These walls with every bit of a function of a television is very stylish as it looks and provides great experience for the viewers as well.

  5. Smart Beds

    After a very hectic day, a good sleep is the only thing you would want. Thats where smart beds come into the picture where it can give you warmth as per your need, track your sleeping cycle and many other things. This helps you to monitor your sleep routine as well helps you to start every with a new energy.

  6. Robo Chef

    Imagine a chef that has memorized all the cooking lessons and can cook anything that is available on this planet to eat. It’s a very futuristic idea but seeing the market and new revolution in the kitchen business, this will be available soon in your nearest stores.

Conclusion

The world is revolving with a greater speed than before, not literally but the evolution in technology in the recent decades is giving us the same idea. Every business model or product has somehow encountered an episode with the new technology that is getting updated on a regular basis. With the time of fast moving and great ambitions, people don’t have much time to maintain their household all by themselves and then have a comfortable stay at the same time. Smart automated integrated homes is a market that will grow exponentially with time, it is just waiting for the people to get completely used to hanging around with these smart techs.

Blog, Cloud Computing

Top Cloud Computing Trends Your Enterprise Should Leverage to Succeed in 2020 & Beyond

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Cloud computing is the delivery of on-demand computing services, but it is not just that. The rapid rate of adoption of cloud computing by firms of all sizes has reiterated the fact that cloud computing is here to stay. The industry is growing exponentially qith 76% of enterprises looking to adapt to cloud apps and platforms to accelerate their IT service delivery. The glocal cloud migration market is expected to grow to USD 8678.73 million by 2023, at a CAGR of 23.67%.

Companies are making use of cloud computing to enhance their overall processes since they have accepted the fact that cloud computing is here to change the world from what we know. We’re looking at a much faster and cost effective way of running their IT infrastructure. The advancements in cloud computing has led to more and more dependence on it. Cloud computing is much more cost effective, flexible and scalable than it was during its inception and it has advanced so much, that it is the new normal for the IT industries. According to a report by Gartner, by 2023, leading cloud services providers will have an ATM-like presence to serve a subset of their services. In this post we’re going to provide our take on the future trends of cloud computing.

  1. Hybrid cloud infrastructure will lead the way

    One of the major trends in cloud computing in the adoption of hybrid clouds, firms are now moving towards a more multi-cloud verse to cater to their needs, the advanced cloud strategies and technologies have made applications more portable. Organisations are exploiting the progressive and differentiated services that are being offered by several cloud providers. Once an organization has an understanding of what they want to achieve, they can choose which cloud service to adopt instead of an ongoing legacy cloud provider. 

    According to a survey run by Flexera, 93% of the respondent companies said that they have entirely embraced a multi-cloud strategy.  It clearly reflects on how the traditional way of buying a specific set of infrastructure from a single provider isn’t going to make the cut in the future, organisations have become agile in terms of their cloud buying behaviour. 

  2. Partnering with Third Parties

    The survey done by Flexera also shed light on the fact that organisations waste 30% of their overall cloud spend. In order to curb the costs, firms are reaching out for partners who specialise in managing clouds, this reflects a vendor agnostic approach. We’re talking about partners who have the resources that can actually make out if there are any bottlenecks in an entire cloud infrastructure. A hybrid cloud infrastructure, though cost effective and flexible has led to elevate certain complexities that should be looked into by firms. 

    These third parties have clear insights on how to keep the cloud spend by a firm under control and make the most of the services without any lag in between their processes. Major services providers are verifying vendors for this purpose specifically, so that the growing cloud management needs of their clients are being met.

  3. Cloud providers and their response to the Pandemic

    Cloud providers with robust infrastructure have responded well to the crisis that the pandemic has brought upon the world. Due to this sudden surge in data points coming left right and center putting a lot of stress on the cloud infrastructures of organisations, the resilience of several cloud providers was brought under check and the ones with a crisis management plan already in place have proven their mettle. A well run cloud can handle a sudden surge in demand or traffic coming in. A proactive approach towards handling the crisis has led cloud providers to stress-test their data centres for the future to keep themselves prepared for the worst of the worst to happen.  

    In response to the financial instabilities brought in by the pandemic to several small and mid sized organisations who are cloud customers, cloud providers can form a customer centric approach and maybe try and give them a benefit of the doubt by reducing the prices charged. This could be an opportunity in disguise for several cloud providers to form a more responsible and compassionate image of themselves in these times of crisis.

  4. Cost optimization

    Cost effectiveness is one of the major factors that drives the adoption of cloud computing and the cloud providers have taken a good note of it. They will have to work more and more on their native capabilities since firms are looking for more cost effective infrastructures to work on. The recent trend shows how firms are not sticking to a single cloud vendor, they are more focused on the job at hand and which provider suits the best for it since the growth in usage of cloud will also drive up the costs incurred.

    Different cloud providers have different pricing and billing models so firms need to find what suits the best to them and that is how they can come up with the best cloud computing strategy by keeping the costs under control and reaping all the required benefits, We at [x]cube LABS have a proven track record of managing several cloud computing projects. SpotWorks, our proprietary cloud management and optimization platform, can reduce your cloud spend anywhere between 40-80%!

Conclusion

Technological advancement, agility, interoperability, customisation, collaboration, scalability are the concepts that are driving cloud computing and will continue to do so in the new decade. CIOs and CXOs are rethinking their business processes and accelerating business change by adopting the best cloud practices .  Not just experts but the companies themselves are on a lookout for cloud computing trends in 2021 and how the industry might unfold in the coming years. Firms of today have realised that the possibilities with innovation in cloud management are immense and dynamic. Some firms have already gained momentum by becoming early adopters of best cloud practices in industries and others are beginning to be a part of the game. Cloud computing has become a major driver in the digital transformation journey for organisations and cloud infrastructure has become the most vital aspect of it. The trends mentioned here are the ones that are going to influence their cloud migration and adoption plans as organisations plan on making their cloud even more cost effective, agile and scalable. 

