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Are we Ready for the ‘Digital Era’

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Are we Ready for the ‘Digital Era’

  1. 1. Digital Drive – Empowering Knowledge Economy Are we Ready for the ‘Digital Era’ By Pavan Kumar Vijay
  2. 2. “ “ Those who make magic see the future before anybody else….
  3. 3. ‘DIGITAL’ ? Easy Timely Efficient
  4. 4. DISRUPTIONS which we are seeing today Asset Light Model No Manufacturing Focused on specific target market
  5. 5. Relationship Communication Marketing Social Media changing
  6. 6. Gadgets– Facilitating the Disruption
  7. 7. Mobile Apps- simplifying the disruption
  8. 8. Speed of Transformation is now ‘Supersonic’ is Better stronger & faster
  9. 9. Time it took to reach a market audience of 50 million: Radio 38 years
  10. 10. Television 13 years Time it took to reach a market audience of 50 million:
  11. 11. Internet 4 years Time it took to reach a market audience of 50 million:
  12. 12. iPhone 3 years Time it took to reach a market audience of 50 million:
  13. 13. Instagram 2 years Time it took to reach a market audience of 50 million:
  14. 14. Angry Birds Space 35 days Time it took to reach a market audience of 50 million:
  15. 15. But they missed the BUS!!!
  16. 16. Today’s Imagination tomorrow’s reality
  17. 17. Smart glasses
  18. 18. Wearable electronics
  19. 19. Screenless displays
  20. 20. Brain-Computer interfaces
  21. 21. AugmentedReality
  22. 22. DREAMDOWNLOAD
  23. 23. HUMAN MARRYING ROBOTIC COMPANIONS
  24. 24. Today’s REALITY YESTERDAY’s IMAGINATION
  25. 25. Prediction vs reality “I think there is a world market for maybe five computers” Year 1943 Thomas Watson President of IBM on ‘COMPUTER’
  26. 26. Prediction vs reality “By 2005 or so, it will become clear that the internet’s impact on the economy has been no greater than the fax machine’s” Year 1998 Paul Krugman Nobel Prize Winning Economist on ‘INTERNET’
  27. 27. POTENTIALLY ECONOMIC DISRUPTIVE TECHNOLOGIES
  28. 28. O MOBILE INTERNET O ARTIFICIAL INTELLIGENCE O THE INTERNET OF THINGS O CLOUD COMPUTING O ADVANCED ROBOTICS O ENERGY STORAGE O BIG DATA O AUTONOMOUS VEHICLES O 3D PRINTING O ADVANCED MATERIALS - Graphene Source : Mckinsey Report
  29. 29. ‘DISRUPTIVE TECHNOLOGIES’will create a ‘new world’ with: ‘Millions’ of Jobs ‘Billions’ of Consumers‘Trillions’ of Economic Activities
  30. 30. Whether change in Technology is Disruption OR Interruptio nFor Legal/secretarial Industry?
  31. 31. Artificial Intelligence Computer systems performing tasks which require human intelligence Disruptive technologies
  32. 32. ‘Big Data’ 2.2 million TB data generating everyday; In 2010 Data market of $ 3.2 Billion And In 2015 a market of $16.9 billion Big data is in Petabytes (PB) = 1 million GB; 1 PB = 2043 years of music or 12 years of HD videos; Disruptive technologies is ever increasing, consisting 10% Structured and 90% Unstructured Data Data about ‘BIGDATA’
  33. 33. Cloud computing & Mobile Internet Disruptive technologies Services delivered over the Internet rather than installed locally on a user's computer.
  34. 34. Internet of Things ‘IoT’ Disruptive technologies Everyday objects having network connectivity, allowing them to send and receive data Use image here to show Internet of Things
  35. 35. Changes that will reshape the Legal/Secretarial industry
  36. 36. Demands of legal ecosystem requiring technological Developments More Transparency Innovative and effective solutions Quick resultsCost effective Easy accessibility
  37. 37. technology is inevitable for legal/Secretarial industry Ocean of Legal Data - requires more time and manpower 35% to 40% time goes in research – making Legal services costlier. High demand requires enhanced Operational Efficiency and Quality. more complex legal problems – more innovation is required
  38. 38. Accessing data Parsing complex data and facts Wide Research Documentation Disseminating information Complying several laws Advisory/Representation CURRENT WORK PROFILE of ‘company secretary’ Procedural 80% 20%
  39. 39. TechnologyIS PENETRATING IN legal & SECRETARIAL industry
  40. 40. “Artificial intelligence” ‘Game changer’ of ‘legal /secretarial industry’
