Table of contentsKey takeawaysCollaboration platforms are essential to the new way of workingEmployees prefer engati over emailEmployees play a growing part in software purchasing decisionsThe future of work is collaborativeMethodology
Javaid Iqbal talks to us about digital-first mindsets and disruption.
Javaid is the CEO of TransformX, a human-centric digital transformation firm that he co-founded. He lives in the digital and customer experience transformation, disruption, and innovation space with a focus on Artificial Intelligence, Cloud, and Data Science.
Javaid is passionate about finding solutions to unique futuristic global challenges, building long-term business relationships and providing thought leadership through writing, speaking, teaching and advisory.
He even coaches executives and boards on their Digital/Customer initiatives through workshops, 1-on-1 sessions and courses at various global institutions, provides board-level advisory to multiple startups and keynote business and technology conferences globally (Google, BCG, Infosys, Informa, eyeforpharma, Momentum, 021Disrupt to name a few).
Interview with Javaid Iqbal
A digital-first mindset refers to approaching any new opportunity, or challenge with the assumption that the solution is going to be in a digital form.
The mindset envisions intelligent growth and scalability. Companies like Uber and Airbnb are digital natives that took on very physical and archaic industries and put a nice wrapper on them. They made them more scalable.
Digital-first mindsets envision intelligent growth based on data, based on an understanding of new models and even an understanding of models that have not even been tried and tested before.
Javaid gives us 5 reasons why companies need to adopt a digital-first mindset.
According to Javaid,
if your business model does not include a digital-first mindset, you don’t have a business model. You’re a dinosaur.
People are stuck in their business silos. This used to work back in the day where things were not so transparent. Now, in addition to the rest of their organization, the rest of the world can see what’s going on.
Another major obstacle is that organizations don’t have the digital skills and acumen. There are also cultural challenges and silos. Departments are not talking to each other and working together.
But, the biggest obstacle is the resistance to change. Leaders are all stuck in their ways and they don’t want to do things differently.
Disruption can be broken down from 4 perspectives:
Ability, Volatility, Durability, and Vulnerability.
Industries like banking, hospitality, and logistics are more threatened. A lot of the leaders are not thinking outside of their silos. Disruption doesn’t come from within. It comes from outside.
Banking was first being disrupted by telcos. Now it’s being disrupted by software companies. You’ve got Apple Pay. Now you can even place orders and make payments over WhatsApp and WeChat.
With this COVID situation, you need innovation in all sorts of business functions. You need innovation in ride-sharing, logistics, food delivery, hiring, conferences, etc.
AI is not a new phenomenon. It’s been around since 1959. But, with the scalability of cloud models, AI has been able to grow farther.
Companies that adopt AI as of late, have 20% better cashflow. AI will increase economic growth on an average of 2-3% for 15 industries by 2035.
AI has the potential to increase productivity by 40%. Now it’s not just your own intelligence alone allowing you to make decisions; it’s the intelligence that the machine has augmented for you as well.
The AI industry is expected to grow by $60 billion in another couple of years.