By: Bharat Raigangar- Board Advisor, 1CxO
As we emerge out into a post pandemic period where corporations are trying to adjust into a new normal, it is becoming more evident that there will be some major shift in consumers and corporates to a more secured but agile digital ecosystem.
Let’s take a recap of what we saw in the last 4 years.
2019 – Corporates trying to find the opportunity to scale and grow with basic increase in Technology while still carrying significant Tech-Debt from years of just barely investing in major transformation.
2020 – The world got surprised and to a large extent shocked by the Pandemic. Businesses did not have a choice but to survive in a world where they needed to transform into a lesser face-to-face interaction. Businesses had to transform at lightning speed to survive and yet with minimal investment or spending which became an existential crisis. Business Partners need to create new ways to do business in a safe, secure and at times remote/non-touch way.
By far businesses, who had outdated and old technologies, struggled the most and perhaps also was one of the reasons they took more time. Other businesses had to create the means of operating remotely and hence finally had no choice but to modernize digitally.
Here are our convictions for 2023 and beyond.
2023 will be the beginning of the emergence of Digital Disruptors!
- Several disruptors will emerge replacing the traditional businesses that have not made progress or made slow progression on Digital Transformation.
- Consolidation: The ones that have made progress on digital transformation thanks to the pandemic forcing them to will perhaps acquire others consolidating several industries
- Elimination: There will be forced elimination of tech debt by organizations that re-think their STRATEGY to gain operational efficiency as well as Digital advancement. This will also mean industries like healthcare will begin hiring Tech and Digital experts from other industries that have made more progress on this front such as banking.
- Transformation: Business transformation will mean “Change” in the way businesses will run and operate which will bring changes to leadership, board & workforce who will embrace technology and digital investments hence making them more adaptable & resilient to changing economic conditions. This will mean more focus on strategy than BAU (status quo)
- Revolution: Several new technology digital based organizations will emerge providing a digital ecosystem, focused on not only to sell to the consumer but also earn their loyalty with utmost operational efficiency. Consumers will also become more aware of their data and information causing them to be more varied in the information they share. This will force businesses to change their posture on Security, safety, and permissible use of consumer data.
To summarize, I believe it is time for businesses to take a fresh look at the current state of their operating model and redefine their strategy to be more aligned to the digitally proficient consumer who they serve. This would also mean:
Making hard decisions to divest in old tech and operational process.
- Board representation of Digital & Technology leader
- Bringing on digital & tech leadership to lead strategy and transformation
- Business Performance measurement should reflect top line and bottom-line efficiency improvements from technology i.e. ROI (not cost benefit analysis). Technology ROI should be a metric highlight on the balance sheet.
- Revise strategic planning frequently.
About the author -Bharath Raigangar is the Board Advisor & Thought Leader of 1CXO, launched by Finesse, a suite of six services designed to help organizations implement and secure Digital Transformation. 1CXO CoE’s are headed by experienced leaders supported by subject matter experts to help organizations in securing their digital transformation journeys . Bharat has over 25+ Years of leadership experience in the field of Corporate Service, Cyber Resilience Risk, Compliance, Audit and Assurance including Strategic Advisory and Mentorship.