  41. 41. Faster Analytical Formulates strategy Learns from Feedback
  42. 42. Advantages of ARTIFICIAL intelligence Enhancing capabilities Improving deliverables Faster client communication Facilitating light asset model Levelling the playing field Vanishing boundaries
  43. 43. How AIwill change legal/SEcretarial Industry Automatically cite relevant cases/law Create start to end matrix of any case law Assess legal query, relevant law/precedents and prepare opinion Suggest best lawyer to choose for a particular case Predict probability of result in litigation EQUIPPED WITH ADVANCED ANALYTICAL TOOLS AICAN:
  44. 44. FOR STARTING A BUSINESS, YOU NEED THE FOLLOWING: How AIwill change legal/Secretarial Industry In case of rejection of name it can also suggest probable names suiting your requirements HOW AI CAN HELP? AI can suggest probability of your name getting approval of all these agencies Company Name All the above handled by different Agencies!!! Trademark Domain Name AI
  45. 45. In case of Oppression & Mismanagement (Sec 241 to 246 of Companies Act,2013) AN Illustration of ‘HOW AIWORKS’: Respondent’s not followed principles of fair play while removing my client from directorship…… Analyze Laws/circulars /notifications Run through precedents set by courts and statistics of same Analyzes judges opinion/views/ biases
  46. 46. NEGATIVE Prediction… creating fear: • 70% to 80% Legal & Secretarial jobs will end • We will lose our importance……… Is that TRUE?
  47. 47. “BUT” experience of past proves the fears wrong
  48. 48. Earlier AUTOCAD
  49. 49. “ “ You have to know what’s happening before you know why it’s happening
  50. 50. What's Next
  51. 51. LEGAL TAXATION ACCOUNT S FACTORY LEGAL TAXATION ACCOUNT S FACTORY LEGAL TAXATION ACCOUNT S FACTORY COMPANY [A] COMPANY [C] STOCK EXCHANGE ROC RBI SEBI INCOME TAX CUSTOM /EXCISE STAKEHOLD ERS PUBLIC COMPANY [B] XBRL CENTRALISED INFORMATION DEPOSITORY
  52. 52. Early fraud detection Automatic action on non- compliance Real time data available for planners and researchers Shows real-time economic trends Benefits OF CENTRAIZED INFORMTION DEPOSITORY
  53. 53. ‘EXPLORING BIG DATA’
  54. 54. FUTURE COURTS hearing/evidencing through audio visual means App based smart cause list Online submissions Faster judgements
  55. 55. Standardization of procedural and documentation work. Cloud Based knowledge sharing Cloud based collaborative knowledge sharing of  Procedures  Checklists  Books  FAQs
  56. 56. What preparation ‘company SECRETARY’ should do?
  57. 57. Use smartphone ‘SMARTLY’ ‘INCREASE PRODUCTIVITY’ with Apps like Evernote, Penultimate, etc. Keep data ‘ONLINE AND EASILY ACCESSIBLE’ with Dropbox, Google Drive Create ‘PAPERLESS OFFICE’ with ‘Zoho’ ‘KEEPS LAWS HANDY’ with apps like ‘Indian Company Law’ Explore ways to ‘REDUCE TIME AND INCREASE PRODUCTIVITY’ ‘BUILD RAPPORT’ with client ‘THROUGH SOCIAL MEDIA’
  58. 58. WHAT ICSI SHOULD DO Make Technology, AI as part of curriculum/ Introduce Special Courses in Technology Constitute separate Futuristic Committee to suggest changes in curriculum/ICSI activities Organize techno-legal workshops. Regular column in Chartered Secretary on technological developments Tie up with IBM Watson/ROSS Strengthen in-house technological capabilities/upgrade employees skills Embrace technology in all activities.
  59. 59. GOVERNANCE PROFESSIONALS Technology and market will force merger of different professional Institutes into A SINGLE ‘GOVERNANCE INSTITUTE’ + + Indian Institute OF GOVERNANCE PROFESSIONALS
  60. 60. ‘Futuristic council’
  61. 61. KEY TO SUCCESS O Learn how to anticipate the future O Focus on the positive O Fail forward O Find the right partner O Take risks O Surround yourself with great people O Learn from others O Obstacles are opportunities in disguise O Travel the world O Remember you will be dead soon
  62. 62. IN NO WAIT SO WE HAVE TO INNOVATE
  63. 63. “ “ Start where you are. Use what you have. Do what you can
  64. 64. “ Knowing is not enough, we must Apply. Willing is not enough, we “
  65. 65. “ DON’T BE AFRAID OF CHANGE IT LEADS TO A NEW BEGINNING “
  66. 66. Pavan Kumar Vijay/pkvijay /pkvijay www.pkvijay.com /pkvijay /pavanvijay

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