The Financial Express, India: Senior Director of Cognizant’s Center for the Future of Work Says Seizing Digital Opportunities Requires New Ways of Work, Responsibilities, Skills and Attitudes

“Businesses in Asia Pacific are investing more in digital than their counterparts around the world — and unlocking far greater rewards,” writes Manish Bahl. “Seizing the full gamut of digital opportunities, however, will require a dedication to a digital-first approach and commitment to a changed mind-set that embraces collaboration, new skill acquisition, and a rethinking of the man-machine relationship.” Excerpts:

“The traditional elements of mass production and wealth creation — capital, labor and raw materials — are being redefined by digital, creating new value for businesses. From traditional conservative companies to progressive enterprises, all are looking to leverage digital to reimagine their future.

Digital represents the future of money. Preparing for that takes vision and a solid strategy. Significant investments are required to win new markets, innovate and improve efficiencies, manage maintenance costs during the transition, initiate internal change, set out a digital roadmap, provide interdisciplinary company training, hire third-party consultants and possibly acquire companies while attracting digital-savvy talent. Whatever an organization’s vision, it will need to act, knowing that the competition — as well as new well-funded digital entrants — are set to convert customers and quickly change market dynamics. Asia Pacific leaders are set to heavily invest in digital initiatives. The data crystallizes the notion that a dollar spent on digital will deliver greater value than that spent elsewhere.

As competitors are also investing in digital (heavily and faster, in many cases), the means for an organization to keep enormous ROI afloat is by positioning customer experience as its “true north.” The fundamental question to ask: Does a product/service “talk” to customers directly, or does the marketing department have to spend millions of dollars to create fancy brochures and advertisements to communicate what the organization does? The real purpose of a product/service is to provide convenience to customers, be useful, simplify their lives, and put them in control of things.

Investing savings to stay relevant and future-focused is a fundamental — and smart — move. Leaders who don’t use technology to reduce costs and then reinvest in digital will find it hard to pay for the innovation needed to win in the new economy.

Digital’s onslaught is already impacting work and business. Knowing how to handle the change is critical. Seizing digital opportunities requires new ways of work, responsibilities, skills and attitudes. The key to success is to first recognize digital as the key financial performance indicator, and then develop a strategy to get there. Making money with digital requires a change in mind-set, organizational structure, investment priorities, and overall business approach.

Cognizant’s recent research shows that if digital were a separate country, it would create an economy equivalent to a little more than the GDP of Thailand in just a three-year timeframe.”

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