Here’s What Top CXOs Say About Automating Business

Organizations grow when their digital strategies and choice of digital assets are chosen wisely. Studying cases of digital transformation and customizing them according to your business is what will help you scale.

By Radhika Udas On Nov 28, 2019

Building an enterprise from the very scratch and eventually venturing into potential opportunities requires a growth mindset. By a growth mindset, we mean being open to new options and exploring anything in the interest of your business. The setting up of your business is the first hurdle you cross, but the constant growth expectation of your business is a hurdle that you have to keep facing at every stage. Why? Because there will always be room for growth. So, where do you look for inspiration?

With a plethora of information and guides on the internet, it can be overwhelming to arrive at a decision of choosing what’s best for your business. We have curated some strategies and visions of top CIOs, CTOs, MDs, etc for you to understand technology integration better.

Here’s what top CXOs are saying that could help you scale your businesses in the right way:

1. Reimagining the business with a digital-first mindset

Kotak began investing in digital assets which could help them propel their customer success by being available on all devices and reducing processing time. They have been using digital assets particularly well for their internal support by measuring happiness index, training, support, etc.

Kirit Patil explains how they improved their customer service effectively with API integration.

2. Automating processes with AI

Sanjay Mohan, Chief Technology Officer, MakeMyTrip speaks about how embracing technology has helped them enhance their customer experience. He further goes on to say how AI chatbots will eventually grasp more knowledge and learn from it. MakeMyTrip has seen a great difference in their performance once AI reduced booking time on the site and gauged user preferences.

3. Business Expansion calls for technology changes

Force Motor groups realized the need for new IT architecture while being on an expansion spree. To sustain and grow their new additions and ventures, there was a thorough research done before deploying the new architecture. Abhijeet Bhalerao talks about plans and execution here.

4. Shifting to App transactions

IndusInd Bank’s CTO, Biswabrata Chakravorty speaks about how their e-commerce App recorded a whopping amount of 2 million transactions. Since the world has moved to using their phones for everything, having an app can help your customer experience tremendously. He elaborates on how digital transformation is necessary for employees as well. They need to be more tech-savvy.

5. Exploring Blockchain and RPA

Watch this clip of Abhijit Singh (lead- strategic initiatives, blockchain, ICICI Bank) speak exclusively on digital transformation at Tech Senate.

Watch

ICICI Bank has also been able to scale their business by using RPA in bank reconciliation to eliminate faults, creating 15G / 15H forms for same-day closure, and handling ATM queries.

6. Reduce Attrition with AI

Wockhardt has found a great way to identify potential attrition rate with an AI-enabled app. They use metrics based on engagement levels, KPIs and performance to assess their predicted move. When you are able to predict what is going to happen, you get more time to take precautions or avert the problem. Here’s what Dr. Murtaza Khorakiwala, MD says:

7. Replace AI with time-consuming tasks

By using AI for manual repetitive tasks, over time it’s the accuracy of data improves. Girish Nayak (CTO, ICICI Lombard) delves into the use of AI for policy renewal, processing and detecting fraudulent claims, it can be said that AI would be great for improving security as well.

Concluding…

Adoption of new technology is inevitable but identifying the right technology for your business is more crucial. When you are creating something new or expanding an idea, including a digital aspect to your thought will make all the difference. So many companies have scaled their businesses by using or developing tools that benefit their business. Taking inspiration from them would be a great start to starting something customized digitally for your business. With digital, it only gets easier.

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