Project Management – In an Age of Digital Transformation

Venture capitalist Mahesh Murthy made a fervent plea to relook at traditional models of engaging customers and earning revenue, and embracing digital transformation to make an impact in today’s world of business.

“We have been hearing that competition is rising but if you look at the most successful companies such as Tesla, Google, Redbull, and Starbucks, you will see that dominance is rising. Traditional businesses are changing and it’s a model of winner takes it all,” said Mr. Murthy.

The man who spent many years of his early career in advertising makes a case for shunning traditional advertising for word-of-mouth marketing. “These companies have never advertised. The network rewards remarkable products. There is no place for the copy-paste sector or just being cheaper. What has served us so far will not serve us anymore,” added Mr. Murthy.

On other business trends, he said product development nowadays does not follow a well-defined plan and prefers course correction as it goes, and companies are getting into businesses that are unconnected with each other such as Google coming out with eye glasses or self-driving cars or Apple getting into smart phones and smart watches. “Companies are now hiring for aptitude, and not skills and knowledge. Employees must be comfortable with ambiguity,” he remarked.