Digitisation’s impact on the bottom line

Not only has technology changed the way we think, act, transact and interact, but it has also opened up a whole new world of opportunity for businesses across the globe. It’s no surprise, then, that some of the biggest entrepreneurs and thought leaders in the country convened in Bengaluru to discuss the opportunities and challenges that come with digital transformation, at the second edition of ICICI Bank and CNBC-TV18’s ‘India Business Summit – Leaders Speak’.
A platform that hopes to spark innovation through discussion, debate and deliberation, the summit’s Pune edition began with the words of ICICI Bank’s Vijay Chandok. His advice to every entrepreneur? Just ask yourself “What is creating disruption in my business and my market?”
And while ICICI’s tech savviness is an inspiration to every entrepreneur, some of the best insights often come from the most unexpected sources. Take, for instance, the story of Viswanathan Anand, the five-time World Chess Champion who, through a retrospective of his long and illustrious career, gave invaluable advice about doing business in an ever-changing world.
In his rousing speech, Anand spoke at length about the slumps and periods of stagnation that both entrepreneurs and sportspersons go through. Overcoming these, in both cases, boils down to trying new things, taking risks and most importantly, lifelong learning. He also emphasised the importance of small changes for big successes, adding that “All you need, sometimes, is to rearrange the furniture and then, things work.”
And if there’s one person who knows a thing or two about the importance of constant learning and innovation, it’s Bhavish Aggarwal, who co-founded Ola Cabs, one of India’s few unicorns. With approximately a million driver partners in India, and operations in India and Australia, it might have been easy for Aggarwal to get complacent and rest on his laurels. But he reiterates that mobility as a service, and e-commerce at large, are just getting started and there’s still a lot of work that needs to be done. Work that Ola Cabs is willing to do.
And while he may have played coy about when the company would go public, Aggarwal spoke freely about what entrepreneurship has taught him so far. He stressed on the need for competition, which in Ola’s case, has led to a stronger business and larger market share for the venture, in addition to a better offering for customers. Citing the importance of focusing on the long term, he simply said, “We are in the business of value creation, not valuation.”
This engaging tête-à-tête was followed by a panel discussion in which executives from various industries took on digital transformation and its impact on the bottom line. Moderated by CNBC-TV18’s Latha Venkatesh, the session benefited from the combined brilliance of 3M India’s Debarati Sen, Sanjeev Sharma from ABB India, Prasanna Balachander – Group Executive, Head – Global Markets & Proprietary Trading Group at ICICI Bank, and Samiron Ghoshal from IBM.
Ghoshal, whose company has handheld some of the world’s largest organisations through digitisation, has had a bird’s-eye view of the ways in which CXO attitudes towards technology are evolving. Just a few years ago, C-suite executives outside of a few industries refused to see the merits of going digital, whereas IBM now fields hard-hitting questions about how companies can gain a disruptive edge by using technology.
For businesses trying to get ahead of the digital curve, Ghoshal also extolled the importance of not letting a business be defined by its product, but focusing on its solution instead. Disruption, he said, is asking companies to rethink their goals – “Am I making cars or am I actually in the business of transportation?”
This sentiment was echoed by 3M India’s Managing Director Debarati Sen, who cited the example of one of their most well-known products, Post-it Notes. Though the Post-it may no longer be ubiquitous in its yellow sticky pad form, “it has evolved into a whole suite of solutions that allows us to be effective and productive at work.”
And while disruption has many benefits, the digital transition can be a difficult one for employees and customers. ABB’s Sanjeev Sharma talked about how, though they may require upskilling, most workers’ core competencies and domain expertise remain invaluable whether they’re plugging a car into a grid or refueling it.
A fantastic session that took on some of the most pertinent issues that businesses are encountering in the face of digitisation, it could aptly be summed up by Prasanna Balachander’s observation, “You give back to society and society gives back to you.” This was something that ICICI Bank found to be true when it started adopting digital villages, some of which are now completely cashless, proving that equipping people with the requisite skills will benefit not only the common man, but also the economy and society at large.
Only the second of six high-powered summits, this edition of Leaders Speak – like its predecessor – was brimming with knowledge, inspiration and brilliant ideas. Whetting appetites for the sessions to follow, the ideas born out of this evening are sure to culminate into great things.