Blog, Digital Transformation & Innovation, Healthcare

6 Ways Digital Technologies are Transforming the Pharma Industry in 2020 & Beyond

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  1. Industry at a Glance

    The Pharmaceutical Industry has been showing a significant amount of growth from the last two decades. From Roche to Pfizer, market valuation of such companies are crossing billions of day to day operations after the COVID-19. The industry is expected to cross 1.57 Trillion US dollars by 2023 as per a report from GlobalData. As people are becoming more health conscious, the expenditure on healthcare is pushing the industry to another level. The growth is also fueled by the rising and ageing population. Some other market drivers are rising spending power, access to quality health etc. are pushing the pharma industry to a new height. Whereas the government authority in the key markets are coming up with stricter laws and regulations which is forcing firms to spend less on R&D. The major part of the revenue of these companies are coming from the exclusivity of drugs which is impacting the global forum of pharmaceutical industry.

  2. How Pandemic has changed the face of Pharma?

    The COVID-19 pandemic has already changed the face of everything the way it used to be. The pharmaceutical industry is showing positive growth in the share market and innovations to fight against the COVID-19. All the companies are in competition for application of technology for a better R&D and to launch a drug to show their own compassion. With the advancements in technology, businesses are opting for automation to reduce error and to save cost. 

  3. Application of technology for Smart Pharma

    The Pharmaceutical industry is growing towards efficiency modification from the last few decades and concentrating more on automation and data collection. Most of these developments have either happened in the core business module or packaging. Whereas, some firms are still adopting technology without disturbing the core business and increasing the efficiency which doesn’t require changing the complete module which is better than waiting and watching the market to evolve. Some of the innovations that are making pharma “smart” are:

    • RPA– The complete data delivery and analysis procedure can be turned into an automated procedure with less failure and in less time. It can meet patient expectations under regulatory requirements.
    • Blockchain– Data security has always been an issue and with the application of blockchain technology, data errors or tamper will be eliminated. As there is a lot of important and personal information that can be misused or hampered can be saved with the super secure tech available.
    • AI/ML- Testing in Pharmaceutical has always been a cumbersome task. With such a vast variety of data collected, it becomes difficult to analyse the actual condition. An AI can turn the piece of unsaturated data into a useful one and can tell the actual condition of the subject. Whereas machine learning is making the complete process less lengthy which saves a lot of cost and time.
    • Firms are opting for AI/ML in a step towards automation, such is the case with Dr. Lal Path Labs. When they discovered the efficiency gap in their operation model and contacted us, [x]cube LABS, With the help of machine learning and artificial intelligence, devised a solution which closely monitors the operation and eliminates the gap. This solution helped all the customers by saving time and transparency in the system.
    • Big Data– Data collection and saving it for future reference is a task every firm is busy with. With growing competition in the market, pharma companies are also coming up with product marketing and becoming customer centric by researching their customer base. To access this huge pile of data, firms are opting for big data to get the real time access to any data required at present or future.
    • VR/AR – Skilled labor or workforce are the essentials to have to excel in the market. VR/AR can be used to train the particular work force and get them a real experience of the work and process related to it.Asian Paints faced a similar problem when training the workforce was a big thought due to the unavailability of particular damage on the property that can not be shown on a regular basis. [x]cube LABS came up with a solution using virtual reality that provided experiential learning for the employees where they can walk around a building.
    • IoT– market data has been collected all over to get the actual data on the operations and the customer. The same application of the tech in pharma can help improve a lot of gaps between the firm and their stakeholders.

  4. Future Challenges and Expectations

    WIth the rise in the spread of COVID-19, the reputation of pharmaceutical firms are on line which needs more innovation and effective methods to satisfy the future needs of the people. Expectations are not easy to fulfil but with a customer centric approach, the industry can address it effectively. The impact they leave now in times of global fear will be the deciding factor for future growth of this industry. Real time technology which will monitor the data and action time on the data will be the differentiating factor for the future to come.

Blog, Digital Strategy, Digital Transformation & Innovation

Planning Digital Transformation? 10 Essential Points to Keep in Mind

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Digital transformation in recent times has moved way past than just being a phraseology. According to IDC, 85% of enterprise decision-makers say they have a time frame of two years to digitally transform their businesses, else they might suffer extreme financial losses in the coming times. This one statement reflects upon how technology can drive change in a business for the better, but it is imperative that we understand how digitally transforming a business goes way beyond than just an application of information technology into the business processes. A digital transformation journey starts with defining the mission and vision of an organisation, a definitive ideology of an organisation forms the cornerstone of any digital transformation plan. Once that is combined with the right catalyst, in this case, the right Digital Solutions partner, the journey to digital transformation begins.

The road to digital transformation could be a long and tedious one if the right set of points are not kept in mind, what we aim to achieve is a seamless transition from the old legacy defined ways of doing business to a digitally dependent roadmap to success. Here we discuss the 10 points to keep in mind while digitally transforming your business –

  1. A digitally dependent system is a customer centric approach

    Customer experience lies at the heart of a digital transformation, there’s enough proof to show organisations are depending more and more on giving their customers customized experiences to reap the benefits, since it has been well documented that retaining a customer is much more effective than acquiring a newer one. While digitally transforming, it should be made sure that at each and every step of the transformation, customers are kept as the focal point.

    An example for a tool that supports customer engagement in the best possible way is [x]cube LABS’s Upshot.ai, this in-house developed product engages the customers in the perfect manner by getting deeper insights into their behavioral, transactional, demographic, sentiment, and psychographic data captured from all the digital touchpoints a business has.

  2. Data is everything!

    One of the major strengths of a digitally driven business is how well it can gather and make sense of data. With the use of data, organisations can profile their customers, scrutinize their behavior and interact with them in real time. Data can lead companies to run predictive analyses on how customers have behaved with their products in the past and make much more informed decisions. According to TechCrunch, Every two days, we create as much information as we did from the dawn of civilization up until  2003. The more the data, more are the possibilities to make use of it for the better.

  3. Digital transformation fuels innovation

    Once a business goes digital, the scope for innovation increases. There’s always a solution to a problem that an organisation might face, In the past we have seen several organisations rise up from obstacles by coming up with digital based solutions fueled by innovation.

