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The velocity of technology has changed rapidly. The world is more volatile, complex and ambiguous thanks to technology.
It is unlocking a number of opportunities for companies and digital transformation is the key to success.
Delivering his keynote presentation at 13th C-Change Award 2016, BVR Mohan Reddy, Chairman, NASSCOM highlighted the importance of thriving in this highly competitive digital age and how companies can make the best out of it by transforming themselves digitally. Here are the key highlights of his presentation.
Digital Organization
Disruptive technology and innovation is central to all the businesses and CIOs’ are not sitting in isolation. Companies which have gone ahead and have digitized themselves have received consistent growth over and over again. Though there are number of challenges.
Be Aspirational
If you want to turn your company digital then you have to be aspirational. Steve Jobs and Apple Inc. is the best example. Every single product out of their stable has always remained focused and committed towards consumer usability. To truly become digital set a target that is truly aspirational in the long run.
Innovate with Consistency
There is a lot more value to derive from the new digital innovations which are lot more complex in nature. Speaking on Big data he said, “Data was always there but there was a need to tap it so as to derive the value out of it. Predictive analytics is one such innovation.
Be Disruptive
Business will get disruptive and current companies have bigger challenges. “If you don’t disrupt then somebody else will disrupt your business.” Netflix business model is one such model that has changed the course of consumer viewership. Companies that didn’t adapted slowly withered in their respective markets. Kodak - one of the pioneers in photographic industry went bankrupt as they didn’t adopt the digital camera market. Ironically, they were the one to launch digital camera in 1973. They couldn’t disrupt their own business and hence failed. If you want to remain in service then be a disruptor.
Producing right information for the consumer is mandatory for any company. People’s expectations are growing and company needs to recognize them. Big data helps in customer profiling. Physical location of every product is critical not only to the company but to the customer as well.