Having live data, being product-centric, culture of taking risk key ingredients for biz to succeed: Infosys report

Image for representation

The momentum is shifting away from technology in value and humans bringing in scale for companies to technology being the scalability factor and humans bringing in value, according to Infosys' 2023 Digital Radar Report.

The report, which surveyed several business executives across the US, UK, France, Germany, Australia, New Zealand, China, and India, found that it was live data and a culture of risk-taking which helped companies stand out and deliver profitable growth.

Narsimha Rao Mannepalli, Head of Cloud Infrastructure and Security Solutions at Infosys, told Moneycontrol that said that while startups are using the power of technology to deliver a product or service, the real value is coming through the people.

According to him, there is a clear shift where the value of a business is being brought in by people, and it's technology that’s bringing in the scale. “In some sense, technology is no longer a differentiator, and businesses of all shapes and sizes have implemented digital in some shape and form. The effectiveness of that is to be questioned, but the real value now comes in how do we implement it,” he said.

On live data driving efficiency, he said that in the absence of it, a lot of digital transformations do not achieve effectiveness in what they set out to do. Live data, in this case, would be real-time or near real-time data that is readily available, and can help deliver quicker results. The report found that only 5 percent of firms that were surveyed have a universal live data approach.

Mannepalli said that organisations which are agile and product-centric, rather than focusing on process, are able to win more in the market.

“Instead of looking at the entire organization as one monolithic organization servicing a uniform group of customers and a similar experience, can you create each product and each offering looking at how best can they innovate and deliver to their clients, products and services which are meeting the requirements. So we believe that while the process-centric approach brings in certain efficiencies, today in the market to win, the speed, agility and relevance are better served by people moving toward a product-centric organisation,” he said.

He added that as per the findings of the report, company culture needs to be built around transparent live data as well as encouraging taking data-driven risks.

“I think many organizations talk about it (a risk-taking culture), but the way the systems are designed, we end up discouraging any failure around a risk which is taken. So in simple thing of goals versus actuals which we measure people on, it's always about committing to something and delivering it whereas not rewarding people who take a risk,” he said.