    One great example would be Panini, the leader in published collectables and how [x]cube LABS helped them digitally transform their age-old brick and mortar setup resulting in greater customer retention and substantial rise in revenue.

  4. The demand for content goes up and beyond

    When the customers of a business get accustomed to a digital ecosystem, the responsibility on the business’s part increases. A digital business is widely accessible, which means that a customer can or will interact with the organisation on his own prerogative. The information being transmitted from the business’s end now takes centre stage. We’re talking about scaling up digital design to keep the customer’s engaged leading to a greater retention.

  5. Foster a digital mindset in every employee

    We see a lot of organisations being apprehensive about adapting technology in their core processes. The reason is simple. not every employee in the organisation can have an innovative mindset, not everyone will be open to change. A digital transformation cannot happen overnight, there are specific processes in every business that are being done in a manner for years or even decades. Adapting a digital approach and inducing a digital mindset in an organisation is a gradual process and takes its time. All we need to make sure is that there’s no dissonance between the values of the organisation and the objectives they’re set to achieve with their digital transformation journey.

  6. Technology can drive remote workforces

    The year 2020 has brought several revelations, the use of technology has supported the businesses that were disrupted due to the pandemic and has made the case for remote workforces even stronger. This can be directly linked to reduction in fixed costs incurred by a business, we saw several big organisations considering Hybrid work models for the long run, Google has been planning flexible working models for the future, CEO Sundar Pichai said. A digital transformation could favourably impact the working environment a business might already be in.

  7. A digital transformation is a catalyst for expansion

    Machines, though developed by humans, have much more potential than humans in handling data and requests. Businesses that are looking towards an unprecedented expansion rely heavily upon the digital tools. Handling data from millions of customers would be nothing short of impossible for humans to handle, even if they can, hiring such a huge workforce could skyrocket the costs for the business. A carefully crafted digital transformation plan can have a business handle a great number of customers in a swish and come up with the best possible solutions for them.

    A relevant example could be how [x]cube LABS assisted tradeMonster into developing a cross platform strategy ensuring a robust framework to handle the data surge.

  8. Remember, beginning is the hardest

    The idea is to keep the business thriving and adapting to the environment in the best possible way. A lot of people might be open to something new, a lot might just be baffled by the changes that technology brings. All we need to remember is that it takes time, the only way to keep the wheel rolling in the right direction is to be a part of the process. We’re looking at transforming an entire business, it’s not a small feat. Always remember, why did we start in the first place.

  9. Find the right partner

    With digital transformation, we’re looking at total disruption of your supplier chain. There are specialized organizations that provide digital transformation services, all a business has to do is find the right fit for themselves. We’re looking at building credibility and trust with the partner. It’s very important that the technology partner that you hire resonates with your ideologies and believes in what you’re trying to achieve. There are certain traits that a business should always lookout for while finding the right technology partner. We [x]cube LABS, have supported several organisations into digitally transforming their businesses, our values, quality and work ethic speaks for us.

  10. Generate Value

    What differentiates a business from its competitors is the amount of value it generates, once the process of digital transformation kicks off, a great deal of stress should be put upon whether the required amount of value is being generated on both the customer and business end or not. The future is today, technology is at its boom, all we need to do is embrace it and strive!

Conclusion:

Going as per the stats or the pandemic, there have been enough wake up calls for businesses to know how imminent it is to start their journey towards digital transformation. We certainly hope that the points mentioned are helpful for a smooth transition into being a digitally driven enterprise.

Wondering how to go about it? Get in touch with us. We have partnered with several startups and Fortune 500 companies to digitally transform their business. We are digital natives at heart who firmly believe that every company can be a digital company with the right set of consultations and skill.

Artificial Intelligence, Automation, Blog, Manufacturing

How Manufacturing Businesses can Leverage Machine Learning for Improved Automation and Efficiency?

Table of contents

Introduction

Machine Learning and automation has found its niche in almost every vertical, but it’s astonishing to see how the manufacturing industry has been leveraging on ML to increase their overall productivity. The Artificial intelligence market is expected to grow at a CAGR of 57.2% and reach USD 16.7 billion by 2026. When we talk about manufacturing, we’re talking about the maximum output with the minimum possible resource input, but the concept is perilous to a great extent. This challenge faced by the manufacturing industry was cut short with the successful deployment of machine learning into their processes. 

By introducing automation through machine learning into their supply chain, tonnes of megacorps have been seeing impressive results with bringing down the labor costs they incur, reducing downtime to increasing workforce productivity. The manufacturing vertical as we know is embracing the fact that a successfully crafted algorithm will not have a day off. Several manufacturing companies that we know have not shied away from putting in great amounts of their resources into research and development of machine learning systems to enhance their overall business operations. 

  1. Managing the Supply Chain

    With the introduction of ML into an overall production cycle, we’re looking at squeezing the production time and delivering the best possible outcome. With the application of Artificial Intelligence and ML, a subset of AI, companies are able to take a deep dive into their overall supply chain and spot the pain points where there’s scope to improve. 

    A great example of this can be found in how we at [x]cube LABS, collaborated with Mann+Hummel, the leader in developing air and water filtration devices by combining our expertise in Artificial Intelligence and Industrial Internet of Things. By combining sensors and a mobile application, we made their filtration devices smart and gave them the capability to automate their health and status. The developed dashboard enabled Mann+Hummel to get a variety of reports on the devices and helped them understand the ways customers are engaging with their products. Result was a significant reduction in costs and a major increase in sales for Mann+Hummel.

  2. New Product Development

    For manufacturing, venturing into a new venture requires resources and involves risks. The idea behind every new product development strategy is to be successful and yield the best result. To tackle the challenge, the manufacturing industry has been employing ML to understand the customer’s behaviour and needs, a well formed ML algorithm can tell how a customer behaves and already predict his future course of action, we’re talking a definite way of knowing whether the product in question would work for the market or not. We cannot disagree on how sitting across another human brings inhibitions on how we talk and react when exposed to situations and questions, the most effective way of predicting the one true side of a customer is to understand him in his most organic state, we’re talking about automation of gathering data, but how? 

