Tata Tele Business Services (TTBS) recently hosted a CXO Round Table Discussion with industry leaders on building a new mindset for business resilience and growth. Centering around Respond, Reboot and Reinvent as key imperatives, the discussion noted that Large Enterprises are readily reinventing their business models as they continue to respond effectively to the aftershocks of the crisis. The potential requirement for many organizations is to build digital competency, but the larger goal has to be data-driven and to leverage the cloud capabilities. With variable cost structures, agile operations, and automation could create stronger capabilities with digital presence and security.
The discussion also cited an IDC report that states ‘By 2022, 70% of all organizations will have accelerated use of digital technologies, transforming existing business processes to drive customer engagement, employee productivity, and business resiliency.’
Representatives from the industry such as Upkar Singh, Director IT, Fidelity Information Services India Ltd., Raj Neravathi – Head of Technology, Titan, Yogesh Kothari – Sr. Vice President, Quatrro Business Support Solutions shared their expertise upon business agility, examples from their professional career and how they are successfully driving the digital transformation journey for their organization.
Addressing the session, Mr. Shibhu Davies, Sales Head – North and East, Tata Communications Ltd. said, “There is a plethora of technology available in the market, understanding the most suitable one for a particular business is the key factor. To thrive in the next normal, companies must be data driven to make critical and timely decisions. While there is an uptick in the businesses investing in data and nimble technologies like cloud and AI, many are still struggling to maintain momentum. Businesses need to get out of cultural obstacles, address data privacy and governance challenges to enhance their degree of business transformation.”
He further explained, “Cloud Communication suite like Smartflo being offered by Tata Teleservices are inherently designed for a digital or hybrid environment and are well-equipped to deal with the growing overlap between digital technology and enterprise operations. Besides enhanced efficiency and operational flexibility, it offers more robust security to your business with a pre-configured unified threat management system.”
Mr. Upkar Singh, Director IT, Fidelity Information Services India Ltd said “Covid has created an unprecedented impact across all regions – organizations that are flexible both from technology and operational perspective have been able to RESPOND in time, REBOOT their functions and are now REINVENTING result oriented approach”
Mr. Raj Neravathi – Head of Technology, Titan said, “During times of catastrophes, leadership plays a very important role in adoption to change. Composure, calmness, honoring and supporting every internal and external stakeholder through thick and thin helps revive business and defines leadership by example.”
Mr. Yogesh Kothari – Sr Vice President, Quatrro Business Support Solutions said, “Challenges that enterprises are facing in the current times is resistance to change. There is a lack of vision for creating a digital journey for the customer and technology know how for their business”
Highlights of the discussion:
Challenges in Technology Adoption
Organizations adopting technology, lead to driving changes strategically through an ongoing process. Therefore being receptive to changing consumer trends helps in the formulation of effective roadmaps. These roadmaps can then be used to build better value propositions by leveraging the right technological advancements, leading to business growth and benefits.
Role of Leadership In Bringing Organizational Change
While dealing with catastrophes, the Leadership plays a very critical role. From facilitating remote work and learning, re-imagining online business models and digital revenue lines, to stepping up cyber security, the leadership of every organization is working on new challenges. Organizations are hence re-imagining their business models, relooking at talent management strategies, and fast-tracking digitalization efforts to be more resilient to disruption.
Technology Investments for a Digital Future
While causing a shift in customer expectations, Digital technologies is resulting in a new kind of modern buyer. Today’s consumers are constantly connected and aware of what they can do with technology. Bringing the employees up to speed to cater to the new age customers has been one of the key forms of investments for various organizations.
Respond, Reboot and Reinvent – The New Mindset for Growth
Organizations have taken immediate actions focused on keeping people safe and essential business functions operating. This has been relatively marked with high effort and possibly chaotic activity.
• Gaining New perspectives, relooking at business models and embracing new models of harnessing technology have become business priorities.
• Reinvent on an ongoing basis to build an agile, adaptive & resilient enterprise for a sustainable future.
• Uninterrupted connectivity between all stakeholders, internally within employees and externally with customers and vendors across platforms and touch points is of critical importance.