CXO Outlook – September 2021 – India Edition – Businesses Sustainability Special by Connecta Innovation

BUSINESS SUSTAINABILITY SPECIAL

INDIA EDITION

INSIGHTS. IDEAS. INSPIRATIONS

BUSINESS STABILITY IN THE NEW NORMAL Arun K Chittilappilly, Managing Director, Wonderla Holidays

THE YEAR GONE BY: LEARNING FROM THE PANDEMIC

LEADERSHIP ROADMAP FOR BUSINESS GROWTH IN THE NEW NORMAL

Anuprita Dixit, Design Director, IMK Architects

Kaushal Sampat, Founder, Rubix Data Sciences

R E D E F I N I N G

S U S TA I N A B I L I T Y : HOW TO KEEP BUSINESSES AFLOAT IN THE

NEW NORMAL

September 2021

CXO OUTLOOK September 2021

September 2021

Vol - 2 Issue - 8

Business Sustainability Special (Indian Edition) Head of Advisory Board Dr. Varughese K.John, PhD

Managing Editor Sarath Shyam

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CXO OUTLOOK September May 2020 2021

LETTER FROM THE EDITOR

The Secrets of Survival

n India, over 10,000 companies were shut down voluntarily from April 2020 till February this year. Except for a few sectors like EdTech, pharmaceutical and medical devices, almost all the sectors have been adversely impacted as domestic demand and exports sharply dropped. Statistically, almost 80% of Indian companies have witnessed cash flow difficulty and over 50% of companies faced operations issues. Looking at the large-scale disruption due to the pandemic, we can confirm that the ongoing slump is fundamentally different from recessions. Many experts believe that the sudden shrinkage in demand and increased unemployment will alter the business landscape. To sustain in these murky waters, companies need to implement different ways of conducting business that includes, shift towards localization, cash conservation, supply chain resilience and innovation. The discussion on the issue of business sustainability is not new. However, since the outbreak of COVID-19, the business community has been keen to know more about the centrality of sustainability for business resilience. New research from the IBM Institute for Business Value shows that industry

leaders are now prioritizing competencies in crisis management, enterprise agility, cost management, workforce resiliency, innovation, or cash-flow management as critically important to their business. It also claims that we should expect another huge shift in prioritization in the next two years, as executives plan to emphasize workforce safety and security, cost management, and enterprise agility. As CXOs struggle to make sense of the postCOVID business environment, we have come up with a special issue where we have collated insights and options of leaders and experts on business sustainability. We hope that our efforts to bring these insightful articles will help our readers to understand pandemic-induced changes in strategy, management, operations, and budgetary priorities that are here to stay. Enjoy Reading.

Sarath Shyam

CXO OUTLOOK September 2021

Dr. Kuldeep Nagi, Ph.D, MBA, BSc.

Program Director of Ph.D, Recipient of Fulbright Fellowship Award & Dan Evans Award for Excellence and Writer columnist.

Dr. Varughese K.John, PhD, MBA, MPhil, MCom, LLB. Former Program Director, MS in Management Program, GSATM - AU

Mamta Thakur Former CEO (ASEAN), Arc Skills

Mr. Amulya Sah, PGD PM & IR, PG Diploma in PM&IR (XISS Ranchi)

Chief Human Resources Officer, Former Head HR group Samsung R&D Institute India,Transformative HR Leader, Change agent, Digitization facilitator, Engagement architect, Trainer and Diversity champion.

CXO OUTLOOK September 2021

Dr. Ajay Shukla, Ph.D, MBA, BE. Co-founder and Chief Strategy Officer at Higher Education UAE

Mr. Sreedhar Bevara, MBA, B.Com Former Senior General Manager: Panasonic Middle East & Africa, Thought Leader, Speaker & Author of ‘Moment of Signal’ (Amazon’s International Bestseller)

CXO OUTLOOK September January 2021

IN MY VIEW

The Year Gone By: Learning from the Pandemic

Leadership Roadmap for Business Growth in the New Normal

Anuprita Dixit, Design Director, IMK Architects

Kaushal Sampat, Founder, Rubix Data Sciences

28 8

LEADERS INSIGHT

12 Business Stability in the New Normal

Arun K Chittilappilly, Managing Director, Wonderla Holidays

CXO OUTLOOK September 2021

Business Practices Adopted to Sustain and Grow in the New Normal

Journey from The “New Normal” to a “New Future”: comes with "New Challenges" to sustain economy, the businesses and human livelihood

Dhruv Dutt, Founder, The Counsellor

Mitesh L Thakker, Founder & CEO, MissCallPay

Business Strategies in the New Normal Leaders are Adopting

Recalibrating Business Strategy for a PostCOVID-19 World

Gagan Jain, Co-Founder & CEO, Uniform Junction

Sargam Dhawan Bhayana, Founder & Director, Tressmart Marketing Pvt. Ltd.

Rohit Manglik, CEO, EduGorilla

How Business Leaders Make It Work in the New Normal

Business Practices in the New Normal

Business Sustainability Practices Industry Leaders are taking up to Sustain in the New Normal

How are Industry Leaders adopting Business Practices to Grow and Sustain in the New Normal?

Gunjan Malhotra, Director, Komaki Electric Vehicle Division

Srini Sandaka, CTO, MOURI Tech

Raj Darji, Founder & CEO, Aarav Solutions

CXO OUTLOOK September 2021

Adapting to the New Normal: Factors to Consider for a Video Tech Leader

Business Practices for Sustenance & Growth in the New Normal

Practices Adopted by the Manufacturing Industry in the New Normal

Alok Patil, CTO, Toch.ai

Ratish Pandey, Business Coach, Ethique Advisory

Sekar Udayamurthy, Co-founder & CEO, Jidoka Technologies

20 32

How HealthTech Startups are Changing their Business Strategies to Stay Relevant in the New Normal

Practices Healthcare System Adopted to Sustain in the New Normal

Business Sustainability in the New Normal

Dr Vipul Gupta, Director- Neurointervention, Agrim institute for Neuro Sciences, Artemis Hospital

Shruti Khandare, Chief Marketing Officer, MyFundBazaar India

Post Pandemic Business Strategies to Adopt for Business Growth

Mayank Kale, Co-Founder & CEO, Loop Health

CXO OUTLOOK September 2021

Gaurang Shetty, Chief Innovation Catalyst / CEO, Research Innovation Incubation Design Laboratory (riidl)

Fitness & Wellness Post Pandemic: How Businesses are Adapting

The Sustainable Approach to the Last Mile Delivery

Gautam Madhavan, CEO & Founder, Mad Influence

Nikhil Behl, Co-Founder & CEO, Fitza

Somasudarshan Chandraiah, Vice President Process + Products, XpressBees

100

How has Influencer Marketing and Brand Partnership played a Positive Role in Business Growth During the Pandemic?

EXPERTS OPINION

104

Technology can play a Pivotal Role in Shaping the WellBeing of People

Impact of the Pandemic on the Coworking Industry

Post Pandemic Changes in Business Practices and Strategies

Jayanth Kolla, Chief Success Officer, DayToDay Health India (DTDHI)

Rishi Das, Co-founder, IndiQube

Sunil Kanchi, Chief Information Officer & Chief Investment Officer, UST

CXO OUTLOOK September 2021

N O

104

IN MY VIEW

BUSINESS STABILITY

IN THE NEW NORMAL Arun K Chittilappilly, Managing Director, Wonderla Holidays

he Coronavirus has forced the world into a so-called new normal, driving businesses and consumer-oriented industries great financial as well as human resource losses. This pandemic will affect the future of many businesses including the entertainment industry, leading the economists and business experts to question how the future of the entertainment industry will look post-pandemic, while asking the question: will outof-home recreation be considered an option at all? The country, and the world has been on a roller-coaster ride since the first case of the pandemic was discovered. Instability in the economy, social isolation, and a fixation on overthe-top entertainment, as well as significant shifts in the educational

CXO OUTLOOK September 2021

landscape, are all manifestations of the pandemic. According to Statista, India saw a 45 percent rise in internet usage this year, within the first quarter alone, due to the imposition of lockdown restrictions, forcing people to hole up inside their homes with no physical contact with the outside world. Theme parks are built to attract large crowds, which is also the crux of the issue faced in a situation where crowds are the main issue to be dealt with in the wake of the coronavirus pandemic. The amusement industry thrives on large crowds and shared experiences. Most of the attractions and facilities have been built to accommodate more people, similar to a mall or airport or any facility that handles a large volume of people. To entice people to

The amusement industry thrives on large crowds and shared experiences

Mr. Arun K. Chittilappilly, Managing Director of the Company, is armed with Masters in Industrial Engineering from Industrial Research Institute of Swinburne University (IRIS), Melbourne, Australia. He has been a key architect of Wonderla Holidays and has been actively involved in strategizing and conceptualizing the Wonderla Parks and Resort.

CXO OUTLOOK September 2021

Amusement Parks must also broaden their target audiences, thinking beyond teenager 14

congregate and stay in the park later in the day, parades and fireworks shows were created, and dining areas were designed to seat as many people as possible. While ‘social distancing’, the new motto for this pandemic season is the need of the hour, it is also time for the amusement parks to rethink their strategies in order to be able to adapt to these changing times. Consumer Preferences And Needs: Consumer behavior is not a straight line and their preferences include a significant shift in how industries view them. Their stickiness will be determined by how satisfied they are with the new experiences. The new behavior will affect every aspect of our lives, from how we work to how we shop to how we relax. The lockdowns have confined the entertainment world to mostly digital means of entertainment, including OTT platforms, making people isolated. Over the last two years, in the wake of a long covid, people are now

CXO OUTLOOK September 2021

increasingly desperate for direct interactions with family and friends. Weekend get-togethers with friends, catching up with relatives, and maintaining family ties are all much rarer now, and over a prolonged period, has created a need, a longing to physically step out and experience the world like before. Many studies have shown that soon after the lockdown/pandemic, out-ofhome entertainment will likely increase, necessitating a re-evaluation of the entertainment industry's vision and mission. Vital Safety Measures: Because amusement parks are the center of the entertainment world, there will be a steady rise in advanced safety and security measures following the pandemic. People have been unable to leave their homes for far too long and are constantly looking for safer ways to visit amusement parks in order to refresh and rejuvenate their spirits and break the monotony

of everyday life. Advancements in technology and AI-based mechanisms have taken safety measures to new heights. As the country moves forward with its vaccination initiatives, parents must encourage children over the age of 18 to get their vaccinations, shielding them to a great extent from having a direct impact if the predicted third wave occurs. Safety measures must take priority in articulating the entertainment industry postpandemic, with a renewed rigor in placing the need for consumer satisfaction. To better protect guests and employees, a committee must be established along with a company-wide training programme for all park employees to practice sanitizing and other health protocols. It establishes standards that far exceed most of the minimum requirements. Paving The Way For Nature Activities: Environmentally friendly activities have become increasingly popular in the recent past. In order to fulfill these needs, amusement parks must provide space and ambiance to entice more stakeholders. They can also make a comeback by combining nature activities with fun-filled games. This entails a greater focus on health and hygiene, natural resource protection and safeguarding, and increased consumer satisfaction involvement. Reengineer the Business Model: Amusement parks are generally seasonal businesses that typically thrive for six months out of the year; however, year-round revenues should be focused upon. Furthermore, traditional "season pass" strategies or lower prices during peak times that eat into revenue but don't attract repeat customers should be abandoned. Many businesses have learned in the last year to charge admission prices that provide guests with a valuable experience. This includes providing excellent customer service and devising strategies to encourage them to spend more time at the park, resulting in increased spending on food, rides, and games. Amusement Parks must also broaden their target audiences, thinking beyond teenagers and reaching out to young adults and local businesses looking for fun group activities. Even after the pandemic, many businesses will reconsider their plans for far-flung corporate retreats in order to see what they can do in their own backyards. Companies can use them to host

retreats and team-building activities because they are close, affordable, and highly engaging. A Renewed Start: With time, the demand for amusement parks will change. Despite the fact that a rapid shift may appear miraculous, people's interest in the next normal will continue to grow. The entertainment industry, particularly amusement parks, must pay attention to consumer behavior and take proactive measures to ensure customer satisfaction. This will eventually include safety precautions and regular health screenings for stakeholders and employees, as well as advanced methods for maintaining post-pandemic behaviour. We have tried to assure guests of a very high safety and hygiene systems which are prerequisite for outdoor entertainment during a pandemic. It is the first to arrive in the country, demonstrating that all pandemic precautions and guidelines are necessary. Industries must rethink how and where they can connect with stakeholders; a constant encounter with structural changes and upheaval across multiple dimensions are the need of the hour. Amusement parks will reinvent themselves to see a refreshed beginning post-pandemic. It is in fact a human need to have physical, active leisure and recreation apart from the normal activities of one’s life. Amusement parks are naturally a good choice to break away from the usual routines, ease pressure of career and life, and get back with renewed enthusiasm. The post-pandemic come-back will be an important phase in the entertainment industry. As long as people feel the need to connect with others the case for outdoor recreation avenues such as amusement parks will continue to grow strongly, whether there is a pandemic or not. We are already seeing Conclusion: It's easy for organizations to fall back on old habits in times of crisis, but those are often the times when new approaches are most valuable. Companies cannot afford to be constrained by traditional information sources, business models, or capital allocation behaviors as they prepare for the new normal. Instead, they must identify anomalies and challenge mental models, revamp their business models, and dynamically invest their capital to not only survive but thrive in the post-crisis world.

CXO OUTLOOK September 2021

LEADER’S INSIGHTS

THE YEAR GONE BY: LEARNING FROM THE PANDEMIC Anuprita Dixit, Design Director, IMK Architects

Anuprita Dixit is Design Director at IMK Architects, an architecture and urban design practice founded in 1957 with offices in Mumbai and Bengaluru. After completing her Masters in Town and Regional Planning from the University of Montana, Missoula, USA, she joined IMK Architects as a Junior Architect in 1996 and has since been a significant part of the organization for the past twenty-five years. Skilled in Cartography, Construction, Sustainable Design, Comprehensive Planning, and Urban Planning, Dixit has worked on a wide variety of projects from corporate townships to high rise residential buildings as well as single family homes, schools and university campuses, commercial buildings, hotels, and resorts.

hile a majority of businesses and government offices in Mumbai, India, are gradually attempting to restore normalcy by going back to their workplaces, our team at IMK Architects has opted to continue working from home. Through the course of the pandemic, our constant innovation and determination has helped us stay on track and empowered us to prioritize our health and wellbeing without having to compromise on our work. We made a conscious decision quite early to embrace the work-from-home model in March 2020, before the lockdown was imposed. This gave us an opportunity to explore the new work arrangement and address

CXO OUTLOOK September 2021

all the issues faced before shutting down the office completely, albeit the uncertainty of how long the situation would persist. Besides technical issues that needed to be solved on the work front, we actually had a fairly smooth transition into the work-from-home arrangement. This was possible due to the agile SCRUM process of work that is an integral part of our workflow – one that IMK Architects successfully continues to follow. The idea behind this agile approach is to implement any project, step by step, within defined time intervals (referred to as sprints), with a self-organized team. All tasks

BESIDES TECHNICAL ISSUES THAT NEEDED TO BE SOLVED ON THE WORK FRONT, WE ACTUALLY HAD A FAIRLY SMOOTH TRANSITION INTO THE WORKFROM-HOME ARRANGEMENT

CXO OUTLOOK September 2021

are prioritized, which helps in taking up those tasks and completing them efficiently. Additionally, it allows the team to react flexibly to changing requirements in every project phase. Within the teams, this small-scale, self-organized way of working leads to flat hierarchies and transparent goals, promotes communication and also increases productivity. This makes the agile method particularly suitable for the “new normal” and the remote, workfrom- home arrangement. We have been working well with this system now for the past 15 months. For projects during the construction stage, we have successfully conducted site inspections and participated in review meetings online, through video conferencing and calls. This would not have been possible without the constant support and cooperation from our clients and contractors. On the other hand, achieving a work-life balance has been an even bigger challenge for some while working remotely. In many ways, work-life balance and its integration in our daily lives is fundamental as we all play multiple roles within different social contexts. Prepandemic, our work realms were distinctly separate from our personal life realms, hence, it was relatively easier to manage these separately. Although interdependent, each could be addressed individually and managed independently. However, in the current situation, the lines between being a wife and a mother, to being an architect and a team leader, are becoming increasingly blurred. The past years’ experience has made me realise that there’s never really a true balance between work and personal responsibilities. There’s always something new that develops which cannot be predicted. This is even more challenging to deal with since now both the realms of work and home are intermingled and both demand attention, often at the same time. Hence, we have to adopt new methods to increase efficiency; improve on our time management skills, streamline our work and find new ways to cooperate with others. One needs to be flexible, agile and proactive. I feel relatively privileged that I did not have to face many difficulties at home since I have always had the support of my family and domestic help to lend a helping hand at home. My children who are out of their teenage years and fairly independent, are in fact more than willing to contribute and help in any way they can. However, here I would like to give due credit to some of my younger colleagues who managed to continue working equally productively, overcoming the many challenges that they have faced over these past months. In the Indian context, or more aptly, in the context of life in the metropolitan city of Mumbai, the challenges posed are

CXO OUTLOOK September 2021

quite unique. Houses in Mumbai usually are compact and an average middle-class family lives sufficiently well in a 1BHK with makeshift arrangements to suit daytime and nighttime needs. With the work from home arrangement, it has been difficult for many people to carve out an exclusive working space during the day, especially with all the family members present at home. Further, with 2-3 adults working from home, this has been an even more challenging task. With middle-class families unable to afford living in central Mumbai or closer to their workplaces due to high property values, the daily commute to work is time consuming and tiring. An average working individual spends almost double her waking hours at the workplace rather than at home, and almost half of the balance in travelling to and from work. With the onset of the pandemic, remote working conditions have nullified travel time and allowed people to relocate to affordable and spacious residences, albeit in the distant suburbs. It has also freed up time and energy for activities that could be taken up only over the weekends or on holidays such as exercise, recreation, reading etc. – those that are essential for rejuvenation. Household help in India is relatively inexpensive compared to many other countries. Hence, we have always been dependent on them for many simple daily chores/activities like cooking and cleaning. The lockdown encouraged family members to collectively work as a team and do the daily household chores, a lesson well learnt in being self-reliant. In families with young children, the parents, and more so the mother, has the additional responsibility of looking after the needs of the children. With schools moving to an online instruction system, overlapping hours and juggling responsibilities is sometimes overwhelming. A cooperative and collaborative team is very important in such circumstances, and the SCRUM system of selforganized teams offers sufficient flexibility within home environments too. Finally, being in a profession like architecture, we had never imagined that work-from-home would be possible because there is a constant requirement of coordination meetings, discussions for designs and drawings, site visits and inspections etc. While last year had its fair share of challenges, it only encouraged us to reinvent our methods and processes of work; and made us realize that it is possible to work from any part of the country, with any organization on projects across the world. We look back at 2020 with positivity and seek to carry forward all our learnings in the future with renewed zeal and determination.