    An example could be how our in-house developed product UPSHOT.AI, a customer engagement tool that can be integrated into an already existing application, Web or Mobile and study customer’s behaviour patterns and predict how a customer would behave in different situations. Products like UPSHOT.AI, with a successful track record are especially good at reducing the risks associated with the development of new products, as the insights it provides feed the planning stage for more informed decisions.

  3. What is the future?

    The growth in the adoption of AI solutions is completely dependent on the growth of manufacturing units. However, in the current situation, manufacturing ecosystems have been disrupted, and thus, the growth of AI solutions will also get affected negatively in such industries. But looking at the other end of the spectrum, given the COVID situation, AI-based solutions could help manufacturers to digitally transform operations (such as autonomous material movement using industrial robots) and make prompt data-driven decisions. In addition, AI can play a crucial role in automating several stages of manufacturing and limit human involvement. 

    The earlier inhibitions of manufacturers about the capabilities of AI-based solutions in terms of the accuracy of their functioning will take a back seat. However, manufacturers are now increasingly accepting the potential benefits of AI-based solutions and the applications they serve. 

  4. Conclusion

    The manufacturing industry has been the early adopter when it has come to innovative technologies and reaped the benefits as well. The entire industry works on a grand scale so the risk involved is immense. Companies with resources are looking towards finding ways to predict the future as far as their production lines are concerned. Hence, the relevance for deep learning technology is growing, if the forecast is to be believed, deep learning technologies are expected to witness a high surge in demand. Rapid adoption of robotics in the manufacturing industry is one of the major factors that has been driving the demand of AI in the industry. 

    We’re looking at robots in manufacturing units like in the movies, sounds surreal right? But even the technology experts believe that the path to innovation has been paved. APAC regions were found to be the greatest innovators and risk takers, there are a great number of manufacturing units in China and Japan who are willing to invest more and more on automating their entire manufacturing processes. Not just the customers, but the manufacturers seek consistency and growth and that is what automation assures. The best way to control quality, the maximisation of output, enhanced products and successful supply chain management. 

    To sum up, let’s take a look at the three essential questions to keep in mind as someone enthusiastic about the potential of ML in manufacturing:

    • How is machine learning used in the industry? 

      Modern manufacturing is incorporating machine learning throughout their production process. The accuracy in prediction that ML provides has helped manufacturing units to predict the market dynamics beforehand. Manufacturing industries have made peace with the fact that ML is the only way for machines to adapt to changing market needs. The benefits of ML surpasses the rate of error with a huge margin which has led to a wider adoption of ML in the manufacturing industry. 

    • Why is machine learning Important for smarter manufacturing?

      Machine learning can enhance every aspect of manufacturing. Manufacturing is a continuous process that goes as far as the maintenance of the product being manufactured. The predictive algorithms, reduction in costs and downtime, computerization of tedious tasks has only led the manufacturing industry to believe that ML is what the future of manufacturing depends on. It has been well recorded that exponential technologies can build robust and rapid manufacturing models. According to a 2019 Global Market Insights report, global machine learning in manufacturing is going to skyrocket from $1 billion in 2018 to $16 billion by 2025.

    • What is machine learning in manufacturing?

      In the simplest terms, machine learning is the facilitator of identifying key components in a manufacturing process by identifying, monitoring and analyzing the manufacturing processes.

Blog, Covid-19, Digital Healthcare, Digital Transformation & Innovation, Healthcare

Accelerating innovation in healthcare: How COVID19 is shaping digital transformation in the healthcare industry

Table of contents

Introduction

An effective digital transformation in healthcare has been long overdue. The overall adoption of digital tools for diagnosis, treatment, and hospital management has been just satisfactory. EMRs haven’t become a part of routine care yet, for instance. According to the Electronic Medical Record Adoption Model, the adoption of EMRs ranges from just 3 % in Europe to 35 % in the USA. The low adoption rate isn’t because of investments required or technical barriers expected, but primarily because of non-technological barriers, as per a report by McKinsey. Change of culture has been the biggest hurdle in the industry’s digital transformation. Three barriers to digital in the pharmaceutical and medical-technology industry were culture and mind-set, organizational structure, and governance. The onset of the pandemic, however, served as a black swan event that not only fast-tracked the adoption of digital technologies in healthcare but forced enterprises to overcome non-technological barriers as well in order to sustain themselves. These changes aren’t limited to the pandemic time alone, they are also creating defining moments that will shape the future of digital healthcare in the post-pandemic era as well.

Healthcare in the pre-pandemic era

Even before the pandemic, the healthcare industry was burdened with high demand, shortage of staff and inefficient workflows and processes. A report by the World Medical Association states that nearly half of the world’s physicians experience symptoms of physical, mental, and emotional exhaustion, confirming the significantly high levels of stress and burnout long before the onset of COVID-19. The only difference now is that there’s a need for greater efficiency and responsiveness more than ever before. While healthcare professionals have to deal with treatments and procedures for patients with critical ailments such as cancer, heart disease and other conditions on one hand, they have to continue to provide critical care support for COVID-19 patients as well. This creates an inevitable burden on the existing healthcare infrastructure as they need to juggle between these responsibilities.

To handle these responsibilities better, healthcare professionals must embrace new models of care delivery that are driven by digital technologies and are capable of adapting dynamically to rapidly changing conditions.

COVID19: An accelerator for an overdue transformation in healthcare

The COVID-19 crisis has brought about significant changes in healthcare systems all over the world- the major impact being its role in serving as an accelerating force for the digital transformation of the healthcare industry. Even as social distancing measures across the globe have started to ease, stakeholders are exploring digital solutions that can help to contain the current pandemic and its impact while also avoiding a second peak as much as they can. To that end, the industry is looking for ways that enable them to deliver effective and scalable healthcare while keeping people away from hospitals, surgeries and clinics wherever possible. In the next section, we’ll take a look at some ways companies worldwide have leveraged innovation in technology to handle the current crisis.

