A head start for technology leaders in the new normal, IT News, ET CIO
Top technology leaders in the BFSI industry talk about the way forward for IT and business leaders and how they should adapt to the new world order to remain relevant to their organizations.
Ujjivan Small Finance Bank CDO Dheemant Thacker says learning, unlearning, relearning is the only way to go.
“As the tech space is constantly evolving, and rapidly, there are also frequent disruptions brought by various fintechs and startups. There is no longer a model approach to technology. “Agility” is the need of the hour across all technology platforms as well as the team mindset, ”Thacker said.
Sankaranarayanan R, Head of Technology and Data, IndiaFirst Life Insurance Company Limited, believes in keeping an eye on new technologies and how they can be harnessed for the respective companies.
“The advantage today is that you can experiment without having to spend a lot of time and money. Creating an environment for rapid innovation and broader collaboration with new technology companies is going to be a game-changer for any technology / business leader, ”he said.
According to Sachin Dutta, COO, Canara HSBC OBC Life Insurance, as the digital revolution has seen a steady increase and increased adoption in recent years; there has been a rapid acceleration in adoption driven by dynamic and changing environments due to COVID.
“Digital is much more than just a complementary service, but the entire value proposition chain or ecosystem in itself, which transforms the way companies offer products and services and interact with customers,” said asserted Dutta.
Anand Pejawar, President of Operations, IT and Global Affairs, SBI Life Insurance believes that in a world driven by change, only technology can help companies maintain their leadership position. As new technologies come and go, we need to embrace the right technologies and make them work for the organization. We need thought processes as well as disruption of the system.
“The past year in particular has given us many such scenarios and pushed us to find ways to innovate and deliver better than before. Continuous process improvement, aided by innovative technological solutions, is the key to staying one step ahead. At SBI Life, harnessing the power of technology in all our processes has been at the center of our concerns for many years. This allowed us to move smoothly to the “new normal” and continue our business as usual, ”added Pejawar.
Boundaries are blurring between technology and business leaders
Some executives believe the lines between technology leaders and business leaders are blurring. According to Mohit Kapoor, Group CTO, Mahindra Group, it is very important that technology leaders know the business and business leaders need to be much more aware of the power of digital and data. “I am happy to see that at Mahindra Group all CEOs and CEOs are very tech savvy.”
Sourabh Chatterjee, President (Head of P&L) and IT Director of Bajaj Allianz General Insurance also believes that digital and technology have now become a central stage for every industry.
“The role of an CIO is not limited to solving large-scale problems, but also managing the income statement. I’ve always had this in mind that if I spend X amount of money, that X should result in 5X or 10X value in the business. Now, that kind of siled mindset won’t happen if I only manage a cost / profit center role. I even see traditional industries – as well as other industries – where IT services will also become profit centers in the future. The role of technology leader is also becoming the focal point of the organization’s business models and strategies, ”Chatterjee said.