COVID-19 pandemic brought the world to a screeching halt. The health crises and economic slowdown have had devastating effects on businesses. Still, they continued to strive and thrive despite the challenges, all thanks to information technology.
The information technology teams of the small and large companies rose to these challenges with speed and agility. From setting up mini studios in the homes of RJs and enabling them to take their shows to live to large banking and finance companies re-opening the accounts, the well-known entrepreneurs and several financial leaders have leveraged technology. Rapidly increasing network bandwidth, upgraded security, introducing new platforms, and ensuring the robustness of systems, which not only have made work-from-home possible overnight and have also won them, several friends and admirers, across the globe!
Take, for example, Mr. Sanjiv Bajaj, Chairman and Managing Director of Bajaj Finserv. An alumnus of Harvard Business School, Sanjiv Bajaj and believes that the financial sector’s digitalization will be the biggest game-changer in India’s progress and development. His leadership exemplifies solutions that are innovative and act as a catalyst in achieving long-term goals.
The pandemic has provided organizations with an evolving mindset and a vision to think out of the box (called technology)!
Here are the 4 things you must know about how leadership is integrating technology into its core functioning:
- Creating value
With the current scenario, the technology function is moving from enterprise information technology to digital business models. Software data and analytics are at the core of tech function and at the heart of the customer and his needs. COVID-19 pandemic is a disrupter, accelerating the digital transformation and Top Financial Business Leaders India – thus creating value through integrated management that will last for hundreds of years. For instance, Robotics is one of the biggest technological value creators, especially in warehousing and other business sections that need vast resources and accuracy. Industrial robots are expanding in magnitude around the developed world. In 2013, there were an estimated 1.2 million robots in use. Japan has the largest number with 306,700, followed by North America (237,400), China (182,300), South Korea (175,600), and Germany (175,200). Overall, robotics is expected to rise from $15-billion to $67 billion by 2025.
- Skilling up
Top leaders are reviewing their in-house capabilities while carefully assessing the requirement to acquire talent from outside or develop it within the team. The pandemic hasn’t just transformed the ecosystem of technology but also the mindsets. Technology is about digital change and creating actual value for enterprises in terms of both money and growth. So bringing in the expertise of various data verticals has become the primary objective of the technology leaders. The process of introducing new tech skills can be pretty daunting, but if we do it step-by-step, it can be a piece of cake. Leaders have started mixing humor into their launches and training events, making them more engaging. It’s imperative to make skilling up more personal and for people to know why it matters to them and how it will impact their day-to-day work. Ensure staff understands how it will help them, not just the company.
- Harnessing purpose and diversity
It’s important to hire the best talents, and also ensure that the existing one is duly nurtured and given opportunities to grow through learning and to upgrade their know-how. Companies are now aiming for purposefulness and diversity by including more women, people from different backgrounds and investing in start-ups, connecting with groups that aid handicapped employment. Diversity brings varied skill-sets, different perceptions, and ideas. It can help build a stronger digital infrastructure within the organization.
- Lead to unite
The current crisis has led the leaders in various sectors, especially finance, to bring together people with different skill-sets and redirect their efforts towards a common strategic goal. Flexibility is another quality that today’s leaders have imbibed as part of their personalities. Moreover, listening to stakeholders to understand their needs and make strategic decisions has become crucial. Flexibility and adaptability are the parameters that often decide the outcomes in difficult situations such as a pandemic.
Information technology has been able to pull off the crises very well, but it has a long way to go. With more flexibility, inclusivity, and adaptability at work, challenges could be tackled effectively. will become more Today’s leaders have successfully created a cohesive work environment and processes that are helping shape a digitally bright and economically sound future.
In the wake of the COVID-19 pandemic, leaders across the nation and the globe have resorted to information technology. Technology has helped in handling the crises better than it would have 10 years ago. With agility and speed, digital functioning has empowered leaders immeasurably. Different sectors in India have adopted various innovations, and one such sector is the financial sector. The future holds more possibilities, and we hope to tap into it with more innovations. Let’s look at the 4 things that you must know about leadership and technology.