Public Sector
The public sector is the government ownership or control rather than the mere function which includes exercising public authority or the implementation of public policy. It mainly focuses on uplifting the economic condition of society in various ways.
The public sector is the face of a country’s economy highlighting the distinctive patterns and operating procedures within the public sector. It maps the scope of state activities within the wider economy and is used for analytical purposes. The public sector is also known as the state sector and is the part of the economy composed of both public services and public enterprises but does not include private companies, voluntary organizations, and households. Its controls remain over national, state or provincial, and local governments. The public sector overlaps with the private sector in the production and distribution of certain goods and services. This overlap is mostly seen in health care, security services, shelters for the homeless, etc.
The public sector plays a major role in uplifting the economic condition of society in various ways whether it’s the generation of capital in the economy as a large amount of the capital comes from the Public sector units, creating a large number of employment opportunities furthermore resulting in the lifting of the country’s economy and society. Public sector units have been investing a lot to introduce advanced technology, automated equipment, and instruments. This investment results in the overall cost of production.
Sector Expertise
The public sector is classified into 3 categories, starting with Departmental Undertaking which is directly managed by a concerned ministry or department. For eg Railways, Posts, etc. Then coming to Non-Departmental Undertaking PSU such as HPCL, IOCL, etc. And last comes Financial Institutions such as SBI, UTI, LIC, etc.
The Public sector looks after the well-being of the public and the overall development of the country. The public sector acts as a support system giving a push to the government to enforce social control on trade and industry for ensuring equitable distribution of goods and services.
To build a public sector that is fit for the future, the government must look forward to the transformation that can be brought. Digital transformation does not remain till new technologies but requires an overhaul of organizational structures, governance, work processes, culture, and mindset. It focuses on the wider vision of relationships and business models that will redesign how public services function. Only then governments can capture the wider benefits of digital transformation. With the help of AI introduction, one can transform and innovate to reach out to their customer’s expectations.
Today’s citizens’ expectations are much higher than it was before as they want public services to be as personalized and responsive as the private sectors so they can change this image with innovation and digital change resulting in changing of public mindsets. We work together with our clients, looking for practical, workable, and innovative solutions that help in solving the pressing challenges that are being faced every day.
Today’s technologies are replacing traditional techniques with the introduction of new platforms through Social media and mobile, they interact with the government, report concerns, and provide feedback. These e-participation tools also encourage greater collaboration with citizens by involving them in decision making, policy setting, budget prioritization, problem-solving, and the co-design of services.
VYQDA focuses on these points
With the use of advanced analytics, governments can leverage data continually gathered from people and devices for improvement. And we can help in this as the platform we offer can bring the change this sector has been lacking in. Our products and services provide all that one needs to fully transform and can reach out their customers .