According to a report, over 60% of respondents said building a resilient culture will be more important in the future. Only 14% reported implementing a fully agile operating model within their organisations, indicating a lack of preparedness for external shocks and disruptions
The dichotomy is stark: some organisations falter, freeze and succumb to the immense pressures, while others weather the storm to emerge stronger. The key here is resilience. But resilience isn’t just about surviving; it’s about adapting and thriving in the face of uncertainty.
As per a survey, 89% of respondents cited resilience as one of their most important strategic organisational priorities. It also revealed that 96% of organisations have experienced disruption in the past two years. Hence, the ability to bounce back is crucial for any business to succeed in today’s unpredictable global environment.
Partaking in the resilience revolution to rise
Digital resilience is vital to weather shocks. Particularly in the vulnerable mid-market segment, it has not only helped mitigate risks but has also ensured business continuity and booming growth – both during disruptions and otherwise, in a digital-first era.
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The IT industry has especially fared well in ensuring business continuity by facilitating the transition to remote work and operational efficiency. It has shown remarkable growth and adaptability by prioritizing people-centricity, collaboration, and agility.The pandemic highlighted the importance of digital technology more than ever. The rapid pace of technological advancements has brought notable growth in cloud computing. This resilience has assisted global industries, leading to numerous opportunities for innovation and sustainable solutions.
The Indian IT sector is ready for sustained growth. With the implementation of forward-looking policies, robust governance, skilled talent, and a commitment to digital trust, it is poised to accelerate its growth to $500 billion by 2030.
However, in today’s dynamic landscape, the challenges organisations face could threaten their existence. But with the right approach, these challenges can become opportunities. To achieve this, organisations need to build a solid culture of unity, where every individual is valued and encouraged to contribute their unique skills and abilities. It is also essential to foster a culture that embraces digital capabilities to withstand disruptions and enhance resiliency.
Culture as the cornerstone of collaboration and growth
An organisation’s culture is its DNA. It defines the values, behaviors, and beliefs that steer its growth path. According to an analysis, discussions on organisational culture have increased by 12% annually in the last decade, making company culture the most discussed topic.
Culture, too, plays a pivotal role. A culture that encourages transparent communication, collaboration, and a growth mindset is more likely to sail through turbulent situations and become profitable. The role of organisational culture is to establish a feeling of a shared sense of identity and purpose, i.e. ‘esprit de corps’ – and such organisations stand to sustain growth for a longer timeframe.
A resilient culture is the fruit of unceasing, collective, conscious efforts from the top – it cannot be built in silos overnight! It involves nurturing trust amongst stakeholders, fostering a culture of innovation, and defining a sense of purpose and heightened responsibility towards a business goal.
Leveraging the tech revolution
The tech revolution in India has been monumental, propelling it into an era of innovation and progress. Organisations are placing strong emphasis on digital transformation as a key strategic priority in 2023 and beyond, as revealed by a Nasscom survey.
The focus areas are cybersecurity, cloud, AI, and analytics, with a specific emphasis on integrating use cases and realising increased value. Hyper-automation and virtual experiences are being adopted to drive optimization and foster growth.
To further enhance India’s global competitiveness, it is imperative to prioritize inclusive growth as a critical component of our digital transformation efforts.
While it is true that the shift in tech consumption is not momentary, it is important to fuel this enthusiasm with sustained innovation and reshape India’s economic and social fabric.
Amalgamation of culture and tech: an empirical evidence to resilience in the IT sector
Culture and technology are not standalone elements; they are intertwined and complement each other. A resilient culture embraces technology as a tool for empowerment, not a threat. Organisations that prioritize a resilient culture and harness the transformative potential of technology are better equipped to navigate uncertainty and emerge stronger from the challenges they face. Moving along this thought, focusing on building resilience can provide organisations with a two-fold talent benefit.
To ensure uninterrupted services for customers, resilient technology is crucial. A robust IT infrastructure to support organisational operations in the face of cyberattacks, data corruption, system failures is non-negotiable. Reports suggest that at the current rate of growth, damage from cyberattacks will amount to about $10.5 trillion annually by 2025, up 300% from 2015 levels.
Businesses must ensure their technology is agile, scalable, interoperable, and supports recoverability. A proactive approach can help organisations design, deploy, monitor, and scale their solutions effectively, enabling them to stay ahead of the curve.
Investing in talent—now and for the future
It’s no longer enough to survive in a dynamic world; businesses must thrive. Embracing culture and technology is the path forward, ensuring that organisations not only endure change but also leverage it as a source of strength and growth. Investing in talent is also vital to developing resilience.
Reports suggest that approximately 45% of organisations are anticipating a shortage of skills in the upcoming five years, and an equal number are facing skill gaps currently. organisations must adopt a constructive mindset when dealing with talent management issues. This involves enhancing employee experiences to meet the needs of an empowered workforce, offering value to employees.
(The author is the chief operating officer of Tech Mahindra)