Constant reinvention is a must if organisations are to stay at the vanguard and make the most of opportunities ripe for the picking
Words by Dr. Niranjan Hiranandani
Indian businesses have demonstrated remarkable resilience and adaptability following the pandemic. India has long been regarded as a thriving center of trade and commerce, with an entrepreneurial spirit that drives businesses to thrive. A changing consumer landscape and geopolitical dynamics are offering businesses new growth and innovation opportunities.
A business must reinvent itself to remain competitive and relevant in the face of these formidable headwinds. The business revolution will depend on new growth drivers such as Innovation, Technology, and Talent.
The Digital Economy
Innovation and global competitiveness necessitate that businesses embrace technological advancements. Automated, AI & ML technologies enable businesses to create modern business models, redesign new products, and reach new markets with the latest technologies. This enables businesses to optimise costs and profits in this commercial environment. India’s fintech technology innovators, such as UPI, exemplify this transformation, while Prop-tech redefines Indian real estate.
Harnessing Innovation
Innovation has become the backbone of business transformation. Technovation has enabled businesses to operate globally, monitor and mitigate risks efficiently, enhance customer buying experiences, and streamline OpEx. Consequently, businesses can focus on quality management and timely delivery due to more robust governance.
With chatbots, personalized voice assistants, and virtual tours, it is easier for Indian businesses to engage customers effectively. With real-time analytics and communication tools, customers can easily access information, reviews, and comparisons. Innovations also empower customers to make informed purchasing decisions. Furthermore, these innovations have fundamentally altered the buying journey of customers.
Adaptive Talent Community
A thriving business relies on strong leadership and skilled workers as its foundation. In an era of consumerism, it’s imperative to hone the skills of the talent pool to thrive. To be relevant and industry-ready, India Inc. needs to invest substantially in upskilling its talent. To navigate the choppy waters of globalism, it is equally important to improve proficiency in both technical and soft skills. These skills directly affect business profitability. An organization’s talent adaptability quotient (TAQ) plays a critical role in building positive returns on investment (ROI).
Era of collaborations
Today’s business landscape has evolved from a battleground for competitors into fertile ground for collaborations to flourish. This propels Indian businesses towards expanded horizons, unlocking new markets and resources. Indian enterprises must forge strategic alliances in burgeoning industries while strengthening international economic ties to foster economic harmony. The rapid growth of collaborative businesses such as Ola, Zomato, and Oyo indicates the future economic growth sphere.
Conclusion
A skilled workforce and rapid growth trajectory are the engines powering India’s international prominence. This unique edge makes India a magnet for iconic conglomerates, enhancing its geopolitical influence. As China faces economic headwinds, India emerges as the world’s largest consumer market and manufacturing hub. With a stable government guiding structured policies, reform initiatives, and incentives for industrial growth, India’s economic landscape is rapidly evolving. A sturdy consumer economy in India is enhancing its global appeal, but unlocking this potential requires embracing business transformation.