Higher Education Digest September 2020

CXO OUTLOOK September 2021

EXPERT OPINION

Adapting to the New Normal:

Factors to Consider for a Video Tech Leader Alok Patil, CTO, Toch.ai

CXO OUTLOOK September 2021

E Alok is the technology expert at Toch AI and loves a good challenge to solve. Armed with an MCA, Alok believes that the purpose of technology is to modernise human efforts and the world needs more technology-enabled solutions to overcome the larger problems faced by humanity today. After spending 11 years in the corporate world, Alok was excited to partner with Saket and Vinayak to bring the concept of Toch AI to life. He likes to think of himself as a lifelong learner and is always keen to experiment with new ideas and encourages his team to do the same. Alok is a web series enthusiast and a vociferous advocate of short form content.

ven as we work to embrace the ‘new normal’, the full extent of the pandemic has probably not been realised on business operations. However, based on the past when we have faced similar disasters, one cannot discount the incredible new businesses and business ideas that have formed. In some ironic twist, crises have produced giants: consider the 2003 outbreak of SARS that saw the epic impact on ecommerce businesses like Alibaba. Cut back to the present, and it becomes all the more crucial to re-examine business practises that could aid the video tech industry that has been propelled into the limelight during this pandemic. As hospitality, tourism and other industries struggle to find their feet in a potentially weak economy, this industry has swelled on a global scale. Case in point: The first wave saw Zoom rise to the top – according to the company, daily users climbed from 10 million in December 2019 to 200 million in March 2020. YouTube has been uploading an average of 300 hours of videos in a minute. Other go-to video platforms have emerged and remerged and continue to develop measures to abet online classes, workshops, webinars, and so on. The shift to OTT media has seen popular providers record a 140% rise in video streaming apps in countries such as India, Australia, Thailand and so on. Not surprising when you consider that people have been sitting locked in at home with nowhere to go, and little to do. Global audiences are more accessible with the power of OTT, so more viewership is not just a possibility, it is the driving force to generate more potential revenue through engaging content. Easier said than done even when the switch in consumer behaviour and subsequently advertising to direct response campaigns especially via social media continues to rise. The bottleneck lies in the transference of traffic increase on social media to actual conversions and then revenue generation. And it has to be done with all employees in a new work-from-home situation. The video tech industry may not be as impacted as other genres that rely to over 70% on on-ground working, but there are deeper digital workplace measures required to ensure productivity does not fall without being overly intrusive. The revenue that businesses have saved on rent, electricity and equipment must make its way into revitalised business operations that involve impactful distance leadership and communication strategies for effective remote working. Virtual training and skill set training is something that

CXO OUTLOOK September 2021

could be considered by the video tech industry as an operation and a service for other company deployment purposes. This is far more favourable and kinder than letting employees go and will foster more loyalty. There is no time like the onset of this ‘new normal’ to examine and subsequently leverage the changing consumption habits and customer behaviour. Postcovid consumer insights to develop improved customer experiences and gain marketing efficiency to adapt to a post-covid context is heavily reliant on big data analytics.

In the realm of video, if video tech is the car, then A.I, is the fuel that optimises its performance in every possible realm

There are interesting innovations being adopted, such as cloud-based video solutions that enable hosting of security-based hardware and software in the cloud, so users can immediately access video footage from anywhere. The cloud is also more effective in saving costs, simply because users only pay for the services that are used by distributing costs over a contract term. However, the biggest conversation (that invariably centres around re-evaluating business practises) is that

CXO OUTLOOK September 2021

of Artificial Intelligence, Machine Learning and NLP especially in Martech and video: consider Salesforce who just announced further AI-powered innovations to their already extensive range of services to further drive digital sales, marketing and customer support. Another major Martech success fuelled by AI-driven meta-tagging is Adobe Marketo Engage that allows marketers to access brand-compliant images and other assets without to and fro between creative teams. In the realm of video, if video tech is the car, then A.I, is the fuel that optimises its performance in every possible realm from HR management to data analytics that builds better models. Consider the fact that there is a mountain of video data out there – if a video features 30 frames on an average, imagine how much time it could take to search for specific frames from different videos in an archival news library! To decipher it, AI-fuelled meta-tagging is a critical tool that will help us quickly access and interpret this data and convert it into cash-friendly assets in a faster turnabout time with higher precision unaffected by human error. Precise data opens opportunities for faster and more efficient marketing content and analytics that will empower brands in data-led transformations. There is no point producing excellent content if it is not easily searchable, and that is precisely how metadata helps video technology. It then opens ground for innovation by all leaders in the martech field to develop AI-powered solutions that can be employed and utilised from anywhere in the world. A step ahead, which can be anticipating demand through technology: marketers being able to test their video content, secure in the knowledge of what the audience wants to see and a clear idea of the results it will produce before investing in a more extensive roll out. When it comes to content (video in particular), AI has the potential to enhance and empower human creativity with tools to produce professional movie-quality videos without investing in long courses at a fraction the cost, time and effort spent. Perhaps, what is the most exciting is the potential of video-based performance recognition that can serve bigger purposes to come in terms of security clearance, road safety, healthcare and education. AI’s impact (especially in video tech) is thrilling, limitless and there is no industry that it will not disrupt. That being said, the evolution has not been a graceful process. given how every business had to scramble for workarounds that could have otherwise taken years to implement in a matter of months. Given video tech’s popularity, the closest near-term challenge is to graduate from reaction to institutionalising the best practices that have worked.

CXO OUTLOOK September 2021

EXPERT OPINION

How HealthTech Startups are Changing their Business Strategies to Stay Relevant in the New Normal Mayank Kale, Co-Founder & CEO, Loop Health

CXO OUTLOOK September 2021

Before joining this company, Mayank has worked with companies like Apervita, Anheuser-Busch InBev, Pugmarks Holidays & others. His passion is making preventive and primary healthcare services accessible to everyone. He has worked with governments extensively in Maharashtra, Sierra Leone and Uzbekistan, providing the best telemedicine and EMR services to over 500,000 patients.

he WHO defines health technology as the "application of organized knowledge and skills in the form of devices, medicines, vaccines, procedures, and systems developed to solve a health problem and improve quality of lives". Simply put, it is used to describe any technology-enabled service or product that helps prevent, diagnose, or treat disease. This includes pharmaceutical services, devices, procedures and organizational systems used in health care. Even as the traditional healthcare sector has been gradually making advances in the medical world, the Covid—19 pandemic has necessitated a paradigm shift of sorts in how patients, or end consumers, are seeking healthcare solutions. Take for instance, the noteworthy increase in usage of wearables, telemedicine, online consults, and digital payment usage since the virus first made its appearance in early 2020. The change is palpable and consumer driven. And now it appears that genomics, diagnostics, and remote monitoring of health through apps and portals offered by health tech companies and start-ups are shaping the new normal and can help redefine the healthcare landscape in the postCovid environment. As everything becomes virtual, traditional health tech firms--grappling with the pandemic situation, and adapting their setups to fulfill other aspects of medical care--have an opportunity to reinvent themselves. At the same time, newer entrants to the field can and are leading the way with innovative tech products, aimed at revolutionizing health care for all involved stakeholders. The question is how can health tech organizations adapt their business strategies to address a range of possible challenges in the new normal? Challenges A report by McKinsey predicts that the global market represented by the health technology sector, which stood at about 350 billion US dollars in 2019, is expected to grow 50% by 2025. Furthermore, the health technology sector received US$5.4 billion in venture capital funds in the first half of 2020, a record in the history of healthcare. While this opens a plethora of mind-boggling possibilities for disruptive changes in the sector,

CXO OUTLOOK September 2021

preparing for the future of healthcare in a VUCA world with economic, regulatory, and social opacities lays out its own challenges. This, in part, is because despite the lucrative numbers, health tech companies face a downward-sloping demand curve indicative of the necessity for scaled innovation while enhancing product quality at a competitive price. While this is not an easy task, the opportunity it affords is unique and the pandemic-induced drivers have given it viable wings.

How can Health Tech Startups stay Relevant in these times To stay relevant in the new landscape, healthcare start-ups need to understand consumer needs to build their digital health systems. They also need to understand the full ramifications of how information technology can address the challenges and opportunities of this new normal. Understanding patient concerns, harnessing data, developing preventive health mechanisms to keep people healthy, and capitalising on insights and innovation from new technologies will be vital to the future growth for health tech companies. Key Areas of Focus Health tech firms can win in the new health economy if they offer high-value products and services—not just those with cutting-edge technology and clinical impact, but also those that can reduce the total cost of care. The new normal digital health agenda for these firms will need to focus on three overarching specifics: building collaboration and partnerships; understanding changing consumer behaviour and needs in the context of the financial impact of the pandemic and last but not least adoption of advanced virtual care to bridge the gap between old healthcare and health tech. 1. Firstly, companies in the health tech space must invest in understanding changing consumer behaviour and spending patterns. This will not only help these firms benefit from a better psychosocial understanding of patients, but also develop solutions that will help them get better and stay healthy. Once the players comprehend the environmental and social obstacles that keep people from staying healthy with the use of data and technology, they can deliver bespoke, personalized and more precise health care experiences

CXO OUTLOOK September 2021

and solutions to their patients. This will not only make the experience more human, with an empathetic understanding of the challenges people face, but also more meaningful to an individual’s specific needs. Coupled with this, developing an understanding of the economic or financial barriers to health faced by certain segments of society can help deliver sustainable and affordable solutions to these marginalized sections. 2. The second area that needs immediate attention is building effective collaborations and partnerships across sectors. New models of healthtech should enable improved access to specialist consultations for patients at hospitals or homes without having to transport the patients to different facilities. To stay in tune with evolving technology, design good user interfaces, handle cybersecurity threats and keep costs in control, healthtech companies should find the right partner to fast-track their product differentiation journey and leverage from existing tech solutions. Tech collaborations with firms that offer holistic infrastructure, security, maintenance and compliance support can afford a competitive edge to tech startups. Similarly, health tech start-ups could learn from consumer facing tech companies, to help develop offerings that keep people well for and demonstrate value to their consumers. 3. The final vital area of focus for the health tech sector is to bridge the gap between old health care practices and health tech by adopting virtual technology. It is vital for health tech organizations to embrace discovery and delivery models for the future of health. As discussed above, due to the pandemic, patients sought to safely seek offsite treatment for both the Covid-19 virus as well as other major and minor ailments, pushing the volume of tele consults quite dramatically. In response, providers hastily put together available digital tools to construct telecom bridges for virtual health consults. While these workarounds proved good for rough and ready usage, they are not robust enough to sustain a permanent solution with high volumes. Nonetheless, the groundwork for both patients and doctors --in seeking and delivering care-- via virtual consults has been laid. Industry players should use this development to accelerate and push these solutions beyond traditional boundaries. As there will likely be

To stay relevant in the new landscape, healthcare start-ups need to understand consumer needs to build their digital health systems

an increase in cases, which use remote monitoring, teleconferencing, and digital data collection tools to conduct trials outside of traditional clinical trial sites-health care startups must find innovative solutions to build stable and sturdy channels that address logistical, financial, and clinical concerns for all involved stakeholders. So for example modern health systems will need to assimilate digital health records, define protocols for meaningful telehealth visits, work out payment methodologies for tele consults, reimagine hospital and physician setups and practices in virtual spaces and ensure remote monitoring helps shift chronic disease management to the comfort of homes. The sheer urgency of the Covid-19 crisis led to a lot of experimentation with new ways of managing patient care, especially with regard to clinical and operational

processes. Driven by necessity to save lives, health systems developed new ways to do teleconsulting, relied on the use of videos and chatbots to respond to patient queries and collaborated across specializations to coordinate care. Even without a ravaging crisis, health firms should try and reinforce these gains and see how best they can quickly and efficiently respond, make decisions and find ways to use new digital technologies. All in all, digital health startups can play a key role in redefining health solutions in the new normal by bringing together processes and systems for improved efficiency, convenience and financial viability. While it has taken an unfortunate pandemic to bring about this unforeseen disruption in status quo, it should be treated as a tremendous opportunity to create a new health ecosystem that thrives on a culture of wellness and prevention.

CXO OUTLOOK September 2021

LEADER’S INSIGHTS

BUSINESS PRACTICES ADOPTED TO SUSTAIN AND GROW IN THE NEW NORMAL Dhruv Dutt, Founder, The Counsellor

Mr. Dhruv Dutt is an Entrepreneur and a Business Consultant. He founded The Counsellor in 2015 , a Consulting & Professional Services Firm. Mr. Dutt found a solution to the dissatisfaction faced by business owners when it comes to finding trust worthy and flexible professional service providers. Having received recognition, awards and many accolades for his work, Mr. Dutt believes in strengthening Indian Businesses and Entrepreneurs which has made The Counsellor one of the leading professional & consulting firms in Delhi/NCR.

ecently due to government lockdowns and uncertainty about business operations during the pandemic, there has been a significant shift in business practices and work structure. The bigger question today is business sustainability in this new normal. Businesses are readily changing their operating style and are opting towards digital integration and business process automation, we are seeing less labour intensive jobs and more automated strategies, most meetings are now conducted through online virtual meeting platforms, distance and essentiality of physical meetings or workings are now becoming obsolete.

CXO OUTLOOK September 2021

There has been a larger acceptance of business proposals and opportunities through mail and general telecommunications, business’s have increasingly become more communicative and transparent about their goals and strategies. This shift towards focusing at online business procedures and lead generation through digital marketing are opening up newer and bigger markets. Traditional operating procedures are now being improved, companies are focusing on brand positioning and economic viability. This digitisation is not only a substitute for the current global situation but a welcomed addition

HEALTH, SAFETY AND WELL BEING OF EMPLOYEES HAS TAKEN PARAMOUNT IMPORTANCE IN THIS POST PANDEMIC ERA

CXO OUTLOOK September 2021

to a business’s functionality which saves time and unnecessary expenditure. The necessary introduction of advanced operating procedures are rapidly improving a business’s inner workings. Manufacturing and Production has increased as global markets are looking for alternatives and increase in supply chains, brands are now targeting quality and reliable delivery timelines over cheaper cost per units. We are seeing traditional business’s and family owned enterprises adapting towards and updating their digital presence. As a professional services and business consulting firm, The Counsellor helps with digital support as well as re-structuring of existing business models. Furthermore, a noticeable shift has occurred relating to financial planning and investments, business’s are devoting their efforts to improving their production capacity and increasing diversification in product capability. Indian Government Initiatives such as, ‘Digital India’ & ‘Government E-MarketPlace or GEM’ are providing business owners and entrepreneurs new opportunities for growth and scalability. The emergence of a digital support system and encouragement from the government is a welcomed step for the economy. The work-from-home operating style which arose as a necessity has become a suitable alternative for a better work environment and studies have shown an increase in performance and job satisfaction of Employees. Services based industries are amending their way of managing day-to-day activities, big multi-national corporations are promoting independent working hours and are enabling employees to increase productivity by permitting flexible hours. Young Entrepreneurs have been advancing towards ventures in the Tech-Space and are looking at India as a power house for upcoming opportunities and growth. The vast population and developing Infrastructure make it favourable to incubate new ventures. This inclusion of youngsters with a fresh outlook and different way of doing things is altering the way existing business’s operate and are dynamically changing business practices. We are looking at a surge of new ventures and startup’s that are disruptive, and are focusing towards a more digital and liberal form of working. A positive outcome has been that businesses have now started to engage with their local communities, corporates are coming forward to help the general public and a sense of social responsibility has been seen like never before. This local support empowers employees and team members to focus on more than just profitability for a business and gives thought to the betterment of

CXO OUTLOOK September 2021

WE ARE SEEING TRADITIONAL BUSINESS’S AND FAMILY OWNED ENTERPRISES ADAPTING TOWARDS AND UPDATING THEIR DIGITAL PRESENCE

society in general. Socially responsible organisations are resilient and have a direct support from the local community, this customer loyalty secures a promising future for a brand. During the pandemic, a sense of togetherness has been observed and organisations have come together in support of one another which has lead to strategic partnerships, this support has enabled many business’s to progress and expand. This understanding of codependency has improved inter-organisation workings and have strengthened existing industries to face business uncertainties. Health, safety and well being of employees has taken paramount importance in this post pandemic era, focus on well being of employees and team members ensures a happier workforce which hugely improves efficiency and performance of the organisation as a whole. An Important aspect of business is revenue and it is currently observed that organisations have now reworked their revenue models, focus is on early remittance and follow up on demand notices, credit cycles have shortened keeping businesses cash flow positive and thus enhancing their financial proficiency. As Charles Darwin once said for evolution, “It is not the strongest or the most intelligent who will survive but those who can best manage change.”

