By Meg Flippin, Benzinga
To outsource or not is no longer a question of money, it is whether a company can innovate on its own. Increasingly, the answer is no not without incurring extra costs and untold headaches.
An in-house approach to IT comes at a premium, encompassing substantial costs such as high salaries, office spaces and perks to lure top talent. Economic downturns and layoffs can stall projects that are necessary to stay ahead of rivals.
Standing still isnt an option either. Studies show companies that embrace technology have a lead over those who dont. Take a recent analysis of the banking sector by Harvard Business Review. From 2018 through 2022 digital leaders achieved total shareholder returns of 8.1% versus 4.9% for laggards. Why? Because technology helped them grow revenue and better contain expenses. Lytus Digital is capitalizing on the growing importance of digital transformation through its leading-edge solutions.
The Speed Of Change
From artificial intelligence to mixed reality, technological innovations are happening at a breakneck speed. Even if an enterprise has the means, implementing these innovations is proving difficult to do, which is why outsourcing is in such demand. The global IT services outsourcing market was valued at $639.59 billion in 2022 and is poised to grow at a compound annual growth rate (CAGR) of 8.0% from 2023 to 2030. Driving a lot of that growth is spending on software. Forecasts expect software sales to increase 12.3% in 2023 and 13.1% in 2024. Companies are looking to increase automation and productivity and are spending their investment dollars on software to achieve that. Growth is also being driven by rapid innovations that empower businesses to meet the changing demand of the commercial environment and better access innovation and intellectual property.
That demand plays into Lytus Technologies Holdings Ptv. Ltd.'s (NASDAQ: LYT) sweet spot. The platform services company enriching the experience for users whether its streaming content, telemedicine or fintech services, recently launched Lytus Digital. Lytus Digital offers a suite of technology solutions to help enterprises explore and integrate cutting-edge technologies such as artificial intelligence, virtual and mixed reality and low-code rapid application development into their operational frameworks.
Lytus Digital specializes in delivering advanced technological solutions tailored for enterprises, leveraging the power of next-generation technologies. The company is developing an ecosystem of modular platforms and customizable solutions that ensures a smooth integration into their clients existing business processes. All of that enables companies to embrace innovation with less risk. The last thing any enterprise can afford is to invest time and money into building a system that doesnt work or cant integrate.
Every Industry Needs Digitalization
Out of the gate, Lytus is going after the global SME sector which has long been ignored by tech providers. Lytus Digital creates superior technical strategies customized to their clients requirements while utilizing deep tech like artificial intelligence, IoT and machine learning. This allows the company to build out custom and modular products to give their customers a competitive edge.
Its not just SME firms that need a digital overhaul. Industry after industry is looking for digital innovation and to get it as easily and seamlessly as possible. With this pursuit, we aim to establish strong partnerships in the industry to boost multinational growth, and to build accessible leading-edge technology-enabled products and solutions across various verticals, Lytuss board of directors said when announcing the new offering.
Partnering For Innovation
This idea of partnering to tap innovation is gaining popularity for good reason. By partnering with companies like Lytus Digital, enterprises can get access to what Lytus says are cost-effective technical solutions and specialized talent proficient in the latest technologies. Not to mention, they dont have to worry about outages and downtimes, something many cant say about their own in-house IT departments.
The world is changing at a dizzying speed. Thanks to AI, machine learning, software-as-a-service, big data and a bevy of other technological advancements and innovations, companies have boosted revenue, gained new customers and cut costs. But going it alone is difficult. The ones that dont do anything stand to fail. The ones that do it on their own, have to pay a premium. Lytus Technologies is changing that with Lytus Digital. It is leveling the playing field, taking the costs out of the equation and enabling even the smallest business to have the same cutting-edge technology as their larger rivals.
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
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