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How digital is your organisation? Only a fraction of your business? Thinking that you don’t need go digital?
Ganesh Natarajan, Founder of 5F World and Chairman of Nasscom Foundation, has said that piecemeal efforts to adopt digital technologies are not enough. Go digital, or die, he says.
Businesses and organisations are not moving fast enough. The let-us-see attitude can kill organisations, he cautions. “If you refuse to act quickly, someone else (digitally pro-active players) is going to eat your lunch,” he warns.
Addressing start-ups, entrepreneurs and students at the Indian School of Business (ISB) here on Tuesday, he gave a peek view into the digital revolution that is “turning business models on their heads”.
Ganesh, who stepped down as CEO of Zensar Technologies early this year, has set up 5F World to invest in start-ups. An author of nine books, he was also Chairman of Nasscom.
“About 52 per cent of the Fortune 500 companies are gone since 2000. Digital attackers are making a huge dent into the markets held hitherto by traditional companies,” he said.
Big data analytics, sensors, mobile technologies and cloud computing are disrupting the market place, improving the experience and enhancing productivity. “New business models are emerging. A book publisher is not competing with another book publisher. A bank is not worrying about competition from another bank. Amazons and Ant Financial groups have come up with newer business models,” he said.
On skill developmentHe advised the companies to go for a strategy that can digitise the entire organisation and not a piece here and a piece there. “You need to re-skill the staff, particularly the leadership. You need to introduce a Digital Culture. You need to review business processes across the organisation. You need to strike a balance between business as usual and disruption,” he said.
On skill development, he said several start-ups had come up with intuitive learning modules, making it easy for people to learn new skills.
Businesses need to equip cross functional teams with tech skills. They need to invest on digital technologies. “Globally, most incremental spend is happening on digital technologies. Big data analytics is helping businesses to send contextual communication to consumers, improving footfalls,” he pointed out.
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