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CXO OUTLOOK

+91 33 4061September 1086 2021

EXPERT OPINION

Business Practices for Sustenance & Growth in the New Normal Ratish Pandey, Business Coach, Ethique Advisory

CXO OUTLOOK September 2021

T Ratish Pandey, Founder of Ethique Advisory, has 35+ years of corporate experience in India and overseas in senior management roles, across multi-national companies. Skilled in a multitude of areas such as business strategy, setting up and developing profitable businesses, team mentoring, and business transformation, Ratish has handled diverse aspects of a business successfully and won accolades. He has had the good fortune of working successfully with teams from varied backgrounds and cultures.

he world has not quite been the same since COVID 19 came to visit. It has impacted every walk of life, every economy across the world. Unfortunately, it is still not behind us. While every business on one side faced the upheaval, on the other hand, it sparked a new level of agility in Businesses. Many Businesses, while deciphering solutions to counter the impact, made good the opportunities the new scenario offered, quickly adjusted and adapted to what is, being called the 'New Normal', and had a smoother ride riding the tide, while, others failed and faced a rough ride. Over the last few months, priorities for corporate executives have shifted from innovation, increasing revenue and acquiring market dominance to sustainable procurement, technology adoption and liquidity management. Unanticipated impediments like supply chain constraints, staff shortages, and operational complexities are further compelling the need for reprioritization. It is time for businesses to embrace transformation (read New Normal). This article will touch upon a few trends that define the new normal and discuss their influence on the global economy. The Influx Of Innovation And Technology Plato was accurate when he stated that necessity is the mother of invention. One field which endured remarkable development and implementation throughout the crisis has been digitalisation. Digitalization has become an integral part of almost every aspect of the business - Sales, customer service, remote working, supply-chain to the use of artificial intelligence (AI) for better customer experience. One sector that was quick to ride the tide was Healthcare, with telehealth and biopharma gaining traction. Apprehensions regarding technology and its adoption by employees flew out of the window as success was tasted by organizations who were quick to adopt them to maintain operational efficiency. This increased the reliance on tech platforms for business continuity. New technology was not invented overnight; instead, the implementation was accelerated and deployment was at its peak efficiency to meet the need of the hour. As noted by Microsoft CEO Satya Nadella in April 2020, “we’ve seen two years’ worth of digital transformation in two months.” *

CXO OUTLOOK September 2021

Apprehensions regarding technology and its adoption by employees flew out of the window as success was tasted by organizations 34 Another turning point has been the adoption of - Remote Working, more out of necessity than choice. According to the McKinsey Global Institute (MGI), more than 20% of the global workforce (mostly in high-skilled occupations in finance, insurance, and IT) could work the majority of their time from home and be just as productive. Professions involving software usage, data collection and analysis and communication-related tasks are some additions to the list. Like every change & new practice, it comes with its pro and cons. Equipping employees with the right tools for remote working entailed investment in hardware & software but imparting extensive training sessions to help them use the tools to the max is another challenge. On the other hand, this meant savings in travel expenses and time. Months of remote working has shown that productivity has actually increased rather than diminished, which in turn has sparked discussions about whether an organization needs to spend a fortune on office space for work. Agility- your helping hand Agility, not a new term in business but is the one in the spotlight.

CXO OUTLOOK September 2021

A business with the ability to nimbly reconfigure structure, strategy, processes and technology to deliver value-creating and value-protecting possibilities is an ‘agile’ business. What are the characteristics of an Agile business? ● more decentralised less reliance on command-andcontrol decision-making from the top. ● has agile teams authorized to take the day-to-day decisions leaving the senior executives to manage the big bets. ● has competent staff in charge of making decisions & executing them Creating a culture of agility requires an ecosystem built on trust and not just transactions. Companies with healthy ecosystems of suppliers, associates, vendors, and loyal consumers navigate tough times better. Agility, if not supported by data, is nothing more than a buzzword. Companies must develop or expedite their analytical skills to provide the foundation for answers—but more importantly, enable them to ask the correct questions. It may necessitate retraining personnel for the effective use of data analytical tools.

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Shorter supply chains to optimize efficiency and resilience The case for more flexible and shorter supply chains has been in discussion for many a year. In 2004, a McKinsey Quarterly article stated that it is apparently more efficient to ship goods ”500 feet in 24 hours rather than 5,000 miles across logistical and political boundaries in 25 days... offshoring often isn't the right tactic for businesses whose competitive advantage comes from speed and a track record of reliability.” Never has the fragility of the traditional supplychain paradigm has been highlighted as it has been during the pandemic. Businesses witnessed abrupt termination of operations on account of lack of supplies. Businesses learned the hard way that individual transaction expenses are not nearly as important, as endto-end value optimization—a concept that encompasses resilience, efficiency, and cost. Rather than debating whether to produce onshore or offshore, the first question should be, “How can we establish a supply chain that generates the maximum value?” The answer more often than not will result in a solution that favours neither offshore nor onshoring but multi-shoring—thereby reducing the risk of business disruption that comes from being reliant on a single source of supply. There may be a need to consider a move away from Just-in-time manufacturing for essentials and explore if Governments and consumers are prepared to pay for surplus capacity. Companies will need to focus on developing more adaptable supply chains that can function on a just-incase basis. The fashion industry, for instance, expects to transfer some sourcing from China to other Asian countries, Central America, and Eastern Europe. Consider it the "nextshoring" of the new normal. Green is the colour of recovery Another thing that the pandemic brought to the fore as a focus is the need to protect the environment. Pollution costs and the advantages of ecological sustainability

have been the topics of many a debate & discussion. India and a few countries in the Gulf have taken on investment in renewable energy on a sizeable scale. Europe, including the United Kingdom, has been united on acknowledging the issue of climate change. The US is shifting away from coal and investing in a variety of green technology, including batteries, carboncapture systems, and electric automobiles. The necessity for enterprises to acknowledge this is obvious along two fronts. First and foremost, firms must address the investor concerns about long-term viability. The pandemic may speculatively be an indication of what a climate crisis may look like: systemic, rapid, wide-ranging, and global. There's a case to be made for businesses taking steps to mitigate climate risks, such as making capital expenditures more climate-resilient or diversifying distribution networks. In addition, the potential for development that a green economy entails is likely to be significant. Opportunities for green growth occur across a broad array of industries, including energy, mobility, and agriculture. Green-technology firms may play the role of fuelling stock-market returns over the next few decades like the technology companies did in the last few decades It's reasonable to consider probable parallels between the pandemic outbreak and long-term climate changes. The pandemic has thrown supply chains, consumer demand, and the energy sector into disarray. Climate change is likely to have the same effect. Furthermore, increasing temperatures may result in more people contracting infectious illnesses. As a result, it might be argued, that addressing climate change is just as important for worldwide public health as addressing the pandemic. The pandemic outbreak was an unexpected shock that impacted the whole planet at once—what we refer to as "contagion danger." Climate change operates on a similar but longer time scale, with increasing hazards. We live in a dynamic environment, one that promises to inherently change. Albeit at a pace faster than ever before. For any business to strive in these trying, changing times - resilience, agility, adaptability and cooperation are the key.

CXO OUTLOOK September 2021

LEADER’S INSIGHTS

LEADERSHIP ROADMAP FOR BUSINESS GROWTH IN THE NEW NORMAL Kaushal Sampat, Founder, Rubix Data Sciences

Kaushal Sampat is the founder of Rubix Data Sciences (former president of Dun and Bradstreet India) is a veteran of the information services industry. Kaushal spent 18 years with Dun & Bradstreet India in various capacities, including President & Managing Director for 7 years. During his tenure, he helped establish the Dun & Bradstreet brand in India while driving the growth of its various businesses, namely Risk Management Solutions (RMS), Sales & Marketing Solutions (S&MS), Economic Analysis Group (EAG) and Learning Solutions. He has also managed the operations of the RMS business in the Middle East and Africa.

hroughout history, many landmark events have alteredlives and businesses. For those living through the 2020s, life will always be divided into pre-COVID and post COVID times. The work environment has drastically changed for both individuals and businesses. Remote working has transformed organisational dynamics, the lockdown has shifted customer preferences and priorities, work cultures have undergone a change, and financial pressures have increased. This change, though, is not temporary but is the new normal, and for business and business leaders to succeed, a new set of best practices have emerged.

CXO OUTLOOK September 2021

Adopt a ‘Digital First’ Approach In most companies, almost overnight, the workforce had to start working remotely. Only those businessesthat rapidly acquired the right digital tools to maintain business continuity have succeeded. As a leader, you need to keep up with the disruptive technologies that are being introduced into the market at breakneck speed, as the contactless mode of working will massively influence digitalization. Whatever you are planning to do, think of how you can automate the process and make it digital. This will compel you to reimagine various parts of your business and create disruptive business models, products, and services.

THE NEW NORMAL’S REQUIREMENTS OF AGILITY AND RESILIENCE ARE TOUGH GOALS TO ATTAIN

CXO OUTLOOK September 2021

Improve Your Business’ Agility Be like the tree that sways in a storm instead of the one that stands erect and eventually gets uprooted. The COVID storm has provided a strong case for leaders to think on their feet and make quick, datadriven decisions. This can be done by forming multidisciplinary teams focusing on specific, priority missions. As a leader, empower these teams to take decisionsthat allow the business to pivot rapidly; aim for speed over perfection.Promote an organisational culture that fosters experimentation and tolerates honest failures; this is what will help make your business agile.

Cash is King Yes, it is a cliché, but truer words have never been spoken. Businesses facedcash flow challenges since the onset of COVID for a variety of reasons. While revenues experienced downward pressure, operational expenses did not reduce commensurately. Salaries, rents, utility bills, and raw material and other input costs (that have risen) had to be paid. It is no surprise that companies were bleeding over the past 18 months. Therefore, as the business environment moves towards normalcy, it is important for managers to become acutely‘cash-conscious’ in order to reduce excessive inventory, plan capital expenditure carefully, and tighten credit exposure. It is imperative that employees are motivated and incentivised to have the mindset of ‘my money’ to optimise cash flows. As a business leader, do what you can to ensure that your company has adequate cash to tide over uncertain times. Embrace and Analyse the Change The world as we knew it before the pandemic has been completely upended. Carefully analyse changes in behaviour and habits that will require the development of new strategies, whether to cater to changed customer demands or to satisfy employee aspirations. A classic example is the ‘remote-first’ model adopted by many tech majors globally as a long-term measure to address employee demands post-COVID. Another example is the explosive growth in the hyperlocal delivery model, which has now become the norm for grocery and food purchases; post-COVID, consumer-facing businesses have to provide home delivery if they want to stay in business; it is no longer a ‘nice-to-have’ feature. It is important for leaders to identify behavioural drivers that are of a permanent nature, such as those driven by greater convenience or better economics. In order to flourish in the new normal, leaders will need to transform their businesses to cater to such drivers.

CXO OUTLOOK September 2021

Communicate, Communicate, Communicate The new normal’s requirements of agility and resilience are tough goals to attain, given the uncertain times that we livein. Communication is key to achieving these goals. Communication instils trust, allays fear, encourages innovation, and enables quick action, whether within the organisation or externally, with customers and vendors, or other stakeholders, such as investors, regulators, and the general public. While navigatingthe post-COVID recovery phase, as a leader you need to inspire your team to deal with uncertainty. Emphasize that their wellbeing matters to you and be empathetic. Communicate frequently and calm their nerves about the future by revealing short and long-term plans and strategies, especially considering the remote working environment. Externally, customer expectations and behaviour have changed. Tailor your communications accordingly to better serve your customers and proactively engage with them. Similarly, communicate continuously withpartners, suppliers and vendors to allay fears and keep the relationship healthy. Lastly, use social media and traditional PR wisely to flag your company’s initiatives to tide over the COVID crisis and its aftermath. This helps stakeholders develop confidence in your organisation’s stability. The bottom line is that leaders need to practice empathetic and honest communication in all situations, normal or otherwise. Value In-house Talent Many companies have had to make the tough decision of letting some of their employees go due to the pandemic. However, it would be prudent to ensure that the current talent within the organisation feels secure and motivated to deliver to the best of its abilities. It is an open secret that the benefits of reskilling existing staff far outweigh the costs ofreplacing them with new people. Investing in employees through reskilling and training instilsconfidence and loyalty in them and serves as a powerful incentive. Do everything possible to ensure that your team feels valued. Conclusion The pandemic has hastened the demise of the traditional command and control leadership style and structure. New business leaders will be those who embrace collaborative, agile and technology-driven approaches for driving sustainable business growth.

CXO OUTLOOK September 2021

EXPERT OPINION

Practices Healthcare

System Adopted to Sustain in the New Normal Dr Vipul Gupta, Director- Neuro-intervention, Agrim institute for Neuro Sciences, Artemis Hospital

CXO OUTLOOK September 2021

D Dr Vipul Gupta is a visionary doctor who is regarded as one of pioneers in treatment of stroke and endovascular management of brain vascular disorders. (Neurointerventional Surgery). He has among the highest experience in our country in management of brain hemorrhage due to cerebral aneurysms or vascular malformations, as well as in diagnosis and intervention in acute ischaemic stroke.

espite the precautionary measures and safety norms followed by the public and the Government, COVID has invaded the globe all of a sudden. Emerging as a pandemic, to restrict the transmission rates subsequent lockdowns were posed, but also raised concerns for many. Due to the fear of infection at hospital, the patient turn out rate had gone down subsequently (even those patients who were to visit for their routine follow ups). Many patients ignored early symptoms and approached the hospital only when critically ill/unconscious. Heart attack and stroke are such complications which needs immediate intervention, devoid of which can lead to permanent disability or even death. Many stroke patients have been refraining themselves from hospital visit early. Delay in every single minute after the onset of stroke is life threatening and can lead to permanent disability if not intervened within the first 24 hours. However, this recent fear has created new challenges for the doctors in terms of providing appropriate and timely treatment. The neurosciences team - Artemis Agrim Institute of Neurosciences, was swift to respond to it and had developed its unique innovative protocols ensuring the safety of all. Time Is The Major Factor While Treating Stroke. While treatment for acute stroke requires timely intervention to prevent morbidity and mortality risk, the COVID era has led to a lot of changes in the healthcare system, as such patients are surrounded by the fear of infection spread are delaying treatment. Starting from the admission to emergency room, complete safety and isolation protocols have been developed till the patient reaches the OR/ Cath Lab. The Grey Corridor - For thorough and timely investigation of the patients, the emergency team uses PPE kits, masks and other precautions while operating, saving themselves as well as the patients. A quick assessment is done in the isolation room for any risk of COVID infection and patients are immediately shifted for CT and MRI making use of a grey corridor – ensuring isolation throughout the intra-hospital transportation. Zoning in Cath Lab - The Zone wise separation in the Cath Lab ensures minimum personnel vicinity, avoiding the possibility of exposure. In the Cath lab a

CXO OUTLOOK September 2021

red zone is established around the operating table and minimum personnel remain in the zone to minimize the possibility of exposure. Even the anesthetic team are placed outside this zone until required. Such kind of zoning helps so that without losing the speed of the procedure still safety can be maintained. Cardiac Tray Intubation - If the patient requires intubation, the anesthesia team has come up with another innovation. A cardiac tray which is a frame over which sterile plastic are fit, so that if the patient needs intubation to place the patient on ventilator, this is done within this closed space so that any virus coming out of the mouth are contained. The anesthetics are also using video laryngoscopy, maintaining the social distancing while helpful with the procedure.