Innovative ways in which companies are fighting COVID-19

Companies globally are deploying proven technological solutions and developing new ones to boost innovation in healthcare and fight the coronavirus. Here are some exciting examples of it.

  1. 3D printed face shields and swabs using AI: An AI-based software company that also specializes in medical 3D printing to create anatomical models has leveraged their 3D capabilities to print face shields, ventilator parts and nasopharyngeal swabs. Following clinical trials, they have sent thousands of specially designed swabs to capture COVID-19 samples across the USA, Europe and Asia
  2. Real-time data and AI to create effective isolation monitoring: Wearable products often don’t provide information accurate enough to make critical clinical decisions. To resolve this problem, companies have leveraged Patient Status Engine (PSE) that automates the collection of raw patient data and decision-support tools for clinicians, by combining wearable sensors with wireless networks and big data to provide high-resolution patient monitoring and enables creation of high-dependency isolation wards rapidly.
  3. Monitoring social distancing using ultra-wideband (UWB) technology: a precision tracking product based UWB technology uses badges and watches to measure how closely and for how long individuals come into contact, by monitoring the time of flight of radio signals between devices. It also triggers alerts and real-time feedback via cloud platform to identify people at risk of COVID-19
  4. Detecting COVID19 via smartphone: An AI-based app uses light signal processing technology known (remote photoplethysmography or rPPG) through which a smartphone camera records light reflected by blood vessels beneath the skin. Since blood volume in micro-vascular tissue varies in response to respiration, blood pressure and other changes, the app converts this variation into measurements. It has been reported to be 90 % as accurate as hospital-grade monitors
  5. Cloud-based ventilation monitoring: A combination of patient data management software, and a cloud-based system, this solution consists of cellular chips in ventilation devices that send data which is then refined, sorted and made available to clinicians in an easy-to-read format, enabling quick monitoring and troubleshooting

Major technological highlights that proved effective in stressful times

As global healthcare faces unprecedented challenges due to the outbreak of the pandemic, technological solutions which have been in use for some time now became quite useful and their adoption has been increasing ever since. Digital tools such as videoconferencing, remote monitoring and data analysis are making a valuable contribution in handling the current situation and creating a positive shift that will further encourage their adoption in a post-pandemic era.

  1. Video calling solution for patients and staff: As the need for preventing new contaminations increases, it becomes essential for hospitals to have as little physical contact with each other as possible. At the same time, there is a need for accessible and quick communication right now. This significantly created a demand for video calling as a solution in the healthcare sector. We’re now seeing applications that enable video calling in healthcare being rolled-out at a faster pace. For instance, healthcare professionals who are put at home due to symptoms of the common cold aren’t allowed to physically go to work but are still able to function just fine by remotely assisting their colleagues with the help of video calling.  Using videoconferencing, healthcare professionals can also maintain safe contact with patients who are in isolation in their homes
  2. Remote monitoring: With increasing numbers of infected patients, the shortage of beds in  ICUs is also increasing. Hospitals are trying to double their capacities but such measures take time. Until then, patients can be treated outside of ICUs, say, in other wards, or at their home. This can be made possible with the help of remotely monitoring patients with the help of digital tools. Smart patches, for instance, allow remote monitoring of a patient’s vital signs, such as respiration, temperature and pulse. This greatly reduces the number of standard checks-ups and allows healthcare professionals to concentrate on people who require acute care. Additionally, remote monitoring also reduces the pressure on hospitals, allows patients to get treatment in the comfort of their own home, and serves as a preventive measure
  3. Data analytics and information provision: Big data and artificial intelligence are helpful in closely tracking the spread of COVID-19. Researchers can forecast how certain interventions could help manage the virus, and they are now exploring various scenarios. They also help to predict the number of expected infections, identify potential hotspots and much more. This information, when made available online, plays an important role in keeping citizens updated and cautioned

The healthcare industry’s transformation is likely to happen at full pace 

The pandemic not only accelerated the adoption of digital technologies but also exposed the loopholes in the system that needs to be fixed. Here’s how a two-way acceleration is likely to fuel the transformation at a pace faster than before.

  1. The need to fix loopholes and vulnerabilities: The pandemic highlighted how workflows, processes and experiences in health care are inefficient. From the lack of access to accurate data from multiple sources that hindered care delivery, to several hospital leaders still using outdated technologies such as faxes to communicate with physicians and other hospitals, many opportunities to fix fragmented aspects of the industry have been identified. Healthcare leaders will now focus on areas such as care delivery, collaboration, and affordability.
  2. More adoption of data and technology: The pandemic will speed-up widespread adoption of data analytics and advanced digital technologies. The adoption of virtual health tools such as video calls and remote monitoring, which otherwise might have taken another few years to reach today’s levels, have already become the new normal. More data, interoperability, and analytics will also prove to be a significant breakthrough in utilization management, population health surveillance, and real-time data-sharing and communication.

What will a post-pandemic healthcare landscape look like?

The current scenario has already been a turning point in how stakeholders see digital technologies and innovation in healthcare. The non-technological barriers have been broken and the future of healthcare, at least for the next ten years, will be defined by three key aspects- consumer-centricity, data reliance, and new technologies.

  1. Consumer-centric: Prior to the pandemic and even more during it, consumers have become more conscious about their healthcare choices. They also demand data access and more transparency at each stage of their decision-making. This has made it essential for the healthcare industry to become more consumer-centric. In the past, we have seen consumers taking more time in making decisions due to the lack of transparency in healthcare- both about the costs and the value of services in improving their health. This has resulted in a waste of time and money, poor health and ineffective outcomes. Today’s consumers use personal technologies to measure fitness. According to the Deloitte 2020 consumer health survey in the next 10 years, consumers will have access to more accurate information that can promote informed decision-making and lead to better health outcomes.
  2. Value-based care and affordable: The value of a service depends on two factors- more quality or reduced cost. Currently, value-based healthcare services focus more on cost reduction and not on the quality of outcomes. As value-based healthcare models evolve, we’ll see stakeholders demanding higher quality alongside affordability. It is expected that in the next few years, payment models will become more outcome-centered, and there will be increased transparency and availability of data related to health system performance to validate outcomes.
  3. Pervasive use of advanced technologies and analytics: Earlier, the evolution of healthcare was centered around an infrastructure of buildings, people, assets, and products. In the current times, and in the times to come, the evolution will be focused more on an infrastructure model that is focused on data, platforms, interoperability and digital solutions. A modern infrastructure thus created, can enable the long-pending shift to accessible, affordable, quality health care.

