Prashant Agarwal, Director-EDGE Group Innovation
According to Prashant Agarwal, Director-EDGE Group Innovation , AIA, transformation requires organisations to see disruption in a positive light. "For every organisation that gets disrupted, someone gets enabled. To be enabled, organisations will need to transform and innovate."
For instance, small companies can now obtain cloud boosting capabilities from Amazon and "easily incorporate" it into their business models. Such capability might only be available to large corporations in the past, he told delegates at the CIO Conference Singapore 2017.
Agarwal also urged CIOs to stay close to customers in order to drive transformation as they are the source of disruptions. For instance, Starbucks is now accepting mobile payments in it stores as it understands customers' increasing reliance on their mobile devices. In January this year, the coffee giant reported that mobile payment alone accounted for 27 percent of its operations in the U.S.
Besides that, Agarwal stressed that technology will be a "commodity" for disruptors. Hence, it is necessary for organisations to form partnerships and work with startups and other IT companies.
Furthermore, transformation should not be limited to just one team. Agarwal urged CIOs to get ideas from other departments and collaborate with them to drive their organisation's digital transformation.
"Disruption is happening [so quickly that it requires] you to harness multiple [technologies] and [ideas] at the same time. Challenging your thoughts and being open to new ideas and innovation will empower digital transformation," concluded Agarwal.
Other stories from CIO Conference 2017:
- Four sustainability tips for startups in Asia
- Cybersecurity lessons from the Bangladesh Bank heist
- Embracing disruptive innovation to reduce customer friction
- How to become a successful CIO
- How to win in the digital transformation economy: CIO Conference SG
- The Digital keys to successful Disruption: CIO Conference 2017 in KL
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