COVID era has led to a lot of changes in the healthcare system

CXO OUTLOOK September 2021

Minimally Invasive Intervention For The Treatment Of Stroke Acute stroke due to occlusion, of a blood vessel to the brain is an emergency and can lead to devastating outcomes with permanent weakness or other deficits to the patients. Thrombectomy - Thankfully with the modern treatment of thrombolysis and mechanical thrombectomy, a procedure in which the blockage is removed, can revive the brain and many patients can become normal and lead a proper life. Being, minimally invasive, Stroke thrombectomy is an established first line of emergency treatment which is highly effective and safe. The treatment restores blood flow to the brain by opening blocked arteries with catheterbased devices introduced through groin or wrist arteries and saves brain tissue from permanent damage. However, these procedures have to be done very quickly after the stroke to achieve a proper outcome. During these tough times, our team has treated many such cases of acute stroke very safely while following with the time limits Internationally described guidelines. Stroke being a life-threatening condition, if patients come in soon, within hours to an appropriate thrombectomy capable hospital, then the thrombectomy procedure to restore the blood flow to brain can reverse the paralytic attack in many of these patients. However, because of fear of COVID 19 and due to hospitals being overburdened in this era, many patients are not receiving the appropriate treatment. This has led to permanent disability in many of these patients.

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CXO OUTLOOK September 2021

LEADER’S INSIGHTS

JOURNEY FROM THE “NEW NORMAL” TO A “NEW FUTURE”: COMES WITH "NEW CHALLENGES" TO SUSTAIN ECONOMY, THE BUSINESSES AND HUMAN LIVELIHOOD Mitesh L Thakker, Founder & CEO, MissCallPay

Mitesh L Thakker, is Founder and CEO of MissCallPay, is Innovator and thinker who is working on innovations for global sustainability starting with financial and digital inclusion of the masses the next billion. Mitesh has six patents to his credit and has won several awards for innovation from organization such as Deloitte, Google and Bill and Melinda Gates Foundation. The opinions expressed within this article are the personal opinions of the author and not of MissCallPay as business.

he new normal, defined by pandemic has been a challenge to every kind of business to navigate, sustain and grow. And the trial has not been easy— many perished. Those who remained and flourished has realised that the way business used to be done has changed forever. Even if mankind is able to eradicate COVID for good, businesses will need to press the reset button and deepen their sustainability quotient through integration of digital practices and adaption of robotic or artificial intelligence led interface. The fourth industrial revolution had only implied the tech changes about to happen in every walk of life, but

CXO OUTLOOK September 2021

never had it been able to define the speed and veracity of how fast it will be adapted and to what length it will be used. Today, thanks to the new normal, we are in a situation when every suggested business development has new questions written against it: how do we implement this long distance? How do we reach out to customers digitally? How do we give them an experiential feeling without actually meeting them? Business development entails tasks and processes encompassing finance, HR, marketing and R&D to develop and implement growth opportunities through partnerships. How to develop those long term and long

THE APPROPRIATE SOLUTION TO BUSINESS SUSTAINABILITY IN THE LONG RUN IS AS DYNAMIC AS THE EVOLVING SITUATION

CXO OUTLOOK September 2021

distance partnerships? Interestingly, the surviving entrepreneurs and businesses have already hit the reset button in every field. And the thriving positive stories in the mid-pandemic scenario only supports the famous statement of John F. Kennedy, 35th president of the United States of America, ““Conformity is the jailer of freedom and the enemy of growth.” We may never have seen such adaptions and growth without the pandemic. Listed here are the three areas of adaptions to best practices and changed norms that are here to stay even after COVID is long gone. Work from Home: One of the things that India would never have thought about. Though a few multi-national companies were doing it, but working from home was never a trend in the country. With it comes work life balance, which was also non-existent. Today, the companies have reduced their staff, terminated their office lease, and opted to smaller offices. Some businesses have got into co-working format, or permanently opted to allow staff to operate from smaller towns. Podcasts and Zoom being the order of the day, it has become easier to have team meetings and create touch points.

Changes In Behavioural Pattern Of Consumers: The consumers have happily adapted to online shopping even to the extent of buying marriage trousseau. An unbelievable fact—but today with the aid of smart phones and start-ups offering various schemes, consumers are buying medicines to entertainment --- right from the comfort of their bedrooms, and the trend is here to stay. As more adapts to the online shopping blitz, the price and availability of goods, both will become at par with kirana stores, thus making them unsustainable. Persistent Unemployment Scenario And An Urgent Call For Change In Education & Skilling: The adaption to bots, AI and technology which has led to lesser manpower and resultant business sustainability in short term is also poised to actually harm business environment of the country in the long term. As unemployment increases and taxes remain on the higher side, the economy is seeing a state of slow decline and stagflation. As real income erodes and demand driven production falls, value addition in the economy will definitely see a reduction. Centre for Monitoring Indian Economy has indicated that over 10 million or 1 crore people lost their jobs because of the second wave of coronavirus with 97 per cent of households' incomes declining since the beginning of the pandemic last year.

CXO OUTLOOK September 2021

The only answer or strategic intervention that can be made in such a situation is to relook into the skilling and education ecosystem that the country has and make adjustments to bring in technology in coursework. As the jobs for untrained labour disappears, it is imperative to relearn and reskill, so as to gain back the confidence to get in the tech world. While the business strategies evolve, it is important that they invest in the future of man-power.

THE NEW NORMAL HAS BEEN A CHALLENGE TO EVERY KIND OF BUSINESS TO NAVIGATE, SUSTAIN AND GROW

Way Forward The appropriate solution to business sustainability in the long run is as dynamic as the evolving situation. And the scenario calls for the government also to press the re-set button to change the way they operate – in order to react to the changing business patterns and persistent crisis. The visionary schemes of PM Modi like the Start-up India - Stand-up India initiative, Make in India- Made for the World are few of the changes that can actually transform India into a global hub of activities. As

schemes like Mudra loans and PM Svanidhi are aiming to help small-time entrepreneurs with required funds, government need to gear up and accept the changes brought in by AI, ML, Robotics Innovations that will create a much more efficient and digitally turned out workforce while creating wealth. As start-ups, given their small size and fast turnaround time are thriving on these technologies, it is important that government understand their contribution in not only self-employment but creating that conducive digital environment that can guide changes in the country and also attract the global investments over to India. The policy environment should be such that the Soonicorns and Unicorns continue to headquarter in India, rather than opting to resettle their headquarters out of the country. There had already been some talks of ‘flipping funds’ by investors who are pushing the start-ups to transfer ownerships overseas in order to skip Indian regulations and taxes---somewhat akin to the ‘Brain Drain’ syndrome India had seen with poor post-education placement facilities. However, one must realise, businesses are for profit first. Only after they become sustainable and strong, can they think of Social Impact and giving back. And that is only possible if the hole or flipping is plugged and the humongous wealth created in India and also remains in India. Indirectly this can increase the revenue and tax collections in the long run, create and sustain the start-up culture and be a support system for numerous young entrepreneurs. The right moves at right time at executive level of government, that can integrate the short term policies with long term visions will be the key factor that will make the economy sustainable and with that help the businesses to sustain post COVID waves. Best practices, once imbibed can always build up the defence wall against the next set of disruptions and provide a way forward for the then government. Underlying challenge for the global leadership, CXO’s, the thinkers and the innovators is finding out and executing the solution that can help not just businesses but largely the economy and humanity to sustain itself if the jobs disappear permanently. To that extent Microsoft Founder Bill Gates had suggested an idea of ‘Robot Tax’, to tax the automation and compensate the people who have lost jobs or the "Universal Basic Income" policy as touted by UN. While these are yet to evolve and accepted, it is important that the entire ecosystem work together to make business sustainable.

CXO OUTLOOK September 2021

EXPERT OPINION

Practices Adopted by the Manufacturing Industry in the New Normal Sekar Udayamurthy, Co-founder & CEO, Jidoka Technologies

CXO OUTLOOK September 2021

Sekar Udayamurthy is the Co-founder and CEO of Jidoka Technologies, a newage start-up specialising in the field of cognitive inspection in manufacturing. The organisation leverages AI/ML, Deep Learning, Machine Vision and Industrial Automation to deliver 'Quality Control in a Box'. With more than 25 years of experience in building product and digital platforms in North America and India, Sekar is known to be a hands-on engineering leader with a passion for technology, high performance driven architecture and building of high-performing teams.

Covid-19 virus significantly changed the manufacturing landscape Different waves of the pandemic mercilessly battered the manufacturing companies across several industry verticals, expect those serving healthcare and digital technology. The distressing situation caused by the virus, forced manufacturers across geographies to pause their production, especially the non-essential products and services with some left with no choice but shut down their operations completely. However, the supply chain disruption was a nightmare every manufacturer struggled with and is yet to be addressed in many cases. With governments across countries calling for lockdowns, this led to all means of transportation coming to an abrupt halt. Connection chain between raw material suppliers, manufacturers and customers were broken. The consumption pattern suddenly showed huge variations with essential goods such as food, grocery and healthcare products and services, taking top priority. The textiles and other non-essential products and services, physical retail stores, had their inventories piling up, as the demand for them plummeted. As social distancing and lockdowns continued, manufacturers struggled with shortage of labour with understaffed production lines, adversely impacting the bottom lines of various manufacturing companies. The situation no doubt led to productivity and related financial losses. Exodus of migrant workers who lost their jobs or unable to remain gainfully employed during the intermitted long-term lockdowns, led to capacity underutilization on shop floors. Job losses, negative consumer sentiment still continue to drive weak demand across several industries leading to liquidity crunch. Some MSMEs are unable to pay back loans and meet fixed overhead expenses, such as rent, electricity bills and employee salaries. The good news is Covid-19 pandemic period and hopefully the beginning of the post pandemic era, currently, is driving manufacturing companies to adopt more sustainable practices bringing a paradigm shift in production and supply chain ecosystem. Automation leads the way in sustainable production and practices Protection of workers’ health and safety, facilitating lesser human contact and ensuring production lines run 24X7, can come to fruition predominantly with automation by leveraging new-age technologies. Businesses, already burdened with liquidity crunch need not opt for a complete digital transformation at one go, but focus on a couple of areas to begin with. Largely, Industry 4.0 applications can be used in sustainable manufacturing for different activities and chosen on priority. These applications use digital technology to transform ‘data’ the ‘new gold’ into actionable insights across the value

CXO OUTLOOK September 2021

As social distancing and lockdownscontinued, manufacturers struggled with shortage of labour with understaffed production lines

chain for better business outcomes. New production systems that are data driven, intelligent and automated can be introduced on the shop floor. A host of benefits are observed when manufacturing companies adopt technologies, such as AI, Machine Learning, Deep Learning, IoT, Big Data Analytics, Cloud Manufacturing, Augmented Reality among others. Quality of products and throughput dramatically increases and can be very advantageous for goods that are in high demand. Operation processes get streamlined leading to increase in efficiency and productivity. Reduction in costs, increase in customer satisfaction and better business outcomes are observed. Higher flexibility, scalability, reduction in error due to automated visual inspection, lesser wastage and elimination in downtime, makes the adoption of these techniques and tools a sustainable practice. When the industrial safety management system is additionally integrated, it eliminates shop floor accidents too. The China + 1 policy has created a never before golden opportunity for Indian manufacturers to increase production and export goods and cater to the international market. AI and Robots, combined with other technology applications act as a boon to manufacturers to address shortage of workers, restart manufacturing operations, establish business continuity and ensure sharp increase in productivity. AI/ML driven automation can detect even minor defects of products and processes on an ongoing basis without the burden of human fatigue factor. These technologies improve efficiency, reduce down time and support in the delivery of supreme quality products. Robots can be trained to perform repetitive tasks in production environments. Addictive manufacturing can support in the manufacturing of products that are in high demand. With cloud-based solution, operations and equipment can be monitored and maintained remotely. Shop-floor performance can be captured on dashboards with IoT,

CXO OUTLOOK September 2021

and Big Data Analytics used to gather insights for better performance and forecast demand during these uncertain times. Thus organizations can be in the forefront for their employees’ productivity and help them work smarter and not harder to meet its goals in the post covid world. The fallout of supply chain disruptions has accelerated the shift of bringing suppliers closer to the manufacturing companies – global to local. Factories are becoming smaller in size and getting automated to match the change in overall metrics and to optimise manufacturing performance. Newage technologies combined with manufacturing green practices can define industry’s readiness for the quick economic recovery post pandemic. Manufacturers are now getting ready to restart operations in the transformed landscape by putting automated processes and best practices in place.Training employees in Industrial 4.0 technologies and tools can address skills’ shortage. Shop floor personnel can be trained to play creative roles in managing AI-based applications rather than performing mundane tasks that would be taken over by automation. Like any transformation Manufacturing organizations should pace the adoption of Industry 4.0 based on current challenges create short terms goals instead of a big bang approach to adoption. With today’s customers on the constant lookout for better choices and faster deliveries, manufacturers should innovate or modify their products and ensure the manufacturing processes are flexible to accommodate variations. True, despite the challenges faced by manufacturers caused by the unprecedented pandemic, it is still an exciting and interesting time to bring about a permanent shift in manufacturing operations. Innovation with digital transformation and sustainable practices are the most appropriate routes manufacturers have to take on the journey towards the next normal. Yes, the pandemic will certainly leave behind these fundamental changes in the manufacturing ecosystem.

CXO OUTLOOK September 2021

LEADER’S INSIGHTS

HOW BUSINESS LEADERS MAKE IT WORK IN THE NEW NORMAL Gagan Jain, Co-Founder & CEO, Uniform Junction

Spending 3 years at Mafatlal Industries as Head of E-commerce and Modern Trade and working closely with Priyavrata, Gagan was closely watching the online learning space as more and more players flocked the field. It didn’t take much time for both of them to zero-in that the market for online learning was burgeoning. The onset of COVID-19 pandemic infused a fresh lease of life to Gagan’ s entrepreneurial dream which he had been slowly nurturing. With a strong experience in retail, E-commerce and technology, fuelled by a strong demand uptick for online learning, thanks to the pandemic, Gagan gave wings to his entrepreneurial dream in December 2020 by co-founding Uniform Junction along with Priyavrata, a one-stop shop for all education related products and services. Both of them share a common vision – create the best way to serve schools, parents and children in the K-12 segment.

ince the onset of the COVID-19 pandemic, schools are the most affected institutions. In most of the states, schools are the only institutions that are still not allowed to work full-fledged. However, like they say “every problem is an opportunity”. Due to the current challenges schools are adopting technology at breakneck speed. They have realized that the future of schooling is going to be high breed (Tech-enabled offline). Schoolrelated technologies like ERP, LMS, and Online exams are witnessing increased adoption. These solutions are also creating a level playing field for less resourceful schools

CXO OUTLOOK September 2021

as now they also have access to great teaching talents and courses for their students. We believe this is just beginning and with new education policy coming in, School Tech is going to play an increasing role in democratisation of education in the future. However, technology players need to understand one simple truth, they are facilitators, enablers, and not a replacement of existing systems. Another very important point is that today’s children are digital natives. For them digital adoption is like play, they are very comfortable spending hours on digital screens. If learning

WITH INCREASING DEPENDENCE ON ONLINE LEARNING, IT IS LOGICAL TO ASSUME THAT COMPETITION IN THE EDTECH SPACE IS GOING TO BE INTENSE"

CXO OUTLOOK September 2021

is made interactive and interesting, they will spend less time watching videos and playing games online. So, if school tech companies can focus on enhancing the learning outcomes through interaction, it will reduce the possible fatigue if any. With an increase in technology adoption becoming the new normal, it has opened up new opportunities and created new markets. Business leaders need to educate schools about the benefits of technology and make it easy for adoption. This is the best time to convince a school to embrace technology-based solutions for normal times ahead. The solution should not only focus on COVID related environment but the long-term benefits, which are plenty.

