Changes in market and customer demands are leading companies to rethink their approach to the market. While doing business in the new world, the old rules don’t apply anymore. The Kodak model disappeared and people don’t see it coming back. Today, it is all happening with artificial intelligence, 3D printing, and electric cars.
Planning is the key to an organisation’s growth. Whether the times are certain or uncertain, a properly framed business plan can never fail to deliver its value.
Bishwanath Ghosh, CIO- Enterprise & Corporate, Mahindra & Mahindra shares some tips which can help you ready your business for tomorrow even in times of uncertainties.
Ghosh feels that uncertain times are too good an opportunity to let them pass. “Because if we can do something now, reduce costs, tighten our belt and improve engagement with our customers now, it will stay with us when the good times come back,” he said.
These are the times to prepare and here’s how to do that.
1. Manage today efficiently
No matter what comes tomorrow, you have today in your hand. Ghosh insists on making the most out of today. He stresses on managing what we have today efficiently.
“We can make the base healthier by creating and building uninterrupted infrastructure capabilities. Make it lean and omnipresent like AIR and drive down the costs,” Ghosh said.
2. Release resources for tomorrow
Ghosh believes that if we can make our teams, operations and processes healthier and leaner, it will help us release the resources for now and for future. So, when we get to innovating our businesses, we will have enough resources to do it with.
“Play faster and smarter” is whay his mantra is. He focuses on making the implementations agile for today and minimize the resources required to run it today.
“Healthier, Leaner, Faster, smarter” he says is the pathway to ride the digital tiger.
3. Setup tech for tomorrow
Business needs applications that provide immersive experience, are impactful and transformative in terms of business processes.
“This is the right time to prepare ourselves for the transformative part,” said Ghosh.
He insists companies on creating immersive experiences with bots and mobility, impactful applications by data analytics and big data and transforming business with robotics process automation. He mentions creating descriptive, predictive and prescriptive data analytics which could in turn provide volume, variety, velocity, value and veracity in big data.
4. Predict business for tomorrow
Citing an example of predicting tomorrow, Ghosh said, “The way we used to make a phone call has changed drastically. We have used phones that used to rotate, then came press and then touch. Today we have gestures working for us. We just ask our digital assistants to make a call. In short we speak to make a call.”
There have been many theories and predictions that proved wrong. Throwing light on the same, Ghosh wants organisations to deeply understand their business and customer demands.
While he stands firm on transforming products using digital technologies, he also mentions optimizing operations, engaging customers and empowering employees.
5. Prepare people for tomorrow
For organisations to succeed in the era of digital, each employee has to be digitally dexterous. The digital quotient in the organisation needs to go up. Ghosh puts forward a plan to cultivate digital dexterity in the organisation.
“Start with challenging core beliefs to reframe perspectives, define a new era leader mindset, change the brain monologue, reinforce new mindset with routines and end with honing behaviours via experiential learning,” he said.
Driving workforce with the digital agenda of business can be difficult sometimes, addressing the same he said, “Understand the technology, Design digital business, Change work styles and accelerate delivery.”
According to Ghosh, this will create a huge pull and not push from the employees’ side. And if this pull comes from customers, the chances of success are very high. He suggests organisations to have an open mind and beyond tomorrow. He stresses on doing the POCs before actually leveraging technology because it is important to prepare for what is coming tomorrow.
“We can’t let go of the opportunity of uncertainty that exists today” he concluded.