Conclusion

The healthcare sector is currently facing one of the greatest challenges so far. It would be right to say that the pandemic is more than a black swan event. The global healthcare infrastructure was never fully equipped to treat people and save lives at a scale required today. This has made the need for more effective, scalable and resilient healthcare infrastructure a priority for healthcare leaders now. Despite the adversities caused by the pandemic, the healthcare sector is now presented with a powerful opportunity to innovate at a quicker pace and reinvent itself. Organizations that will use these opportunities to transform themselves will likely evolve into more scalable and resilient organizations. Stakeholders have gained valuable insights with respect to the importance of innovation and realized how technology can help keep healthcare safe, accessible and affordable. It has become quite evident how digital transformation, driven by the need of the hour, is revolutionizing the healthcare industry, the impact of which will redefine the landscape of healthcare entirely.

Agriculture, Blog

The Evolution of Indian Agriculture Industry: Key Policies and Reforms

Table of contents

  1. The Evolution of Indian Agriculture Industry(the 1950s- early 2000s)
  2. 2000 onwards: Economic reforms, technological advancements and disruptive transformation
  3. 2014-15
  4. 2016
  5. 2017
  6. 2018
  7. 2019
  8. 2020
  9. Union Budget 2020-21
  10. Digital Initiatives by the Indian government
  11. Conclusion

With food grain production of 69.3 million tonnes in the fiscal year 1960-61 to 264.35 tonnes in the fiscal year 2013-14, Indian agriculture has come a long way. The growing population became a key driver for agricultural products and with time, rising urban and rural incomes also gave a boost to attractive opportunities in the Indian agricultural sector. In this article, we talk about how the Indian agriculture industry transformed since the 1950s by diving into different policies and reforms, particularly over the last 5 years- where the transformation took place at an unprecedented pace and witnessed disruptive breakthroughs.

The Evolution of Indian Agriculture Industry(the 1950s- early 2000s)

The1950s: Era of stagnation in agriculture

A period marked by limited or insignificant growth, agricultural production during this period witnessed:

  • Low growth in crop and grain production (0.4 and 0.1 percent p.a.)
  • Foodgrain production of 59.2 MT in 1952–53, with a yield of 579.8 kg/ha
  • Foodgrain production of 59.2 MT in 1952–53, with a yield of 579.8 kg/ha

The 1960-1980s: Green Revolution

A good transition from stagnancy to high agriculture production, this period was characterized by:

  • Pioneering work of agricultural scientists and efforts of farmers that led to the Green Revolution
  • High Yield Variety (HYV) of seeds, increased use of fertilizers and irrigation, resulting in a significant spike in production
  • Food security and reduced import of food grains

The 1980-2000s: Surplus production and exports

During this period, India transitioned from achieving just food security to surplus production. The key highlights of this period include:

  • Expanding cereal production
  • Economic reforms introduced that provided greater encouragement to exports
  • Surplus of production of agricultural commodities over domestic demand
  • India emerged as a net exporter of agricultural products
  • Increase in population and strong income growth

2000 onwards: Economic reforms, technological advancements and disruptive transformation

2000 and beyond saw a great push to agricultural production with the introduction of supporting reforms, new policies and adoption of technology. Some key highlights from this period include:

  • Better technology adoption
  • Rise in institutional credit for agriculture
  • NFSM to increase the production of commodities
  • Schemes like National Horticulture Mission (NHM) and Bringing Green Revolution in Eastern India (BREI) that helped achieve record production.
  • The National Mission on Oilseeds & Oil Palm
  • Commodity exchanges that helped in fair pricing of commodities

The early 2000s

As mentioned earlier in this article, the last decade or so has been remarkable in terms of supporting policies and reforms, adoption of digital technologies and significant investments in the sector. In this section, we’ll take a closer look at the most striking policies and reforms that contributed to the growth of the agricultural sector in India.

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    Small Farmers Agribusiness Consortium (SFAC) [1994]

    • The consortium focused on creating wider linkages for FPOs to reduce transaction costs, improve access to technology and services and ultimately link them to better market opportunities for higher returns.
    • To meet the above objective, an ICT backed platform was provided that electronically linked all the FPOs in the country and leveraged their collective bargaining power.

    Horticulture Mission for North East And Himalayan States (HMNEH) [2001-2002]

    • The main objective of this mission was to improve the production & productivity of horticulture crops.
    • Special emphasis was laid on “Low Volume, High Value, Less Perishable Horticulture Crops”
    • Provided employment opportunities especially for women by developing horticulture farming

    Agricultural Technology Management Agency(ATMA) [2005]

    • ATMA technique facilitated the retrieval of data from internet-based web portals offline by using a simple mobile phone.
    • Over 12 services of innovative technology like USSD(Unstructured Supplementary Service Data) were operationalized for farmers and other stakeholders.