TECHNOLOGY IS DEMOCRATISING ALL KINDS OF LEARNING TO THE EXISTING GENERATION

School tech companies should start engaging with schools proactively and immediately. Schools are the fulcrum of education in India and will continue to remain so. There are 4 key stakeholders here, school management, teachers, students, and parents. School tech companies must understand the need gap for each stakeholder and define benefits for everyone. School tech firms need to empathise with the fact that all stakeholders have gone through a difficult time in the last 500 days and they will need support to get back and roar again. Therefore, it is imperative to understand, empathise and help. A report on the growing popularity of e-learning among tier 2 and tier 3 city students indicates a 15% growth

CXO OUTLOOK September 2021

in enrolments during March – October 2020 compared to March to October 2019. The report also suggests that students from tier-3 cities such as Bhagalpur, Jammu, Aurangabad, Gaya, and Prayagraj alone contributed to 40% of the total enrolments. One positive impact of technology always has been that it democratises the access equally for all for example, with digital adoption, you can watch the movie in Mumbai and Manawer (a small town in Madhya Pradesh) on the same day which used to take more than 2 months previously Similarly, with increasing internet penetration, global education is now accessible to everyone. Now, a kid in the small town of Nadiad in Gujarat can learn chess from ex grandmaster based out of Israel like anybody else in the world. So, technology is democratising all kinds of learning to the existing generation. Now the kids/parents from Tier 2, 3, 4, and 5 cities are getting exposure to everything. All the worldclass learning resources are available on their figure tips. The only thing they need now is the willingness to learn and we do not see any dearth of that willingness. So, it is a huge opportunity for everybody in the learning space. As learning becomes more and more online, it has also brought with it its share of negative baggage in the form of fatigue. Screen time has significantly increased. Children are also experiencing mental stress which has impacted their mental and physical health. It is here school tech firms can play a significant role in easing the mental stress of children by making learning fun, exciting and engaging. Exciting courses and learning materials like video making, animation, celebrity-led courses like learning from actors on acting, or learning from authors on writing, etc. can not only make learning more fun but also more holistic and futuristic. Such courses/learning materials can also help today’s children gain an understanding of what career options are available for them, the skills that are required for them to make a career in areas where their interests lie. With increasing dependence on online learning, it is logical to assume that competition in the edtech space is going to be intense. But honestly, the market is too big and extremely under-penetrated to be worried about competition. Education is a trusted business and the only way to build that trust is by creating a powerful positive impact on learning outcomes for schools, teachers, students, and parents. Business leaders should not be impacted by the hype around school tech. It is a marathon and companies will only survive if they can get the basics right. So, ideally addressing the concerns of stakeholders should be the priority and not be worried about competition. Rather the focus of such firms should be on building a library of more exciting courses and learning materials and preparing children to be future-ready.

CXO OUTLOOK September 2021

EXPERT OPINION

Business Sustainability in the New Normal Shruti Khandare, Chief Marketing Officer, MyFundBazaar India

CXO OUTLOOK September 2021

T A model turned lifestyle influencer, Shruti Khandare has a lot of feathers to her cap be it winning Miss Cochin 2010, Miss Kerala First Runners Up 2011, Miss South India 2013 & placed in top 25 of Miss India 2014. She has even judged various fashion shows like Milan Fashion Show at the SRM University 2013 & Navy Queen Karwar 2013 along with inaugurating the coveted Kalyan Silks Showroom at Calicut. Shruti is the brainchild behind the branding, marketing & positioning of MyFundBazaar - an online mutual fund investment platform that provides you with smart digital financial advice and scientific portfolio allocation. She presently heads the Marketing & PR of MyFundbazaar along with creating unique financerelated content for her 81,000 followers on Instagram.

he “new normal” in banking and fintech is best understood by starting with a look back at what the “old normal” was. The relevance of the link between sustainability, finance, and technology has been evident by the COVID-19 pandemic crisis, which has urged all countries to re-think the models traditionally deployed and rely more on futuristically advanced technology and holistic sustainability. The pandemic has driven an accelerated demand for contactless payment worldwide. In India, more consumers are adopting digital payments in their daily lives. Moreover, the collaboration and partnership between digital wallets and virtual banks will continue to help develop an ecosystem of smarter financial services in India & beyond. During COVID-19, one of the biggest trends globally was the surge in consumer participation in financial markets, many for the first time. FinTechs have already started to fill the financial inclusion gap - providing services to the unbanked people, enabled by information and communications technologies and new business models. Nevertheless, as FinTechs are innovative but inherently unpredictable, customers are still hesitant to adopt and use it, affecting its growth. Uncertainty is more critical in FinTech than in traditional e-banking because FinTech transactions are more complicated and less predictable. When faced with uncertainty, psychologically many consumers react by thinking about how to protect their wealth and how to potentially grow it. With banks paying little to no interest on their savings, many consumers instead turned to investing. Speaking from the MyFundBazaar perspective, keeping the unprecedented times in mind, the tilt in consumer behaviour boiled down to these 3 factors - the luxury of time, so consumers thought more carefully about how to manage their finances while working from home ; uncertain economic outlook, with customers looking to new channels to invest in the face of Covidled market fluctuations ; technological progression, meaning all consumers could open an account and quickly start investing on their smartphones or online. Sustainability is currently becoming the most pressing topic of our own and our children’s generation. The transformation to a more sustainable economy requires enormous investments. The financial sector, as an intersection for capital allocation, is to play a major role in promoting sustainability and sustainable management. At the same time, the management of ecological and social risk factors becomes increasingly

CXO OUTLOOK September 2021

a prerequisite for a resilient company and, therefore, a factor of utmost importance for the financial system as a whole. However, traditional investment criteria may not adequately cover these risks because of the longterm character of the environment, resources or climate change impacts. While the financial services industry was able to weather the digital tsunami and continue its operations, it has become clear that the winds of change are not transient. Financial institutions are now thinking strategically about their technical setup and questioning whether the tools that they have previously relied on are the right ones to use going forward. Modernising dated core systems will be imperative as 2020 was a year that put the financial infrastructure to the test & challenged existing architecture planning assumptions. Many of the core systems had not been architected to address the volume and pace of change that was suddenly required, and dated core systems struggled under the added weight. Additionally, the role of cash in society was in flux before 2020, with contactless payments already a way of life across Europe and Asia. Even in India, which has been resistant to move away from cash, 27% of Indian businesses reported an increase in contactless payments by customers as a result of the pandemic, according to an April 2020 survey. That trend will continue in 2021, with 74% of global consumers saying they will use contactless payment methods even after the pandemic. On a global scale, the contactless payment market size is expected to grow from $10.3 billion in 2020 to $18 billion by 2025, at a compound annual growth rate (CAGR) of 11.7%. This trend toward contactless finances extends to banking as well. It goes to say that in 2020, 44% of retail banking customers relied on mobile apps to conduct business. Both traditional players and financial tech firms introduced new finance apps or upgraded existing ones to offer new services and programs to match consumer needs. As downloads of mobile apps soared, transaction volumes skyrocketed. In 2021, the financial services

industry will likely continue to invest in modern data and analytics tools, artificial intelligence capabilities, and digital platforms. FinTech has certainly changed the way people think about money and value exchange in a real-time, digital world “Cashless” businesses are popping up around the everywhere, forcing reluctant consumers to adopt the habit of digital transactions and governments to discuss whether it is discriminatory or simply progress - IoT, AI, blockchain and cloud computing are some of the technologies driving change in how consumers interact with those they purchase from and how they manage their money. Although traditional financial services players may consider FinTech a disruptor of their industry, those that are embracing technology innovation are transforming the industry from the outside in, and succeeding in areas traditional players have failed in. FinTech companies are now leading the industry and are creating a wide range of new financial products and services, with the purpose of making money management easier and more effective. To conclude, FinTech organisations, mainly startups, are reshaping the financial services industry, offering customer-oriented services that combine “speed and flexibility, backed by forward-looking strategies, and cutting-edge business models.” While advancements in the area of FinTech have been happening at lightning speed, we have only just begun to scratch the surface of what is possible and likely to happen in the next few years. It is no exaggeration to say that FinTech is literally changing our lives and habits by making it easy to trade, bank, and exchange money without the need for physical human interaction. However, the financial sector has a few challenges to overcome, especially in the regulatory and data protection space, to win consumer trust and for FinTech to truly overtake the market. With big data, blockchain, AI and so many other tech advances already in use or on the horizon, business leaders are advised to seek opportunities and adopt FinTech applications in their own business models to win tomorrow’s consumers.

FinTechs have already started to fill the financial inclusion gap

CXO OUTLOOK September 2021

LEADER’S INSIGHTS

BUSINESS PRACTICES IN THE NEW NORMAL Raj Darji, Founder & CEO, Aarav Solutions

Raj Darji, Founder and CEO of Aarav Solutions is a strategic, forward-looking and decisive entrepreneur, who built this company from the ground up. Coming from a humble background, his ambition drove him and this company to places. He brings to the table his uncompromised integrity and leadership skills, complimented by his competencies in Complex Design and Development Skills. He is a detail oriented and dedicated professional, and known to be a constant learner, quick to accept new concepts; while his esteemed technical knowledge and work ethic are acknowledged by many.

he global business environment is experiencing unprecedented change due to the ongoing pandemic, which stretched out of nowhere resulting in serious interruptions in the traditional practices that were inculcated by various hosts in their respective fields. The pandemic has accelerated the speed of digital transformation, and technology is playing a vital role in restructuring businesses. Several changes transforming how we work and live rely on technology. And because technology ties so much of every company together, CXOs are thinking about the current situation, what’s really going on and how to manage it. Traversing these

CXO OUTLOOK September 2021

uncertain waters requires leaders to be agile and innovative while visualising a new normal on the other side. The business scenario of several sectors namely healthcare, education, travel, banking, entertainment, automobiles, tech-based firms, and even huge corporations, were pushed to a corner. There was a threshold from the digital side, that was obligated to be adopted and implemented in all the possible ways to flourish. This perplexed scenario gave rise to a digital shift in all the possible sectors. Modernizing the IT infrastructure organizations using agile transformation methods isn’t easy, but it is rewarding. According to

THE GLOBAL BUSINESS PORTFOLIO WAS WITNESSING A MAJOR CHANGE IN THIS TRANSFORMATION

CXO OUTLOOK September 2021

proven practices, depending on the organization’s size, it can boost their productivity by 25-30% in 6-18 months if they incorporate agile approaches to IT infrastructure projects. The gains can further increase if they adopt automated solutions.

THERE WAS A THRESHOLD FROM THE DIGITAL SIDE, THAT WAS OBLIGATED TO BE ADOPTED AND IMPLEMENTED

Digital Transformation- What Should The Cxo’s Consider? With the digital transformation in effect, we could see multiple companies rising to fame with their unique ideas to transform this opportunity as a boon to them. On the whole, this drastic digital shift enabled the world to battle all the unexpected catastrophes, individuals, businesses, and society which can start to look forward towards shaping their futures rather than just normalizing traditional practices. Following up on a report, we see an average share of products and/or services that are partially or fully digitized increasing from 35% to 55% in the past three years. This shows the magnitude of digital transformation taking place in abstraction. According to another research, it has come to light that globally, tech firms, energy and healthcare sectors were most likely to accelerate digital transformation following the pandemic. CXOs should consider lightly surveying, remote workers to understand what is and isn’t working to help refine capabilities and support levels. New ways of working require a culture change. CXOs can help to drive this change by sharing best practices and providing active learning sessions. They can drive testing and learning from different approaches and communicating them back to the business. CXOs are perfectly placed to facilitate a new way of working. Along with this, they should also bolster online channels to improve customer interactions and solidify retention. Cxo’s Need To Start Anticipating It was a distant nightmare, to imagine a concept where people don’t meet or connect physically for a longer period of time and this pandemic bought this nightmare, a present living scenario. This led to an introduction to another new trend circulating which was very new and a hard to imagine scenario to businesses and individuals, which was the adoption of contactless life. Many of the organizations took this void as an opportunity to boost their organization in various sectors such as Healthcare, banking, popular

CXO OUTLOOK September 2021

food chains, entertainment and many more. Which led to a rise in telemedicine, home delivery apps, digital banking systems, e-payments and many more. Considering various sectors gaining opportunities, we can see that the OTT platforms put out their right foot forward. According to a report by PwC, we can see that, OTT platforms observed an annual growth rate of 28.6% and also it is expected to become the sixth-largest market by 2024. On the whole, the whole world faced a huge drop in the economic uncertainty, oscillating employment changes and also an abrupt standstill in the consumer demand. Luckily, as the businesses returned to normalcy, the traditional practices didn’t suffice the same and there were some practices that needed an upgradation and had to be adopted well, in order to gear things up in a smooth way. In these high-stress situation, it’s essential to reevaluate priorities, shift resources, and track progress closely. CXOs need to take a comprehensive view and stay committed to broader transformation goals they’ve been leading, such as programs on data, cloud, etc. Cloud migration provides the flexibility to manage the changing employee and customer needs rapidly and cost-effectively. For this reason, CXOs need to keep a steady hand on initiatives and programs that can help the business become tech-forward. A Leader’s Perspective For An Organization Drafts The Future Possibilities The global business portfolio was witnessing a major change in this transformation. As a first building block to this, majority of the organizations were filling up their erns with ideas to boost their economic capability of their organization but the actions need to drive the entire company forward and not just the economic stability. On a broader perspective we do know that, organizations don’t change, individuals do. Irrespective of the size of the project, it is important to realize that the success of an assignment or project is proportional to the unique ideas and prospects of the employee. With business hiring format boosting up virtually, it has been witnessed by a survey conducted by LinkedIn that, 70% of people believe in a hiring process that combines virtual and in-person processes will become increasingly standard due to the associated cost and time savings,

From a business leader’s view, it is necessary to pool resources that can be deployed flexibly and on demand. In order to establish that, the executives need to ponder and address the need of the company which includes talent acquisition in the right way, retaining the workers with well-established talent and experience and most importantly the utmost priority lies in maintaining and strategically using the scarce resources and skills the right way. In this field, we have witnessed several cases which prove that dynamic talent allocation increases the odds of success proactively. Indian Cxo’s Adapting To The ‘New Normal’ India faced an abrupt change in the lifestyle. Along with the enterprises, it was of importance for the individuals or consumers to transform and adapt to this digital shift. In the meanwhile, many budding entrepreneurs emerged into limelight taking this shift as an advantage, which posed a grave competition for the existing crew. The first challenge posed for all the enterprises and businesses was to capture the confidence of consumers. From a budding entrepreneur’s perspective, this was a tedious task in India, where the consumers loyalty played a vital role and bringing them out of that zone was something out of the box. Surprisingly, many consumers welcomed new generation of technology open-handed and paved way to unravel another major change in the behavior of consumers. Post the pandemic, there was a huge shift in the work culture of the employees which resulted in employees leaving behind their commutes and large office workspaces and setting up their workspaces at home as per their comfort and needs. This new transition, not just shifted their usual work atmosphere, but also changed the stereotypical 9-5 jobs to flexible work timings. India did a tremendous job in adapting to this change in work culture and striking back on top in a very short period of time. In conclusion, we see that the future lies in digital transformation of their workspaces and workstyles. Now as the rules of the game are changing, it is of utmost importance for all the executives to use this forum efficiently. The great acceleration in the use of technology, digitization, and new forms of working is going to be sustained for a longer time and now it’s time to witness what the future has in store for us.

CXO OUTLOOK September 2021

EXPERT OPINION

Post Pandemic Business

Strategies to Adopt for Business Growth Gaurang Shetty, Chief Innovation Catalyst / CEO, Research Innovation Incubation Design Laboratory (riidl)

CXO OUTLOOK September 2021

T Gaurang Shetty is currently the Chief Innovation Catalyst / CEO at riidl (Research Innovation Incubation Design Laboratory), the Innovation centre and the Technology Business Incubator (TBI) of Somaiya Vidyavihar University. As the Chief Innovation Catalyst at riidl, he has facilitated a community of potential start-ups, who have raised over $5 million+ in total investments and have a total value over $20million+ : Squareoff , Aitoe, Kustard, Wohlig, mycuteoffice, offee, etc. Under his leadership riidl has also received grants from the Department of Science and Technology and BIRAC Department of Biotechnology - Government of India, and Maharashtra State Innovation Society, Government of Maharashtra.

he dominance of COVID-19 in virtually every aspect of life has been challenging. As the world bounces back, businesses reopen, and events and sporting activities resume, the economy is slowly getting back on its feet and adapting to the ‘new normal. We are witnessing one of the biggest shifts in history, one in which a large number of people are working from home. Industry leaders have had to rethink the utilisation of resources like office space, equipment and machinery. They’ve also had to redesign workspaces, pantries, floors, buildings, etc. How we defined ‘office’ earlier is no longer relevant; the infusion of automation and digitisation to connect and work together has changed everything. This includes a workplace compliant with COVID protocols. Human resources need to be upskilled and equipped, too, with relevant tools to resume work. All this is being driven by the senior management as it impacts the core functioning of the organisation. Companies like Amazon have capitalised on their contactless/walkthrough stores. Amazon Go and many retail companies have started investing in fast and automated checkouts. Several companies in the delivery space have started showing the live temperature of their delivery person to ensure customer safety. Taxi aggregators like Ola have restricted the number of passengers to two in a hatchback or sedan. In most industries, the recurring cost of automation and reskilling is far lower than it would be to get new resources. Investing in existing employees also results in the enhancement of trust and confidence within the company. Some like the Tata Group have received great appreciation for their relentless support to employees during the pandemic. Tata Steel even provided medical benefits and residential facilities along with salary security. They also introduced a scheme through which they pay the last-drawn salary to the families of employees who succumbed to COVID till they would have turned 60. These decisions require commitment from the top management as they reflect the company’s core values and culture. The brand perception of these companies becomes something others aspire to. Implementing a safe working environment has been a priority for many industries as they wanted to quickly resume work, especially industries under the ‘essential services’ category. Reducing interaction with third-party staff, external parties and customers, and shifting teams to digital platforms to minimise the risk of exposure to employees is tough but essential.

