Srini is passionate about driving innovation and helping organizations achieve their IT vision. He is specialized in developing high-performing teams and has nurtured several groups to build expertise and deliver outstanding value to clients. Over the last 20 years, he has successfully led teams in consulting, enterprise architecture, business development, and client relationship management.
Business sustainability has been a strategic concern. Enabling sustainable strategies, products and services is the core activities for business success. Business leaders of today keep it as top priority realizing the value of change.
Recent tenure of global pandemic crisis has proved that being resilient is the basic requirement for a sustainable business, future of business. It is evident that enterprises have dealt with the crisis, the outbreaks, as per geography, sector, and the culture. Technology has emerged as a catalyst to this, and it helped them being flexible to accept the change. Companies demonstrated empathy to employees and customers, are witnessing a new era of relationship that’s deeper and more caring.
Enterprises have realized the benefits of digital transformation and investing heavily into adopting new technologies that could help customers and employees. Digital transformation acceleration across the globe has uncovered the high demands of skills. Visible gap of demand and supply of these skills in the market is resulting as high attrition in the industry. Addressing this attrition and enabling suitable retention policies, work culture and ethical practices is the top priorities for enterprises to exhibit resilience.
The second challenge is the low productivity with remote working culture. The remote working productivity was very high in the first wave of COVID (Mar 2020 to Oct 2020), but it has started to decline after the first wave. There are various reasons for this low productivity like limited and siloed spaces, emotional disconnect with colleagues, in fact missing on a human-to-human interaction.
Not only compensation and retention policies but employees are expecting better and faster career prospects. Organizations need to look beyond virtual engagement programs and create a hybrid work culture where it could balance human emotions and remote working advantages. They need reestablish employee and employer relations and stimulate it for a better future together.
Everyone is panic-stricken with sudden shock for personal and professional lives during the pandemic. We have formed an emergency response team to provide moral and required medical support to our employees through these challenging times. We continue to monitor every employee and their family members’ physical and mental health conditions to provide support proactively. Employee tracking helps us have a better business continuity plan to continue providing uninterrupted services across the globe. We also offer flexible payment options (customers can pay when they recover) to affected industry customers (e.g., hospitality, airlines, and transportation) to sustain themselves during tough times. This option has built strong trust with our customers and increase our footprint.
Pandemic caused disruptions to global consumption and forced people to unlearn and learn the new adaptive habits. Mapping these behavioral trends and aligning business services around this is required. Business ecosystem now finds technology an important ingredient. Digitalization is inevitable for every business; the recent changes have accelerated digitalization growth. Survival will be questionable for non-digitalized companies, as customers prefer personalized experience & information at their fingertips about their orders.
Thriving in the new normal
Speed and accuracy are the critical parameters to thrive in today’s dynamic market conditions. Enterprises must make faster decisions with accurate results. These two can only be possible with the right data points and autonomous decision-making. Automatic decision-making is only possible with advanced technologies like AI & IoT. Ecommerce can be well experienced through a small street seller to a global enterprise. Media industry is moving more towards Internet based telecasts services and even their production systems have become virtual. Geography now has a new boundary, and it is globe. Borderless transaction enforces governments to upgrade its policies and transition into e-governance.
Innovative and sustainable business models
Data will be the new fuel for business, and businesses must streamline data and think about how they can monetize the data generated from their operations. This is an untapped potential for every business. Industries are ready to retrieve value from technology and technology driven data.
Resilient leaders are ensuring their mission is intact, eyeing on challenges to convert them into opportunities. Keeping it agile, being transparent and setting its narrative focusing the future.
Path to transformation
A successful business transformation is going to have an impact on the core culture of the organization. We need to involve all stakeholders from the beginning of the transition and create broader awareness to get buy-in from all employees. Make every employee understand the advantages of the transformation and provide required training to drive it. The misconception of business transformation is losing jobs, but the reality is that people require new skills and mindsets to be part of the transition. It is imperative to clarify employees’ doubts and ensure their career growth for successful business transformation.