Future Ready: Adaptability – The key to recovery for businesses

February 18, 2021 3:00 AM

The growth of a business is directly proportional to the pace of technology advancement

Alok Ohrie PortraitAlok Ohrie Portrait

By Alok Ohrie

In recent times, every industry has experienced changes in their day-to-day business functions due to the pandemic. Although some businesses faced challenges in regards to lack of investment in digital processes, many others took this as an opportunity to increase their focus on new-age technologies such as AI and edge. With these new investments, bringing the continuity of their business back on track became an easier task to accomplish.

While 2020 was definitely a year for change, even amidst this uncertainty India remained the most digitally matured country in the world. In fact, digital adopters in India, ones who have a mature digital plan, investments and innovations in place, grew to 55.3% in 2020 from 33.5% in 2018. This is a testimony to the impact that technology transformation has on the future and success of a business.

The message for enterprises is clear: adapt or fall behind
Adapting is exactly what many midsize and enterprise companies are doing. The report also shows that 94.7% of businesses in India have fast-tracked some digital transformation programmes this year, and 92.3% are reinventing their business model. These companies would need flexible providers, a supply chain that can cope with a sudden ramp-up and internal resources to manage these unexpected changes to routine business processes.

Additionally, midsize to enterprise companies need to vanquish some embedded foes, as most businesses have faced barriers to digitisation. The big hurdles here include data privacy and cybersecurity concerns, the inability to extract useful information from data and lastly, lack of economic growth in the country. Given the many pressures on today’s leaders, it is critical to consider support measures. Here’s how your business can alleviate barriers to adaptability:

  • Create a consistent company-wide culture without silos. Given that less than a third of leaders surveyed for the same report communicate with the C-suite to select suitable projects, the need for ownership for the process is apparent. Having strong digital leadership alone is not enough. Silos, even in the C-suite, need to be addressed so that the responsibilities of digital transformation does not rest solely with a chief data officer.
  • Commit to reinforcing agile practices. While the move to remote work has rebooted this conversation, it’s now time to really focus efforts on collaborative and quick solutions to challenges. Senior business leaders should be able to lean on scalable IT infrastructure that can respond to uncertain events—ranging from pandemics to natural disasters and outages.
  • Focus on AI and Edge computing. Greater focus on digital investment will help companies corral and process the data they are gathering and uncover key insights. Being mired in data is no longer an option.

Every enterprise of tomorrow undeniably needs to be prepared for the uncertain. During the process of preparing a disaster plan, it is also important to upgrade/adopt newer technologies that will support rapid growth of your business in case of disruptions. Hence, it is not wrong to say that the growth of a business is directly proportional to the pace of technology advancement. One thing that is for sure is that digital transformation ensures an adaptable competitive advantage now and in the future.

The writer is president & managing director, Dell Technologies India

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1LastPass password manager Android app caught collecting user data through 7 embedded trackers
2Google, Facebook must pay for news in Australia: What is media bargaining code, how it effects Big Tech
3HC grants time to Centre to examine WhatsApp’s new privacy policy