CXO OUTLOOK September 2021

Implementing a safe working environment has been a priority for many industries as they wanted to quickly resume work

Only those employees whose physical presence was required are called. Spreading out working hours, thus minimising the number of on-site employees, is preferred. Implementing social distancing protocols and installing sanitisation machines are a must, as is asking employees to wear a mask. Sometimes, minimal fines have been imposed when rules are broken. Mental health, too, has become a critical issue with people stuck at home for long periods. Many organisations understood this and decided to adopt WHO guidelines. Managing mental health and psycho-social well-being is as important as managing physical health. So, some organisations implemented strategies such as ensuring sufficient rest and respite during work or between shifts, eating sufficient and healthy food, engaging in physical activities, and staying connected to family and friends. Coping with stress is like running a marathon and constant efforts have to be made by both, organisation and employees. Investing in the prevention of future crises has also been a priority as the pandemic caught all

CXO OUTLOOK September 2021

businesses off-guard. A company can plan to handle potential health crises by investing in digital and cloud platforms and cyber security, insuring employees, and work hours-related protocols. There are multiple options but this effort should be made by the senior leadership. As businesses change, those with a more open culture, managed with transparency and flexibility, will adapt quicker and suffer less. For more traditional companies, the transformation will be rougher. For everyone, there is the opportunity for a more effective and sustainable way of doing business. In times of crisis, it’s easy for organisations to find refuge in old habits — but those are usually the times in which new approaches are most valuable. As companies evolve for this age, they cannot afford to be constrained by traditional information sources, business models and capital allocation behaviour. Instead, they must highlight anomalies and challenging mental models, revamp business structures and invest capital dynamically to not only survive but also thrive in a post-crisis world.

CXO OUTLOOK September 2021

LEADER’S INSIGHTS

BUSINESS STRATEGIES IN THE NEW NORMAL LEADERS ARE ADOPTING Sargam Dhawan Bhayana, Founder & Director, Tressmart Marketing Pvt. Ltd.

Sargam Dhawan Bhayana, a 26 year old entrepreneur already has a bag full of prestigious awards under her belt. The Cosmopolitan Beauty Award, the Nykaa Femina Beauty Awards, Garhwal Post Young Turk Award, the “Shepreneur” by both Outlook India and India Today magazines, are just a few that she has won over the years. Last year, she was awarded the Times Power Women 2020 award in the Young Entrepreneur in Beauty and Haircare category, in spite of the difficulties faced during the pandemic in expanding a new business. In 2021, she was also awarded the Indian Achiever’s Award for the Emerging Company for Tressmart Marketing Pvt. Ltd.

ovid-19 has been around for almost two years now. In addition to its impact on public health care systems the world over, Covid-19 has caused a major economic shock. It has been ten months since the first Covid-19 mass vaccination began and the percentage of people who have got the first dose remains fairly low especially in low-income countries. What this means for businesses world over is clear to every industry leader. Small and large businesses alike, have been hit pretty bad since early 2020. Covid-19 pandemic has forever altered how organizations around the world operate. Mass layoffs and closures have already occurred in large numbers, starting in

CXO OUTLOOK September 2021

the beginning of the crisis and one reads about these events on a daily basis today also. On an average, businesses have reported having reduced their employment by almost 39% in places like the USA. Organizations and businesses made big changes in response to the pandemic - and there is really no going back now. Executives have become more trusting of how much technology can do and all companies are pushing ahead with digital transformation. Today, even customer behaviour has changed, they prefer shopping and customer service interactions to be online rather than face - to - face experiences.

TECHNOLOGY IS REVOLUTIONIZING HOW ORGANIZATIONS RELATE TO THEIR CUSTOMERS

CXO OUTLOOK September 2021

Of Course, Covid-19 has not impacted all organizations and industries equally. A lot of companies are thriving and a lot are languishing. Some e-commerce companies have seen a growth rate of almost 78%, the health related sectors have also come out as winners. Telecommunication and media have seen growth too. And of course, travel and transportation sectors have taken a big hit during and post pandemic. However, we can all agree that the pandemic was a wakeup call, a bitter reality for a lot of people, painful, costly and still unresolved. Today’s businesses have to accept pandemic induced changes, change their business strategies and styles of management, their operations and their budgetary priorities. There is no going back to what used to pass as normal in the past. Today’s business leaders have to prepare their businesses for this ongoing uncertainty, disruption and never ending changes. I am a Director at Tressmart, an online portal for everything hair related, and I launched my start up post Covid-19 in the year 2020. I faced many challenges, but came out on top, launched many new and innovative brands on my platform, saw exponential growth in the first year of launching and managed to win a few awards down the line too. Any smart business leader has to react in real time. This is the new normal, however abnormal it may seem. There is no time for nostalgia and harping over what used to be. I have a host of tips that I follow and would like to share, in order to not just survive but thrive after this exhausting year. ● It is most important to enable one’s workforce in new ways. Work from home is the new normal and full support should be given to every employee in this endeavour. Working from home sounds like a cake walk, but it really isn’t. Creating the right balance, laying emphasis on the mental health of employees and their well being is the most crucial step to take. ● Proving to be a good leader is key. One has to drive trust in their employees and find new ways to be an inspirational leader. Get your employees to trust you so they flourish under you and are able to give their best to their organization. Organize training sessions that mentor them and improve their skill set. Have regular video calls with your team and keep them motivated. ● Go digital. Every person and business has gone online. E Commerce that thrived during the pandemic. Reskill your sales staff in order to cater to customers online and provide full support to remote selling. ● Understand your customer. Without customers there is no business, so treat them like they are kings. Figure out what your customer wants - for example, in the case of ecommerce, if your customer wants free deliveries, offer it to them when possible.

CXO OUTLOOK September 2021

ADDITION TO ITS IMPACT ON PUBLIC HEALTH CARE SYSTEMS THE WORLD OVER, COVID-19 HAS CAUSED A MAJOR ECONOMIC SHOCK

● Recognise revenue opportunities. The mindset of consumers across the world is similar. There are certain triggers that prompt them to shop or avail of services. Launch targeted campaigns for different types of consumers, have loyalty programmes that make your customers come back only to you, adjust pricing and have seasonal and festive sales and promotions regularly, offer an end to end solution for your customer which also keeps their health and safety in mind in terms of contact less deliveries. ● Offer flexible payment terms. Today everyone wants to avail of this option even for consumables. It is great to have tie ups with banks that allow one to pay EMI’s. ● Digitize your operations. This is the future. One sees a significant benefit in productivity, quality and end-customer connectivity. It is expensive initially to digitize both in terms of time and resources, but it really is the way forward. ● Take action and move fast. There is no choice now but to make quicker decisions. Thinking out of the box has never been more important. Innovation is key not just in terms of products being sold but in every aspect of running a company. Every business now is a technology business. Technology is revolutionizing how organizations relate to their customers. In the past year, there has been a transformation in the way we interact with not just our customers, but our employees as well. For any business to survive and thrive today, it is important to navigate this post Covid-19 environment by reimagining how to operate, organise and use technology as we return to work slowly and steadily.

CXO OUTLOOK September 2021

EXPERT OPINION

How has Influencer Marketing and Brand Partnership played a Positive Role in Business Growth During the Pandemic? Gautam Madhavan, CEO & Founder, Mad Influence

CXO OUTLOOK September 2021

T Gautam Madhavan is the CEO & Founder, Mad Influence, India’ s Fastest Growing Influencer Marketing Platform working with over 10000+ Influencers across India. They bring talents, content creators, influencers, and brands together to do awesome things together. His company is platform MCN partners with YouTube, TikTok and Instagram. They have served over 500 influencer marketing campaigns in 2019. They are also the exclusive influencer marketing agency for T-Series and help them promote their movies and songs in the Indian market. Mad Influence has over 400+ exclusive influencers under their entity which are signed with them and they manage them.

he Coronavirus pandemic didn't spare anyone. It impacted every industry left, right and centre, and amidst this, the businesses started losing a substantial share of its customers, firstly with consecutive lockdowns and then because of poor brand association and recall. Initially, the customers were conveniently influenced by the likes of celebrities like Shilpa Shetty, Katrina Kaif, Ranveer Singh, however, during the pandemic, the dynamics shifted, and people were looking for more engaging content, especially on social media platforms. People wanted to interact and start a conversation around topics as simple as 'how to cook pasta using a microwave' or 'how to make the Instagram famous Dalgona Coffee'. What surprised the marketing industry, even more, was that while most of the big players were struggling to keep up their sales, the coronavirus-led pandemic turned out to be a great opportunity for homegrown brands to establish their base amongst their TG with the help of the influencer community. Did the shift in Consumer Behaviour encourage Influencer Marketing? Yes, as consumer behaviour is the base of any marketing strategy, let alone influencer marketing. The driving force, needs and desires of the consumers, paved the way for fruitful collaborations between brands and creators (influencers), aiding mutual growth, both monetarily and establishing authenticity. Moreover, 78% of marketing leaders (including CMOs) from across various sectors, FMCG, Fashion, Media and Entertainment, BFSI or Pharmaceuticals, leveraged influencer marketing in the year 2020, proving how important it was and still is to capture the market share using the right mix of marketing strategy to reach out to its potential audience through every media especially when the consumers' were spending more and more time indoors engaging with digital channels rather than offline or traditional methods of communication. Furthermore, some studies also suggested that around 15% of the brands invested in influencer marketing for the first time ever to not lose in any opportunity. How Has Influencer Marketing Affected Business' Growth? There was a time when influencer marketing was deemed dead, but the pandemic has changed the course of the whole marketing landscape, drawing

CXO OUTLOOK September 2021

like Instagram, Facebook, and YouTube, for 2 hours every day to 3 hours and 37 minutes on a daily average, as per a Statista study. During the restrained outings to manage the spread of Covid, market researchers found a shift in consumer behaviour. Now, the consumers wanted more; they wanted to be engaged, looking for reasons to share their side of the story, wanting to have a real connection with the world outside their home or just even participating in brand-related hashtag challenges to feel alive and that everything will be back to normal soon. This gave rise to several brands creating content properties that saw unprecedented reach and engagement, and hence, an increase in sales.

The pandemic has changed the course of the whole marketing landscape 74

a lot of attention to influencers and their content. The growing influencer marketing phenomenon has given a considerable push to influencers (also known as content creators) from various genres, segments to create content that makes them stand out as experts in their field. And, it goes beyond influencers with a million followers, especially for Tier 2, 3 cities, where micro-influencers are helping customers make a choice - influencing them with their most genuine point-of-view about any product, place, service or even experience. If we look at it from a business POV, influencer marketing has been a blessing in disguise, especially with micro-influencers promoting homegrown businesses, enhancing their reach, helping establish brand image while improving brand recognition, and enabling word-of-mouth virality. Over the last year, ever since the pandemic began, people have gone from using social media platforms

CXO OUTLOOK September 2021

How Influencer Marketing Campaigns Reflect Positively on Influencers and Brand? 2020 has seen some of the best influencer marketing campaigns in the history of marketing. Even though the lines are blurring, brands have dug deep to connect with the right influencers to strike a balance and draw more attention to their offerings. While some influencers took the challenge head-on, some dived deep into the creative jungle and created some of the most engaging pieces of all time. How Did It Positively Reflect On The Brand? While most brands make selective decisions regarding who/which influencer they want to associate with, it has now come down to the influencers to accept or decline any project based on their own perception of the brand or what they want to show their followers. How does it help? Today, the influencers are respected and appreciated for their most truthful POVs, and to further continue leveraging it - the content creators have to be honest with what they promote and not just share something to earn mutual respect. Summing It Up As far as we can see, influencer marketing will qualify to be one of the most essential marketing tools for its several benefits; the need for better reach and engagement during the covid times. It has encouraged several brands to take up influencer marketing, encouraging them to collaborate with at least 10 content creators on an average over a year. The influencer and brand partnership has worked well so far, and it is anticipated that influencer marketing will continue to peak in the coming times to engage, re-engage and drive brand sales.

CXO OUTLOOK September 2021

LEADER’S INSIGHTS

BUSINESS SUSTAINABILITY PRACTICES INDUSTRY LEADERS ARE TAKING UP TO SUSTAIN IN THE NEW NORMAL Gunjan Malhotra, Director, Komaki Electric Vehicle Division Mrs. Gunjan Malhotra, 55 years of age is a dedicated environmentalist and the co-

founder of Komaki Electric Vehicle, one of the fastest evolving brands in the Electric Vehicle Segment. Born to be an entrepreneur with excellent leadership qualities, Gunjan built Komaki into what it is today with hard work, perseveration, and an unwavering focus. She has great insights in designing and possesses a superb trend forecasting ability. Under her outstanding leadership, Komaki has launched a total of 9 low-speed electric scooters and bike models and is the only company in the industry to have 3 high-speed registration models of electric scooters and bikes.

ecoming sustainable is not an easy task at first, but the reward is worth all the effort. Successful owners, CEOs, entrepreneurs, and leaders see it as an opportunity rather than a limitation. There has never been a better time to incorporate sustainable practices. With technology to help through the process, businesses worldwide are finding creative ways to become sustainable. Sustainability is no longer a mere moral obligation but a slowly evolving global revolution. Here is how by taking green initiatives, organizations around the world are creating new normal -

CXO OUTLOOK September 2021

Start Recycling at Work Recycling is helpful: it keeps garbage out of the incinerator and sea. It also produces 757,000 jobs every year. If your workplace does not recycle, there could not be a better time to start. Put things in one trash can while at work is convenient, even lazy. There must be plenty of properly labelled recycling bins at the office for different kinds of waste and recyclable items. If your workplace does recycle, make sure it adheres to recycling rules in the city. It is crucial to ensure the effort you put in, pays off.

THE PANDEMIC DID NOT JUST DISRUPT THE MARKET BUT ALSO DISRUPTED OUR NEVERCHALLENGED-BEFORE PERCEPTIONS ON REMOTE WORKING

CXO OUTLOOK September 2021

Encourage Green Commuting Our daily commute to the office and back home makes a larger dent in the environment than you could have imagined. Every day, people stuck in traffic waste 2.9 billion gallons of fuel. Also, each of us loses $ 710 per worth of productivity a year. The numbers put things into perspective, didn't they? So responsible companies around are encouraging green commuting since it significantly impacts the environment by reducing daily carbon emissions. People living in bicycle-friendly countries are encouraged to take up the greener alternative. If it is not practical, and the car remains the only option, the greener and cost-effective alternative is carpooling.

Offer Remote Work Options The pandemic did not just disrupt the market but also disrupted our never-challenged-before perceptions on remote working. As the world was locked inside of their homes, we saw the kind of impact it had on the environment. Nature thrived, rivers became cleaner, air become pure. Considering that, and other environmental benefits of working from organizations allow employees to work remotely. Working from home has the same impact on the environment as planting trees: it eliminates 3.6 billion tons of greenhouse gases caused by commuting annually. Go Digital Despite the advancements in digital technology, the majority of organizations use loads of paper. Despite having a wellconnected workspace with smartphones, computers and other gadgets at their disposal, they fail to make full use of them. Greener companies avoid using paper when it is possible. Printing takes a significant amount of wood (in the form of paper) and electricity. Using PDF documents and e-forms instead of paper and encouraging customers to accept electronic statements or invoices instead of printing those items is a necessary sustainable practice. Who is not aware of the evergreen dig at meeting that 'it could have been a mail’. In excessive use of paper, companies are adapting to the same idea – it could be mail. Create A Sustainability Committee Another practice that green companies are following is this – they create a team of volunteers responsible for encouraging sustainability in the workplace. It has been effective since, advice and suggestions coming from co-workers are being followed by people. Getting people directly involved creates a sense of accountability and strengthens the culture of sustainability in the workplace. In addition, such committees get the ideas flowing.

CXO OUTLOOK September 2021

Buy Used And Recycled Items When in need of some new furniture, greener companies take it as an opportunity to reduce the impact on the environment while saving money. They make it happen by buying refurbished gadgets and furniture. There are online stores for buying refurbished products, also there are local store in almost every city that supplies refurbished items. Shopping local also reduces carbon footprint and supports the local business. To live sustainable professional and personal life, shopping local is a box you company must tick.

THE PANDEMIC DID NOT JUST DISRUPT THE MARKET BUT ALSO DISRUPTED OUR NEVER-CHALLENGEDBEFORE PERCEPTIONS ON REMOTE WORKING Encourage Green Behavior By Customers And Employees. Sustainability is not just compartmentalizing waste and e-waste or buying local, but all of those things together. If you work in a company that runs stores, you must encourage reusable textile bags, give customers access to electronic copies of brochures, statements, catalogues. Encourage electronic option as much as possible. Allow employees to phone and hold meetings via Skype or another video conferencing service. Many people travel to work and meetings alone, in a car. The bigger picture is overwhelming. To sustain the environment is an overbearing feeling, but if you break it down to the molecular level in respect to this global issue, all of a sudden it seems a bit easy. The companies we talked about above, are showing a way for organizations to follow, to contribute to the environment, to create a more sustainable business environment.

