Report

Welcome to the fourth edition of Virtusa xLabs’ Trend Almanac

Senthil Ravindran,

EVP - Global Head of Cloud Transformation

Published: March 29, 2021

It’s been a trying year for businesses since we launched our third annual Trend Almanac in 2020. Since that time, the world as we know it has changed dramatically—in the blink of an eye businesses were forced to embrace agile processes, launching remote workforces overnight and serving customers through video conferencing services such as Zoom. Simultaneously, they needed to identify and roll out new tools and embrace new best practices while maintaining the infrastructure needed to enable it all.

Now as we approach spring 2021, businesses are breathing a collective sigh of relief as the end of the COVID-19 pandemic draws closer. But reverting back to the “business as usual” approach of 12 months ago is no longer an option. The rules have changed. Consider these statistics from Forrester:

  • Remote work has become a norm, and it’s predicted to rise by 300%

  • Until now, only 15% of companies prioritized digital transformation. Next year, every company will be moving technology into every part of their business.

  • Digital customer service interactions will increase by 40%.

There is good news—the keys thriving in this new era are available to all companies regardless of their size, maturity and industry.  These elements include technologies such as artificial intelligence (AI), virtual reality (VR) and edge computing as well as new best practices and processes such as lean innovation and more.

Now it’s incumbent on businesses to sift through their options and identify their path, the one that can enable success in new post-pandemic era. That’s our hope with this year’s Trend Almanac, to start these critical conversations and provide some focus. The seven trends that we identified include:

  1. Digital Identities – Bringing Law and Order to the World of Virtual Identification: Digital identities are vital but success requires a Trust Framework that introduce new guidelines and solutions that provide both law and order.

  2. On the Edge – The Promise of Near-Zero Latency: Edge computing will deliver the ability to process data intelligently as near as possible to the source, creating an IoT that will deliver practical benefits to vast groups of people worldwide.

  3. Lending 2.0 – A New Era For Lending: In the post-pandemic world, banks much protect themselves from potentially devastating losses using COVID Threat Scores while simultaneously serving as a trusted advisor that helps SMBs rise to prominence once again.

  4. Doctor AI is Ready to See You Now – Saving Personal Care With Artificial Intelligence: As patients experience the convenience of remote and digital care solutions, providers and payers will rethink their healthcare delivery models, embracing AI for mental and digital health along with high-end encryption and multilayer cybersecurity protection.

  5. Future Fit Innovation – The Ill Wind of Mass Disruption Sparks Leaner Innovation Practices: Companies are embracing the idea of a permanent remote or hybrid workforces and to prepare for this future, business and IT leaders are turning to Lean Innovation.

  6. The AI Battle Over Cybersecurity – Enterprise Versus Hacker: As cyberattacks continue to become more complex and persistent and AI will play a more prominent role in helping businesses take an aggressive approach to predict, detect, and remediate threats to maintain secure enterprise.

  7. Programmable Realities – Our Lives in the Metaverse: In 2021, more industries will successfully utilize VR headsets and AR apps to transform how they approach health and well-being, learn new skills, socialize, and consume entertainment.

These seven trends all part of the new normal playbook and clearly many there are other which business will need to consider. In fact, at the conclusion of the almanac, we have included a poll question, asking about the technologies you believe will be most vital to your organization. This survey is part of our effort to spur business transformation focused discussions within your company and the larger community.

I’m looking forward to reading these answers and keeping this discussion moving.

View the full 2021 Trend Alamanac here

Senthil Ravindran

EVP - Global Head of Cloud Transformation

Senthilkumar Ravindran is Executive Vice President and Global Head of xLabs at Virtusa Corp. He brings close to 20 years of unparalleled experience in Architecture Design, Business Consulting, Delivery Management and Solutions Sales. After working with Top Tier BFSI clients, Senthil has acquired a deep understanding of fintech disruptors and accelerators from both technological and business model standpoints.

A veteran in the fintech space, Senthil has started his career in the consultant role at TATA Consultancy Services before moving on to Polaris Consulting. Throughout his career, Senthil was elbows-deep in several strategic initiatives. He was instrumental in building the sales capacity planning project using non-Linear optimization techniques. He led the research and development of critical solutions for credit and market risk and regulation in investment banking and he took active part in the strategic transformation programme, bridging a key gap in cash management modernization for a leading UK bank.

As xLabs’ global leader, Senthil is setting new standards for banking system transformation via cutting edge Digital Technologies such as Blockchain, Cloud, Analytics, Mobile and Social. His focus is on re-imagining Banking and assisting clients in solving pressing business and technological problems. His motivation comes from the unshakable belief that positive and substantial business disruption happens when new technologies blend flawlessly with the right Digital Transformation approach.

Senthil has an avid interest in cryptocurrencies and disruptive technologies.

He holds an Engineer’s Degree, Electrical & Electronics from the Shanmugha Arts, Science, Technology and Research Academy in India.

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