    National e-Governance Plan in Agriculture(NeGP-A) [2006]

    • The NeGP-A was introduced in the last phase of 11th plan for ensuring timely access to agriculture-related  information for the farmers through the use of ICT
    • The services include information on pesticides, fertilizers & seeds, soil health, crops, farm machinery, good agricultural practices, weather advisors, prices, arrivals, procurement points, irrigation, fishery inputs, infrastructure, drought relief, and more

    National Food Security Mission (NFSM) [2007]

    • The National Food Security Mission was launched in FY08 with an outlay of USD1.2 billion during the 11th five-year plan. It aimed at increasing the production of rice, wheat and pulses by 10 million tonnes, 8 million tonnes and 2 million tonnes by FY12

    Rashtriya Krishi Vikas Yojana (RKVY) [2007]

    • Rashtriya Krishi Vikas Yojana (RKVY) was launched in FY08 with an outlay of USD5.3

    billion during the 11th five-year plan. It aimed at incentivizing states to increase outlays for agriculture and allied activities, thereby encouraging growth opportunities in the agriculture sector

    2014-15

    National Crop Insurance Programme (NCIP) [2013-14]

    • Modified National Insurance Scheme aimed at ensuring food security, crop diversification and enhancing the growth of the sector
    • Weather-based crop insurance was introduced that aimed to minimize the financial loss of the insured farmers on account of anticipated crop loss resulting from unfavorable weather conditions
    • Coconut Palm Insurance Scheme aimed at minimizing the risks faced by the coconut cultivating farmers

    Pradhan Mantri Krishi Sinchai Yojana [2015]

    • Allocation of USD830 million for the development of micro-irrigation, watershed and Pradhan Mantri Krishi Sinchai Yojana
    • State government are compelled to fund the agriculture sector, take appropriate measures to achieve the targeted growth rate and address issues of farmers

    Paramparagat Krishi Vikas Yojana (PKVY) [2015]

    • This scheme ensures the promotion of organic farming
    • Adoption of farming will promote the balanced use of chemical fertilizers and enhance the quality of farm produce

    Other policies:

    Foreign Direct Investment (FDI)

    • 100 percent Foreign Direct Investment (FDI) was allowed under automatic route in storage and warehousing

    2016

    Pradhan Mantri Fasal Bima Yojana (PMFBY) [2016]

    • The existing National Agricultural Insurance Scheme (NAIS) and the Modified National Agricultural Insurance Scheme (MNAIS) were replaced by PMFBY, from April 1, 2016.
    • In 2016, the central government launched a crop insurance policy, Pradhan Mantri Fasal Bima Yojana, for providing financial support to farmers and covering their crop losses. The premium was payable on the principal amount to the farmers.

    eNAM [2016]

    • National Agriculture Market (eNAM), a pan-India electronic trading portal networks the existing APMC mandis to create a unified national market for agricultural commodities. It aims to promote uniformity in agriculture marketing by streamlining of procedures across the integrated markets, removing information asymmetry between buyers and sellers and promoting real-time price discovery based on actual demand and supply

    Regional Rural Bank Credit Refinance Fund 

    • The government announced the set up of a Regional Rural Bank Credit Refinance Fund with a capital of USD2.1 billion to enhance the capacity of RRBs to disburse short term crop loans to small and marginal farmers

    Pilot Unified Package Insurance Scheme

    • The scheme aimed to cover all the insurance needs of farmers including crop and tractor insurance

    Agricultural center for excellence 

    • The government announced plans to establish centers of excellence in agriculture in Assam and Jharkhand, agriculture universities in Andhra Pradesh and Rajasthan, and horticulture universities in Telangana and Haryana

    2017

    APMC farmers go cashless

    In January 2017, Indore Agricultural Produce Market Committee (APMC) adopted a cashless payment policy and farmers started accepting alternative modes of payments such as cheques and RTGS.

    Contract Farming Law

    In February 2017, as an effort to protect the farmers against price volatility, Niti Aayog came up with a law on contract farming to protect the farmer’s interest.  The NITI Aayog observed that market fees and other levies are paid to the APMC for contract framing when no services such as market facilities and infrastructure are rendered by them. In this context, the Committee of State Ministers on Agricultural Reforms recommended that contract farming should be out of the ambit of APMCs.  Instead, an independent regulatory authority must be brought in to disengage contract farming stakeholders from the existing APMCs.

    As per the draft Model Act, contract farming will be outside the ambit of the state APMCs.  This implies that buyers need not pay market fee and commission charges to these APMCs to undertake contract farming.

    Tax incentives and other sops

    • The import duty was scrapped on capital goods and raw materials for 100 percent export-oriented units.
    • Full excise duty exemption was provided for goods that are used in the installation of cold storage facilities.
    • Services like pre-conditioning, ripening, waxing, retail packing, precooling, labeling of fruits and vegetables were exempted from service tax.

    2018

    Agriculture Export Policy, 2018

    • The Agriculture Export Policy was framed with a focus on agriculture export-oriented production, export promotion, better farmer realization, and synchronization within policies and programs of the Government of India. It lifted all restrictions on organic and processed food, to help the government’s efforts to double farmers’ income by 2022.

    Pradhan Mantri Annadata Aay SanraksHan Abhiyan (PM-AASHA) 

    • In September 2018, the Government of India announced a Rs 15,053 crore procurement policy, under which states can decide the compensation scheme and can also partner with private agencies to ensure fair prices for farmers in the country

    National Mission on Food Processing 

    • Ministry of Food Processing Industries launched a new Centrally Sponsored Scheme (CSS) to promote facilities for post-harvest operations, including setting up of food processing industries in India

    2019

    Pradhan Mantri Kisan Maan-Dhan Yojana (PMKMY)

    • A minimum fixed pension of Rs 3000 to be provided to eligible small and marginal farmers on attaining the age of 60 years
    • The beneficiary is required to make a monthly contribution between Rs 55 to Rs 200 to the Pension Fund depending on the age of entry into the scheme
    • The scheme aims to cover around 3 crore beneficiaries. As of 14th November 2019, 2 million farmers in the country were registered under the scheme.
    • A budgetary provision of Rs 900 crore was made for the year 2019-20

    Pradhan Mantri Kisan Samman Nidhi Yojana (PMKisan)

    • Prime Minister of India launched the Pradhan Mantri Kisan Samman Nidhi Yojana (PM-Kisan) and transferred Rs 2,021 crore to bank accounts of more than 10 million beneficiaries on February 24, 2019.
    • Eligible farmers received Rs 6,000 in three installments

    Pradhan Mantri Kisan Urja Suraksha evem Utthan Mahabhiyan (PM KUSUM)

    • Ministry of New and Renewable Energy (MNRE) launched the Pradhan Mantri Kisan Urja Suraksha evem Utthan Mahabhiyan (PM KUSUM) Scheme for farmers for the installation of solar pumps and grid-connected solar and other renewable power plants in the country.
    • The scheme aims to add solar and another renewable capacity of 25,750 MW by 2022

    2020

    2020 saw reforms in agricultural policies and financial boost through government investments, primarily driven by the motive to reduce the adversity caused by COVID19.