CXO OUTLOOK September 2021

EXPERT OPINION

Technology can play a Pivotal

Role in Shaping the WellBeing of People Jayanth Kolla, Chief Success Officer, DayToDay Health India (DTDHI)

CXO OUTLOOK September 2021

Jayanth brings over Nineteen years of experience in Technology, Product Marketing, Research and Strategy Consulting in the Telecom, Internet and Emerging Technologies (AI/ ML, Blockchain & IoT) domains. He has been an advisor to the world's leading technology firms, young & fast growing startups and the investor community, and has held various roles with Telecom Carriers, Device Manufacturers and Management Consulting firms in the past. Until recently, as a Partner with Convergence Catalyst, Jayanth leveraged his hands-on experience and domain expertise to advise various companies to align themselves with the everchanging technology and market trends, and evolve as leaders in the Digital Convergence space. He has mentored a number of progressive and fast growing technology startups on Product & Service Offerings, Business Planning, Go-To-Market Strategies and Fund Raising. Jayanth is also an advisor to various PE & VC firms, Institutional Investors, Hedge Funds and FIIs on private equity transactions and public equity positions.

echnology plays a pivotal role in shaping the well-being of people. Everyone realizes this during the pandemic. In the new normal, digital technology-led businesses offer opportunities to hospitals, corporates, and the general public to leverage the strengths of technology to support other industries. The pandemic is here to stay for some time. So, technology-enabled services will witness more adoption and acceptance by the masses. The pandemic created a new situation for the globe. Population health management has become the top priority for governments. Business leaders have also aligned their businesses by adopting new practices and innovative models to sustain and grow. However, the challenges were many given the unprecedented crisis and its cascading effects on human lives. In the healthcare domain, especially in India, there exists a gap in delivery systems and quality of care. Over the years, working closely with companies developing solutions for the healthcare industry has provided me adequate insight to understand the dynamics of both healthcare systems and patient's needs. It is found that less than 10 percent of patients know what they are supposed to do after returning from the hospital. Sometimes, many do not even know what they were supposed to do a mere two hours after leaving the hospital. Such episodes indicate the severity of the situation. With the pandemic and new normal health tech startups are contributing significantly to healthcare delivery. A focus on digital technology-enabled health services and the adoption of innovative practices has been helping such startups to grow in the new normal. The Growth Drivers Acute care management has emerged as one of the major focus areas for health tech companies. Acute care management requires in-depth research and innate healthcare domain understanding. These components, coupled with technical expertise and having industry leaders as a part of the team, are the key growth drivers for health tech startups. Human-driven tech enables services would be a dominant factor in the new normal. For acute care, management it is essential to ensure that the

CXO OUTLOOK September 2021

service is duly monitored, tracked, and supervised by clinicians, doctors, and nurses. The solution currently uses advanced data analytics and Natural Language Processing (NLP)-based AI technologies, delivered through a mobile app.

Innovative Business Model To thrive in a new normal health tech service providers can choose a B2B a model where the startup partners with hospitals, insurance providers, and corporations. They can further offer their solution to their patients, customers, and employees. With a better synergy with hospitals, insurance providers, corporates, and government agencies, a health tech startup offers many solutions that sustain and thrive in the new normal. Looking back, the pandemic outbreak and subsequent lockdown in 2020 posed a severe challenge to the healthcare service providers, including health tech companies. Almost all the hospitals across the country had stopped performing elective surgeries, directly impacting proposed solution rollouts. The post lockdown period was not encouraging either, as several specialty hospitals postponed elective surgeries until late 2020. Also, most of the hospitals kept treating COVID-19 patients till the last quarter of 2020. In such a situation, the customer acquisition process was affected poorly and resulted in delayed revenue generation for health tech service providers. The sluggish growth by over two quarters was its logical progression.

COVID-19 infected patients could be treated at home effectively. We leveraged this with our technical knowhow and engineering strength by combining intelligent technologies and trained care coaches. So, effective monitoring, timely medication, proper diet, periodical clinicians’ intervention and stress management under isolation situations helped the patients a lot. One can judge the program's success by looking at its associations with several large corporate houses. These organizations have opted for COVID and Post-COVID Programs for their employees. As money matters to sustain and grow, the startup’s unique offerings in the health tech domain attracted global investors, as they showed their keen interest in putting their money in a rapidly enlarging health tech service provider company.

Population health management has become the top priority for governments

Combating The Second Wave In April 2021, as the second wave of COVID-19 gripped India, our Remote COVID-19 Care Programme, which was developed and readily available, was in much demand. Through in-depth studies, we found that many

CXO OUTLOOK September 2021

The Way Forward According to the Industry ARC report, the global acute care market size is forecast to reach $214.3 billion by 2025, growing at a CAGR of 6.8 percent during the forecast period of 20202025. It is a known fact that patient experience is vital in defining 21st-century healthcare. As the surgical patient’s journey is complex, patient consumerism, clinical outcomes, support, experiences, and safety are relevant components. Hence, an innovative business model must combine these critical components in its delivery system to sustain and grow in a new normal. What could be more satisfying for an entrepreneur than to evolve by aligning his business model to contribute to making a healthier India! Business leaders need to align their models with the needs of the new age in terms of providing best-in-class products and services. This approach will always help while navigating troubled waters.

CXO OUTLOOK September 2021

LEADER’S INSIGHTS

RECALIBRATING BUSINESS STRATEGY FOR A POSTCOVID-19 WORLD Rohit Manglik, CEO, EduGorilla

Rohit Manglik, an alumnus of NIT Surathkal, is the CEO of EduGorilla. His articles have been published in leading newspapers like Tribune, Statesman, Pioneer, and EduGorilla has been featured in the Times of India, Your story, Inc42 and the like. He has been the keynote speaker at Indian School Awards organized by Times Group. He was among the speakers at World Education Summit organized by Elets Technomedia group at Dubai, NewsCorp VC Circle's Education Investment Summit 2017 and 2018 held at Gurgaon, Marketing Summit and BW Growth and Leadership Conclave held in 2018.

arkets and businesses are constantly evolving. The COVID-19 pandemic, regarded as the most unprecedented crisis since World War II, has proved to be an inflexion point for the economy. It has prompted businesses to go back to the drawing board and rethink their business strategies. Companies with disruptive business models embodying innovation did not only manage to stay afloat but thrived and maintained an edge over their peers. Immediate Reaction When the pandemic struck with global health and economic ramifications, the priority was to develop an appropriate response. This came in the form of lockdown by several

CXO OUTLOOK September 2021

countries to curb the spread of COVID-19, which obviously impacted businesses. Many of them were forced to shut down, with others resorting to lay-offs or pay cuts. As per a report by the Centre for Economic Data and Analysis (CEDA) based on the ILOSTAT database of the International Labour Organisation, the rate of unemployment in India rose sharply from 5.27% in 2019 to 7.11% in 2020, which was India's worst unemployment rate in 29 years. The response was an immediate action that took place in a limited and short time window. The lockdown also heralded a paradigm shift towards work from home model. The other quick response was to keep people safe and ensure that the lockdown does not affect the essential functions of businesses.

FIRMS WITH DISRUPTIVE BUSINESS MODELS HAVE REINVENTED THEMSELVES

CXO OUTLOOK September 2021

The immediate-term strategy of businesses consisted of drawing up a plan to return to a scalable state by consolidating resources, reassessing operational structure, among others. Technology emerged as a panacea to sustain the momentum. Face-to-face interactions gave way to Zoom and Skype calls; hiring went online with AI-based

THE LOCKDOWN ALSO HERALDED A PARADIGM SHIFT TOWARDS WORK FROM HOME MODEL

screening of resumes and emerging technologies such as Virtual Reality and Augmented Reality simulated in-store retail experiences. A formidable challenge before businesses was to reconfigure existing operations and processes to achieve sustainability. Another challenge was to retain the existing customers and stay connected with them amid these times. Keeping the workforce motivated and ensuring their wellness also became a key priority for organisations.

CXO OUTLOOK September 2021

Lessons Learnt From The Pandemic COVID-19 has underscored the significance of agility and flexibility to survive and navigate complexities. It has hastened the digital transformation of businesses. Technology has become an enabler to improving efficiency and boosting customer experience. The pandemic has pivoted the focus on the HR function that has now assumed an overarching role in organisations. Companies are leaving no stone unturned to maximise employee satisfaction by ensuring their well-being and keeping them motivated. As workplaces reopen, the onus is now on the HR function to facilitate a smooth transition into the post-COVID world. Firms with disruptive business models have reinvented themselves during these times and successfully hedged against risks. From now on, firms that adopt innovation and core values such as transparency, customer centricity and standard quality benchmarks into their DNA will inevitably stand out over others. Way Forward- Building A Sustainable Ecosystem With the approaching winters, the apprehensions of a third wave have set in. The key is to have an extensive crisis preparedness plan and crisis communication strategy in place. As offices look forward to reopening after a hiatus of almost one year and a half, adhering to standard hygiene and safety practices and ensuring a smooth transition will be the key. The two waves of coronavirus have already imparted resilience to businesses, and they are comparatively better prepared to tackle the third wave. Nevertheless, one should not let the guard down. The top leadership should coalesce to identify the key priorities for businesses and conduct a SWOT analysis. Strategic planning should become a continual activity to ensure a swift response to changing business contexts. Similarly, communication and collaboration will be the lifelines for organisations worldwide. The open-door communication policy will foster transparency, accountability and build credibility, whereas collaboration will enable entities to explore synergies for the foreseeable future. Sustainability has gained currency. As organisations reassess the impact of their business activities on their stakeholders, environment and communities, giving back to society and empowering local communities will be more critical than ever before. The pandemic has unlocked the potential of the business ecosystem. The key here is to sustain the momentum and incorporate these learnings to re-innovate continuously to achieve tangible business outcomes.

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EXPERT OPINION

Fitness & Wellness Post Pandemic: How Businesses are Adapting Nikhil Behl, Co-Founder & CEO, Fitza

CXO OUTLOOK September 2021

W Nikhil is a visionary leader and a fitness enthusiast known for his unconventional ways of perceiving, approaching and successfully achieving the I-M-Possible reality. He is the Co-founder and CEO at Fitza, in addition to managing his family business, Conventions & Fairs (India) Pvt Ltd. The CEO's interest lies in the realm of HealthTech and Telemedicine; he is actively engaged with multiple ventures living his multidimensional personality, all in one realm. He is passionate about technology and new product development. Nikhil invests most of his time in learning about and engaging with companies that are at the forefront of innovation. Nikhil is highly confident of his convictions and believes in the convergence of his learnings and that of his Team, as the X factor to scale up Fitza, a new venture on nutrition tech.

hen the COVID-19 hit, the fitness industry took a heavy toll as gyms and fitness studios closed. Although it had translated into heavy losses for everyone involved in fitness & wellness businesses, there was certainly a silver lining not far away. Indeed lockdowns throughout the world had made it impossible for people to hit the gym but more people than ever were now becoming conscious about health and wellness. They weren’t just wearing a mask and using sanitizers, they were tracking what they’re eating and how they could improve their immunity. So, despite the heavy restrictions on gyms and other similar studios and clubs, people were working out at home, making the most of technology - fitness and wellness apps, virtual consultations, and videoconferencing with trainers, and more. In a way, the pandemic was opening new doors while closing the old ones for anyone involved in the fitness and wellness industry. And that’s not all. People are finally seeing wellbeing as a holistic self-growth rather than just focusing on fitness. People have become more aware of the role of nutrition and healthy food, the effects of stress, and the need for mental well-being. More people than ever are now concerned about mental health which has led to many people looking out for ways to help themselves (and others) in keeping their mental wellness in check. Rise Of Digital Technology For Mindfulness And Meditation As soon as the digital wave of wellness started online, many fitness studios and influencers were quick to jump on the bandwagon, coming up with innovative ways to spread awareness and provide personalized coaching or training for their customers - either through apps or through conference calls (or even reels and live on Instagram). One of the most sought-after mindfulness practices has been Yoga throughout the last year. Staying locked in, working long hours at home, and

CXO OUTLOOK September 2021

sleepless nights had led many people to reluctantly adopt a more sedentary lifestyle along with enormous amounts of stress and anxiety. Yoga is where most people seem to have found solace. Online yoga classes weren’t the only ones to have soared during this time. Mindfulness meditation apps were also among the most popular applications in the segment as well. It was an eye-opening experience for everyone who is in the business of wellness. It was evident that people no longer wanted just physical fitness, they wanted more. Hitting the gym is no longer an elusive desire. People now know they could have a hybrid setup where they can work out at home along with meditations and mindfulness on days they can’t hit the gym.

How Fitness And Wellness Brands Are Adapting To Change With so much of everything online, the sweeping consumer trend has been self-care because people no longer have the support system that they might find in a gymnasium. They need to be more independent in taking care of their nutrition, fitness, and mental wellness. If there’s one thing that brands are continuously doing, and for good reason, is moving their business online. Companies are finding innovative ways to engage their customers online, whether it’s partnering with influencers in the industry or creating guidance apps for customers. It’s an ongoing development that is seeing a lot of intersection of various fields with the ultimate goal of providing one holistic solution for all wellness problems - physical, mental, or spiritual. One app that comes close is perhaps Fitza - a holistic platform that offers everything one might need for better wellbeing - nutrition, healthy food recipes, fitness, mindfulness, meditations, NLP techniques, positive self-affirmations, and more. However, this trend is still new. It’s crucial for health and wellness businesses to keep an eye on consumer behavior to ensure they grasp the changing needs of their customers and offer services that serve those needs. Inspiring proactive approach to health Before Covid-19, people had a very reactive approach to health. They’d only eat the right food

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and work their bodies when they fell sick or if there was the risk of developing something and the doctor recommended change. However, this is changing fast. People are finally realizing that having a proactive approach to health and wellness is the first step towards preventive selfcare which could help them not only stay healthier and happier but reduce the risk of many chronic ailments significantly. Chronic ailments like diabetes, obesity, hypertension and others are a result of an unhealthy lifestyle more than some inherent disorder or condition. With little lifestyle changes, people can easily avoid these ailments and save themselves from years of struggle with the same. Even in conditions like PCOS/PCOD, something that a lot of women face, having a healthier lifestyle can reduce the symptoms and find solace in their condition rather than fighting it since there’s no cure for it. The Role Of Corporations In The Shift Towards Holistic Wellbeing Major companies have started taking notice of this upward trend in holistic wellness and the positive effects it has had on the productivity of their teams. What’s more, mindfulness and better mental wellbeing can also reduce the effects of burnout in the employees which has been a major issue for most remote workers. Creating a great work environment is no longer just about having plants in the office or having an open-door policy, it’s a lot more. It’s high time wellness and mental well-being are openly talked about in offices because it’s where most burnouts start and tracking the mental health of teams and identifying the signs of burnouts can help employers help their employees in coping with their condition at the right time. For instance, companies are adopting a mental health day as a monthly practice to give a break to their employees and help them cope with stress. Although that's good practice, it’s not enough. Employers need to empower their employees with the right tools to help them adapt to preventive self-care. The change is huge and the ripples can be felt across industries but the fitness and wellness industry can serve as an interjection where true transformation happens

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LEADER’S INSIGHTS

HOW ARE INDUSTRY LEADERS ADOPTING BUSINESS PRACTICES TO GROW AND SUSTAIN IN THE NEW NORMAL? Srini Sandaka, CTO, MOURI Tech

Srini is passionate about driving innovation and helping organizations achieve their IT vision. He is specialized in developing high-performing teams and has nurtured several groups to build expertise and deliver outstanding value to clients. Over the last 20 years, he has successfully led teams in consulting, enterprise architecture, business development, and client relationship management.

usiness sustainability has been a strategic concern. Enabling sustainable strategies, products and services is the core activities for business success. Business leaders of today keep it as top priority realizing the value of change. Recent tenure of global pandemic crisis has proved that being resilient is the basic requirement for a sustainable business, future of business. It is evident that enterprises have dealt with the crisis, the outbreaks, as per geography, sector, and the culture. Technology has emerged as a catalyst to this, and it helped them being flexible to accept the change. Companies demonstrated empathy to employees and customers, are witnessing a new era of relationship that’s deeper and more caring. Resilience Enterprises have realized the benefits of digital transformation and investing heavily into adopting new technologies that

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could help customers and employees. Digital transformation acceleration across the globe has uncovered the high demands of skills. Visible gap of demand and supply of these skills in the market is resulting as high attrition in the industry. Addressing this attrition and enabling suitable retention policies, work culture and ethical practices is the top priorities for enterprises to exhibit resilience. The second challenge is the low productivity with remote working culture. The remote working productivity was very high in the first wave of COVID (Mar 2020 to Oct 2020), but it has started to decline after the first wave. There are various reasons for this low productivity like limited and siloed spaces, emotional disconnect with colleagues, in fact missing on a human-to-human interaction. Not only compensation and retention policies but employees are expecting better and faster career prospects. Organizations need to look beyond virtual engagement

DATA WILL BE THE NEW FUEL FOR BUSINESS, AND BUSINESSES MUST STREAMLINE DATA

CXO OUTLOOK September 2021

BEING RESILIENT IS THE BASIC REQUIREMENT FOR A SUSTAINABLE BUSINESS, FUTURE OF BUSINESS

programs and create a hybrid work culture where it could balance human emotions and remote working advantages. They need reestablish employee and employer relations and stimulate it for a better future together.

