[caption id="" align="alignright" width="255"] Dr Karippur Nanda Kumar[/caption]
Leveraging digital technologies is one of the biggest challenges that businesses face, says Dr Karippur Nanda Kumar, Associate Professor & Area Head (IT), S P Jain School of Global Management.
What are the challenges that businesses are facing as digital transformation continues to disrupt industries?
Digital transformation requires reinvention of business practices to derive maximum value from digital technologies such as cloud computing, mobile technology, big data analytics, social media and artificial intelligence. Given the constantly evolving nature of technology, digital transformation cannot be a one-time investment and initiative. Businesses need to put in place organisational, operational and technological foundations that foster constant evolution and cross-functional collaboration. Some of the challenges that businesses face today include organisational silos, legacy processes and cultural resistance to change. There is also lack of digital leadership and many enterprises are confused about digital transformation with limited understanding of what to do next, who should lead it and how to measure success.
Which are the industries being most affected and what are the opportunities arising?
Leveraging and Integrating new digital technologies is one of the biggest challenges that enterprises currently face. No industry sector is immune to the effects of digital transformation. Retailers are experimenting with a myriad of ways to respond to new shopper expectations, bridge digital and physical shopping experiences. The automotive industry is introducing digitally enriched products (such as the “connected car”) and new business models (such as Uber). The financial services industry is going through dramatic changes as a consequence of changing customer behaviour, increasing expectations and rapidly proliferating class of fintech startups bent on disrupting every facet of the traditional financial services business. Digital transformation provides opportunities to grow revenues, improve differentiation and reduce costs. The democratisation of technology, increased access to funds and a rising entrepreneurial culture is creating new opportunities for start-ups in all industries.
How is Smart Technology changing the way we learn and educate?
Smart technologies will enable learners to deeply engage in learning that is personalised to his or her strengths and preferences, and to address individual learning gaps and needs. Students today tap on cloud based learning management systems and massive open online courses (MOOCs) using smart phones and tablets. With all of the necessary information at their fingertips, students and working professionals can now learn at their own pace and have a nearly identical educational experience in their homes, classrooms and at workplace. This provides the foundation for lifelong learning. In future, technologies such as virtual reality and augmented reality will increasingly support immersive experiences in areas such as education.
How are you preparing students for a business world where technology is constantly evolving?
Digital acumen is essential for business leaders in today’s hyper-competitive, technology driven world. At SP Jain School of Global Management, we develop our graduates to act as catalysts, speeding up digital transformation and disrupting traditional thinking and business models. The courses are aligned to this objective and enable students to ask the right questions to frame the issues, synthesise information to create business value and innovate using design thinking. Students are engaged and motivated using a wide variety of teaching tools like simulations, online lessons, decision-making laboratories, global immersion exercises, research projects and student boardrooms. Students gain first-hand exposure through industry projects while interacting with various leading companies in world class cities such as Singapore, Sydney and Dubai. The S P Jain School campuses in these cities proactively partner with the local industry ecosystem to foster collaborative knowledge creation through research, development and sharing of case studies and best practices which will be beneficial to the students.