    Amendment of the Essential Commodities Act (ECA) & Agricultural Produce Market Committee Act

    In June 2020, India’s Union Cabinet made amendments to the Essential Commodities Act (ECA) which will help farmers get better prices for their produce and more discretion over who and where to sell. The proposed changes will allow Indian farmers to sell their products to anyone outside the Agricultural Product Market Committee (APMC) mandis. Also, the prices of essential agricultural produce will now be controlled by market forces, thereby liberalizing the farm economy – a move that is expected to give a major boost to the agriculture sector.

    Key Highlights

    • Deregularization of agricultural commodities like cereals, pulses, oilseeds, onions and potatoes.
    • Unless it is a case of emergency, under the amended regulations, there will be no requirement of storing certain stock of these commodities.
    • Amendments to ECA will allow farmers to engage in inter-state trade, which was not allowed earlier.
    • Changes will encourage creating a legal framework for allowing contract farming to boost the incomes of producers.
    • Reforms will liberalize Indian agriculture, encourage free markets and reduce government intervention.
    • The ordinance will allow farmers to engage with processors, aggregators, large retailers, exporters passed.

    Expansion of federal eCommerce platform e-NAM app

    The electronic-National Agriculture Market (e-NAM) platforms will witness another round of expansion. The digital agriculture market that enhances the scope of inter-state trade will add 415 more ‘mandis’ to the e-NAM platforms. This will take the list of electronically connected wholesale markets in the country to 1,000 this year. The trade on its portal has already reached Rs 91,000 crore. Using this portal, the farmers can access all information on the e-NAM platform easily through their mobile phones from anywhere. This trading platform intends to reduce transaction costs, bridging information asymmetry and helps in expanding the market access for farmers so that they can get better prices of their produce.

    As per eNAM data of June 2020, about 585 APMC markets in 16 states and 2 Union Territories (UTs) have been integrated into the e-NAM platform. More than 1.65 crore farmers and 1.27 lakh traders have been registered at the portal, launched in April 2016.

    Investment of Rs 1 lakh crore for strengthening agriculture infrastructure

    From the Rs 20 lakh crore economic package that was announced by Indian Prime Minister to combat the impact of coronavirus, Rs 1 lakh crore will be allocated to the agriculture sector and its allied activities. The fund will be used on the creation of agricultural infrastructure like cold storage chains, post-harvest management, warehouses.

    Key highlights

    • Rs 10,000 crore fund will focus on the micro-sized food enterprises to increase the production, marketing, and branding of those agricultural outputs which are specific to a certain region
    • Rs 15,000 crore will be used to support dairy infrastructure in the country which will help the private segment of this industry, creating plants and exporting niche products.
    • Rs 4,000 crore will be used to promote herbal plants focused agriculture which is expected to generate Rs 5,000 crore of income for the farmers
    • Rs 500 crore will be used towards beekeeping.

    Union Budget 2020-21

    • The Budget 2020-21 has identified the agriculture sector as one of the key drivers of the economy.  As per Union Budget 2020-21, the Government will work with state Governments to allow farmers to benefit from e-NAM.
    • The Government announced plans to launch Krishi Udaan on international and national routes.  Fish production is expected to increase to 200 lakh tonnes by 2022-23.
    • PM-KUSUM scheme has expanded to support 20 lakh farmers for setting up stand-alone solar pumps and will help another 15 lakh farmers to set up their grid-connected solar pumps.
    • Viability gap funding will be provided under Union Budget 2020-21 for setting up warehouses.  The coverage of artificial insemination will be increased to 70 %from 30 % at present.
    • Rs 1.34 lakh crore allocated to the Ministry of Agriculture and Farmers’ Welfare.
    • Rs 8,363 crore allocated to the Department of Agricultural Research and Education.

    Digital Initiatives by the Indian government

    With the objective of providing government services to farmers in rural and urban areas electronically, many digital initiatives have been launched by the government of India. These include:

    • E-sagu: One of the latest digital initiatives, it provides expert suggestions to the farmers. By leveraging the internet and audio-visual communication, insights from experts are provided to the farmers regularly on the various techniques to increase farm productivity
    • Community Radio (CR): Community Radio fulfills the information needs of the farmers using radio station facilities by providing latest information on weather, farming practices and more
    • Digital Green: The initiative disseminates agricultural information using online videos
    • National Agriculture Market (e-nam): It provides an e-marketing platform at the national level and supports the creation of infrastructure to enable e-marketing. The platform also ensures better price discovery, brings in transparency and empowers farmers to get fair remuneration for their produce
    • The Kisan Call Centre (KCC): initiative provides information to farmers through a toll-free telephone helpline. Under this project, call center facilities have been extended to the farmers by establishing call centers in different states so that farmers can get the information in their native language

    Conclusion

    India has seen robust demand for agricultural products over the last few years and it continues to grow with the increasing population. Other than growing population, the rising urban and rural incomes, changing lifestyle and increasing expenditure on health and nutritional foods have also added to the growth in demand for agricultural products. The increasing demand has created a way for attractive opportunities, primarily in the areas of agricultural inputs such as hybrid seeds and fertilizers, storage facilities and overall food infrastructure and supply chain. Lured by the size and returns of the Indian agriculture market, foreign firms have also strengthened their presence in India and the government is ensuring that the resistance to growth opportunities is minimized by supporting policies such as the rationalization of tariffs and duties related to the food processing sector, providing a boost to the agri-inputs market, introducing farmer welfare schemes and a lot more. In the pursuit to scale up agricultural production and achieve the objective of doubling farmer income by 2022, the government has started to leverage digital agriculture services and technologies. The digitization in agriculture is catching up fast. From platforms like eNAM to projects like Agri Udaan, the commitment to the use of technologies in agriculture is strong and clear. It is now important for investors and stakeholders to utilize this opportunity and ride the tide of long-overdue digital transformation in the agriculture sector.