Adaptability Everyone is panic-stricken with sudden shock for personal and professional lives during the pandemic. We have formed an emergency response team to provide moral and required medical support to our employees through these challenging times. We continue to monitor every employee and their family members' physical and mental health conditions to provide support proactively. Employee tracking helps us have a better business continuity plan to continue providing uninterrupted services across the globe. We also offer flexible payment options (customers can pay when they recover) to affected industry customers (e.g., hospitality, airlines, and transportation) to sustain themselves during tough times. This option has built strong trust with our customers and increase our footprint. Business Ecosystem Pandemic caused disruptions to global consumption and forced people to unlearn and learn the new adaptive habits. Mapping these behavioral trends and aligning business services around this is required. Business ecosystem now finds technology an important ingredient. Digitalization is inevitable for every business; the recent changes have accelerated digitalization growth. Survival will be questionable for non-digitalized companies, as customers prefer personalized experience & information at their fingertips about their orders. Thriving In The New Normal Speed and accuracy are the critical parameters to thrive in today’s dynamic market conditions. Enterprises must make

CXO OUTLOOK September 2021

faster decisions with accurate results. These two can only be possible with the right data points and autonomous decisionmaking. Automatic decision-making is only possible with advanced technologies like AI & IoT. Ecommerce can be well experienced through a small street seller to a global enterprise. Media industry is moving more towards Internet based telecasts services and even their production systems have become virtual. Geography now has a new boundary, and it is globe. Borderless transaction enforces governments to upgrade its policies and transition into e-governance. Innovative And Sustainable Business Models Data will be the new fuel for business, and businesses must streamline data and think about how they can monetize the data generated from their operations. This is an untapped potential for every business. Industries are ready to retrieve value from technology and technology driven data. Resilient leaders are ensuring their mission is intact, eyeing on challenges to convert them into opportunities. Keeping it agile, being transparent and setting its narrative focusing the future. Path To Transformation A successful business transformation is going to have an impact on the core culture of the organization. We need to involve all stakeholders from the beginning of the transition and create broader awareness to get buy-in from all employees. Make every employee understand the advantages of the transformation and provide required training to drive it. The misconception of business transformation is losing jobs, but the reality is that people require new skills and mindsets to be part of the transition. It is imperative to clarify employees' doubts and ensure their career growth for successful business transformation.

CXO OUTLOOK September 2021

EXPERT OPINION

Impact of the Pandemic on the Coworking Industry Rishi Das, Co-founder, IndiQube

CXO OUTLOOK September 2021

T Rishi Das is an accomplished industry leader and a wellrecognised entrepreneur. His interest in diverse sectors has led him on a journey of growth across talent acquisition, HR management & commercial real estate. This exposure has helped him create great value through the companies he has set up, namely CareerNet, HirePro & IndiQube. Through these ventures, in addition to transforming commercial real estate in India, Rishi pioneered the concept of collaborative campus recruitment and continues to play a very active role in fostering a strong industry-academia ecosystem in India. His balanced approach of empathy and business acumen is one of the many reasons that he has been invited to speak at many industry forums like NASSCOM, CII and TiE – of which he was also a Charter Member.

he Covid-19 epidemic has significantly changed workspaces in a variety of ways. Today, corporates are increasingly adapting to newer structures, health and hygiene standards, and spacing requirements of the workspaces. However, this current disruption caused by Covid-19 in doing so is expected to be transitory, as the coworking sector anticipates a resurgence once the economy recovers back to the new normal. The coworking industry is made up of workspaces that are rented or leased as coworking spaces. Unlike standard offices, these typically include using associated services/ equipment such as office chairs and desks, Internet/ Wi-Fi connection, hardware, software, and other items. Businesses in this area provide non-residential premises with amenities and features for rent on a flexible basis. So, in the aftermath of the pandemic, what would be needed is more agility in operations, and in the post-covid future, the coworking sector will surely start undergoing several adjustments 1. Priority To HealthAs health becomes a critical concern for both corporates and individuals, this has also found its way into consideration for workspaces. As companies shift from traditional offices to coworking spaces, measures related to health are given priority, even more so after the pandemic. Workspace partners like IndiQube have taken concrete measures to ensure the well-being of the employees. They now focus on providing their clients with the perfect coworking environment and take care of the health protocols required post covid. 2. De-Densification Of The WorkspacesWith the emergence of social distancing norms post covid, coworking space operators have started to provide a comprehensive business environment that adheres to these guidelines. Post-pandemic, this new beginning is marked by the de-densification of current space inventory where social distancing between employees is ensured in the structure of the coworking spaces themselves. Owing to this, the size requirement of the workspaces, as IndiQube has found while catering to their clients, has also increased. 3.Eyeing On Cost ReductionThe impact of the Covid 19 pandemic has been such that the expenses are becoming a significant worry for businesses. Now, coworking spaces have become an excellent way

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to save money. Enterprises are increasingly converting to these workplaces since they allow them to decrease their capital expenditures drastically. The costs involved in buying or renting offices for businesses were significant, but with coworking, these costs are reduced by a large extent. 4. Embracing FlexibilityFor most modern offices, flexible workplaces or coworking spaces have become a strategic solution. These spaces allow businesses to be more dynamic and frequently have settings tailored to their specific requirements. Because of the structural flexibility, adhering to social distancing norms and safety requirements also becomes easy. 5. Increased AdaptabilityBusinesses now have become much more sensitive towards their workforce. Here, coworking spaces allow them to

CXO OUTLOOK September 2021

spread several smaller offices over different locations instead of one centrally centralized office. Through this, employees can profit from the close proximity of their workplaces to their homes, saving travel weariness, time, and expenses. As a result of the flexibility in office spaces in terms of locations, services, and structures, the coworking industry is helping businesses simplify their estate requirements. Therefore, considering all these changes and the growing popularity of flexible workplaces throughout the world, it can be understood that coworking is becoming the new preference of businesses. The coworking industry has undergone significant changes and has become an inherent business world element from a fad to a thriving enterprise. Post the pandemic, the popularity of flexible workplaces continues to grow as more organizations adopt them. Without question, these places have become the new normal, and despite the challenges experienced during the pandemic, the industry shows considerable potential for the future.

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EXPERT OPINION

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The Sustainable Approach to the Last Mile Delivery Somasudarshan Chandraiah, Vice President Process + Products, XpressBees

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I Somasudarshan is a Supply Chain specialist with over 15 years of experience in Logistics @ e-commerce, Supply Chain Consulting, Industrial Engineering and Strategic Sourcing. In his current role Soma is responsible for improving performance of Logistics operations at XpressBees overseeing 2000+ SVCs, 100+ Middle Mile hubs and Cross docks/ across India. Soma has conceptualized and led various innovative projects aimed at reducing cost and improving efficiencies of logistics processes.

s our world drowning in a sea of packaging waste and carbon emissions? In the name of convenience, does the cost of logistics weigh heavy on business profitability, and carbon emissions on sustainability? The British International Freight Association (BIFA) defines sustainability as: “A planned and systematic approach aiming to reduce the environmental impact of a company’s activities by improving the efficiency of processes, reducing the use of energy, water, and fossil fuel when providing transport and logistics services.” The future of the industry lies in green logistics. Change is in the air, E-commerce companies are committed to using electric vehicles for delivery and sustainable packaging, Modern warehouses flaunt solar rooftops and sell carbonfree electricity. Business, Society, Environment: Find the right balance Three key dimensions must be considered for any logistics business—economic, societal, and environmental. Shutting your eyes towards any one of these in favor of another can have catastrophic results. ● The economy needs growth, businesses need to thrive. For this one must improve efficiency and competitiveness. ● People (the society) need convenience, access, and equity; but they also need an environment that is healthy and safe. ● The environment needs biodiversity, waste reduction, and carbon-neutral balancing. Go Green with Collaboration, Digital Transformation Considering the importance of logistics in today’s global economy, one need’s to balance it with the increasing concerns about environmental sustainability. Transform green attributes into practical initiatives for the logistics industry. When the world is keenly pursuing sustainability initiatives, here are a few ideas to harness the global ecosystem of technologies and businesses to build sustainable and profitable business models. Collaborate for sustainable logistics Even before the pandemic hit, ‘empty miles’ was recognized as one of the biggest resource wastage for supply chains. The solution lies in freight collaboration with shipment tracking. To reduce the amount of empty miles on the road, supply chain operators must build open logistics ecosystems that share their capacities and optimize the carbon footprint.

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more on waterways and railways wherever possible. These are less costly and more eco-friendly. The Zero-Emission Technology Inventory (ZETI) tool can come in handy and can help an organization make informed decisions about buying Zero Emission medium and heavy-duty vehicles.

Globally, we see a rising practice of setting up micro warehouses that double up as brick-and-mortar shops and pick-up points. Its benefits are many

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Set Up Micro Warehouses And Pick-Up Points Globally, we see a rising practice of setting up micro warehouses that double up as brick-and-mortar shops and pick-up points. Its benefits are many. From a locally situated micro warehouse, one can ensure a quick delivery. This also saves heavily on packaging time and materials. The cost of maintaining a micro warehouse is much less than the costs of delivering across long distances from a central warehouse. On top of it, this is a great step towards building a sustainable environment. Offer Options For Slower Delivery, Recyclable Packaging Buyers don’t always expect their orders to be delivered immediately for all products, as the sellers might think. While selling, if brands convey the environmental impact of delivery speeds, many buyers might choose slower options. The world of circular economics and new packaging technologies is too complex to manage alone. Collaborate with consortiums, non-profits, or industry alliances can help organizations to navigate the after-delivery handling of packaging materials. Optimize Your Fleet, Rely More On Clean Energy Avoid fossil fuels if you can. Use vehicles that run on biofuels or electric power. They are more eco-friendly and pocket-friendly. For long-distance shipments, depend

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Optimize Your Warehouses, Yards, And Distribution Facilities Use solar-powered electricity and water recycling systems in warehouses and distribution facilities. Plan resources and yard logistics discreetly. Ensure the best throughput for greater efficiency of your warehouse management and transportation management teams. This reduces wastage of time, human labor, and carbon emissions. Promote Green Initiatives Compensate for the emissions by farming oxygen-emitting plants and edible greens. Vertical gardens and Miyawaki forests are some good examples. Educate partners and customers to be part of such initiatives. Conserving planet earth for posterity is the best thing one can do for the world and for oneself. Going Paperless One frequently overlooked way to improve overall performance is by going paperless. Automating business processes and eliminating paper is a quick and efficient way to give the supply chain a boost. The same can also help reduce costs, improve communication and collaboration, increase customer intimacy and reduce overall lead times. Leverage Digital Technology, Data, And Analytics Tire pressure, road conditions, traffic conditions, driver behavior—there are many factors that decide the efficiency of the fleet. Industry 4.0 relies heavily on sensors, data, analytics, artificial intelligence (AI), augmented reality (AR), and virtual reality (VR). Data-driven insights can help one remain sustainable and optimize efficiency. Deploy IoT-based predictive analytics solutions for greater fleet-efficiency. IoT-enabled IT ecosystems, powerful analytics engines, artificial intelligence, and constantly increasing internet bandwidth have democratized digital technologies. Cloudbased SaaS models have made them extremely affordable and scalable and can be used to build sustainable and efficient logistics ecosystems. Resilience must balance with digital agility. The aim should be to create seamlessly synchronized enterprises, operating at scale, caring heartily for customers and the world at large.

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Post Pandemic Changes in Business Practices

and Strategies

Sunil Kanchi, Chief Information Officer & Chief Investment Officer, UST

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Sunil Kanchi serves both as Chief Information Officer and Chief Investment Officer for UST. Sunil oversees IT, communications, and digital transformation for all internal systems, and is responsible for mergers and acquisitions, corporate venture capital, and partnerships. Sunil came on as Senior Vice President in 2014 when UST acquired Kanchi Technologies, an engineering services company that delivered a unique form of outsourcing, referred to as “cosourcing.” Sunil founded Kanchi Technologies in 2009, and served as CEO, overseeing operations in the USA, Germany, and India. Previously, Sunil served as Director of Business Development for Larsen & Toubro, and as Manager for Strategic Planning Projects for Rockwell Automation. He spent his earlier career as a consultant with PTC. Sunil is known for his expertise in building high-performance teams, driving profitability and growth through innovative solutions, and executing effective go-to-market strategies. In 2013, the Milwaukee Business Journal named Sunil one of its “40 Under 40” business leaders to watch. He is a certified Lean Master and Six Sigma Green Belt.

nprecedented times calls for unparalleled, unchartered leadership. Covid-19 has now offered more opportunities than even Y2K. These times have brought in significant changes along 3 vectors – Transforming lives, Sustainable Transformation & Transforming work environment. Transforming lives through Health & Wellbeing while adapting rapidly to the new world reality of socially distanced work environment is not something that any business leader ever thought would be of the highest priority. It has been close to a century that a Health issue of this magnitude would put focus on wellbeing of employees, their family, customers, and society that we work and live in. The Tech-industry was privileged to be able to adapt to the almost overnight mandate to work remotely which was also not something that was feasible for most industries. Business strategy was initially devised for planning for the “Unknown phase” which I would like to define as trying to keep lights on and prepare for the good, the bad and the ugly. As Spring turned to Summer and fall of 2020, the Tech industry realized they had an opportunity that was unforeseen. Covid-19 was the new Chief Digital officer pushing all industries to digitize now or perish. While the initial lack of having proper pharmaceutical intervention to stop the spread and then the mutation of Covid-19 to the different variants that was not preventable by the vaccines made us huddle back into strategizing for the “Digital honeymoon + Delayed Dawn phase”. In Spring of 2021, we are now huddled to strategize for the new normal of “Living with the virus phase”. Every aspect of change revolved around keeping the health and wellbeing of everyone around while trying to seize the opportunity of the Digital transformation impacting all industries. This unprecedented war for talent has accentuated the focus on employee satisfaction and policies around retaining and attracting talent. Covid-19 has reshaped the world and it’s going way better than anybody could have really imagined. Adapting to the remote work method was a major change in 2019 and another being blending of both personal and professional lives. Creativity and profits have increased during the work from home setting and this will continue for a longer time than we anticipated. We have done extremely well with the safety measures and keeping our employees safe has been a prime focus area for us. Whether we are working from home, remotely or even on the road, the way we live, and work is always changing. Working in a changed environment has created a lot of stress, uncertainty and loneliness which can have a negative effect on the employee’s mental health.

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However, there are quite a few support mechanisms that are implemented to ensure mental wellness. We have focused to keep a routine with clear start and finish times in a designated workspace. It is important to take regular breaks and switch-off after your work. If possible, participate in opportunities that let you reconnect with co-workers over the phone to maintain connections. Options like virtual happy hour to a virtual DJ night along with more formal structure of not having meetings when possible on Fridays are all practices that have been well received. Our company offers employee assistance programs that is available free of cost to all the employees. It is important to seek support from managers and coworkers if necessary. Sustainable Transformation is the second vector that has defined changing leadership styles and business opportunities. While the world was focused on the near and omnipresent Covid-19, the business leaders also focused on policies and creating longer term sustainability, carbon neutral footprint, sustainable food chains, changing food habits of people, travel policies etc. A lot of leaders are also evaluating tools that can help to evaluate with time and productivity tracking to increase employee productivity while they are working from home. Working remotely results in few touchpoints between the managers and direct reports. The team needs a specific single policy addressing these challenges that is maintained by the HR heads and the key component of remote working environment has been adopting an employee productivity and time tracking solution. Another key practice that has changed during the pandemic is security for remote access. Growing cyber-attacks have radically changed the fundamentals of securing a work space. Although remote working has been growing steady for years, few organizations are

prepared to enable and support a fully remote workforce because of the Covid-19 pandemic. The growing cyber threats and warnings from the US and Indian government as well as the latest phishing attacks with tech companies have been worsening. Attackers are looking for cyber vulnerabilities during this time. A lot of organizations were witnessing malicious emails posing as valuable customers to hack client data. These cyber-attacks were orchestrated at the onset of the pandemic and a lot of companies had to adapt to an advanced cyber security program. We need to make more head ways tackling one of the biggest threats in organizations which is social engineering and external cyber criminals taking advantage of non-malicious accidental insiders. The effectiveness of phishing attacks is evolving and are becoming more sophisticated that are focused so they are credible and tied in closely with the strain of malware with ransomware. Cyber criminals are realizing that if the attacks are more convincing, if its automated they can monetize on sensitive critical information like medical PII theft and ID theft. These criminals are focusing on finding compromised credentials to quickly alert people. Banks are using this already, as they send a quick alert that there’s been a fraudulent activity and helps one to respond quickly and that has changed since the pandemic. The operational and security challenges created by this shift are massive but there are cybersecurity solutions like CyberProof, a UST company that helps organizations intelligently manage their incident detection and response. The company’s advanced cyber defense platform enables operational efficiency with complete transparency to dramatically reduce the time needed to respond to security threats and minimize business impact. Vendors can continue to connect to and work on your systems and applications securely without any disruptions that are recorded for security compliance.

The Techindustry was privileged to be able to adapt to the almost overnight mandate to work remotely

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