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Article of the Month
Vickram Nagi said that with digital transformation becoming the new normal, business as usual is no longer enough to stay profitable. Decoding digital transformation, Nagi stressed that a mere transformation in technology is not the solution. Every organization has to think about customer satisfaction. This can be done by designing or upgrading processes. The expectations and demands of customer satisfaction drive disruption. And every organization must make this its top business focus to ensure that it does not lose customers.
However, transformation requires collaboration and a new mindset, as it is as much a cultural change as it is a technology change. To ensure this, one needs to unlearn what has been taught, and relearn afresh. New talent needs to be honed and trained.
On business models of the future, Nagi emphasized the need to be agile and responsive to change. Since everything is driven by customer satisfaction and customer demands are changing, businesses need to keep pace with them and respond effectively.
He concluded that since human capital cannot be digitized, it is important to keep human resources engaged, improve their skills, and provide them ample opportunities to learn and adapt.
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