Over the past 15 months, we have seen very rapid changes in the economic environment with subtle peaks and troughs that no one could have predicted. It has forced organizations to be more agile than ever, to control their budgets, to resize their workforce on accelerated digital roadmaps.
Organizations have also become accustomed to combining security and innovation, as we have accepted the new reality of our hybrid environment. Many businesses can no longer operate as they once did. The past 15 months have shown that it is not possible for companies to succeed as they always have.
âIn this pandemic situation, we realized that a lot of businesses can’t connect with us directly and we’re a business that interacts a lot with customers, so what we did was really provide our services to them online and also to digitize the entire stream. of how they could actually order with us and connect with us, âsaid Juliana Chua, Head Regional, Digital Transformation, Essilor Group during a speech at ETCIO Spectrum 2021. Often times with all these challenges we are facing or have been facing during the pandemic, companies are slowly adjusting their operations and also moving most of their services to a digital platform.
Businesses need to monitor ongoing analytics and improve their functionality, simplifying the user experience for seamless transactions. âWe also took into account the change management of how they interacted with us to create a new way of doing business together,â adds Juliana.
The pandemic was a big surprise. No one could anticipate it at all. This has either thrown a camp into danger or as a challenge to be faced and overcome. It depends on risk management and the character of an organization. âAs a company, we’ve never been used to this concept of working from home and remotely,â said Giridhar GM, head of operations and offline product technology, NPCI. Fortunately, everyone in his company cooperated well and started their journey to deal with the pandemic. The immediate challenge for us was the phenomenal growth of digital transactions itself. The government was doing a lot of BBT, people were using ATMs, using UPI, using UPS mechanisms, âGiridhar added.
Companies began to work on managing the personal and professional issues of their employees, which was ultimately reflected in the efficiency and growth of organizations. Cooperating and solving high profile issues has had an incredible impact on a positive life for businesses.
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Many companies have been forced to change their business models during the pandemic, but when it comes to really looking at the long-term opportunities and what will remain, it becomes a challenge for organizations.
âWe are there to support businesses. I belong to a life insurance company. So for any innovation we undertake, we believe first that it must solve business problems and must be closely aligned, âsaid Kirti Patil, IT Co-President and CTO of Kotak Life Insurance. It will fail even if it is a wonderful innovation unless it has been aligned. The second, for her, is experimenting with low hanging fruit.
âThe fruits may be short term, but innovate, solve the problem and move on,â Patil added. When our business wants to innovate, there has to be an ability to fail quickly because not everything will work and fit together. Fail quickly and move on to the next one, that’s what it takes. âOften it’s the small ideas that give businesses a quick advantage and they can also be lasting ideas,â Patil explained.
âThe digital switchover was our necessity. The challenge we always had was for the customer to adopt it. They were still used to picking up the phones and calling their agents, rather than believing that something could be done online, âsaid Mehmood Mansoori, president of shared services and online business, HDFC ERGO General Insurance. Majority of services have moved to digital channels with WhatsApp, chatbox agents, portals and other mobile apps playing an important role in this regard. âWe’re probably one of the industries that doesn’t want our customers to experience our products. We don’t want them to die, we don’t want them to be sick, because the claim is our product, âMansoori added. A client is distressed when dealing with a life insurance company, unlike banking or e-commerce companies. Going faceless was a daunting task for these companies and tackling these issues through scientific means is what led to the success of these companies.
This pandemic period has revealed that logistics sectors are in fact the best in terms of digitization. Although the pick-up and delivery aspect cannot be digitized, the systems and processes in this industry have always been adapted to digital transactions with customers. âCustomers can book their orders via digital media, they can reach you via digital media, track and trace their shipments, provide the necessary data for clearance and customs. So for us technologically we have never encountered a problem, âsaid Prasad Dhumal, ITD Vice President, DHL Express India.
Their problems were on the ground. The sudden stop of international flights put the load on their freight network. “All the countries have closed their borders and suddenly 50% of the theft has disappeared,” Dhumal added. The logistics sectors have struggled to convince regulators and governments because without them everything would stop.
Many of these challenges will continue to arise. We still see things changing as we go along. One of those things is security. âYou are adopting something absolutely new with unknown parameters. Most companies like to own the infrastructure, manage everything on site, âadds Harshil Doshi, Regional Director for India and SAARC, Securonix. With this change, there is a big question mark about the safety of the environment. âI absolutely optimize my business operations, but am I safe enough? This is my key question. This is where security companies like Securonix really help businesses with their visibility. The first thing that businesses should ideally do is make sure they have visibility into everything, âDoshi said. As soon as businesses get visibility, âthe next thing you do is run analytics because the number of transactions has increased exponentially. To handle this kind of load, you can no longer rely on legacy technologies that run on outdated back-end infrastructure, âhe explained.
This illustrates the changes in work culture and innovation in small areas. It doesn’t have to be a big bang approach in terms of launching a new app or launching new projects, but small innovations go a long way in transforming organizations.