Business Opportunities Vs. Corporate Governance In The Aftermath Of Technology Transformation

In the corporate realm, some thing that spread alongside the pandemic was the digital transformation fever. According to Markets And Markets.com, the global Digital Transformation Market size was valued at $594.5 Billion in 2022 and is projected to rise over $1,548.9 Billion by the end of 2027, rising at a whopping CAGR of 21.1 percent. It’s lucid that the global enterprise realm is building a solid technology axis for its functioning. This radical transformation is hosting a paradigm shift in how organizations look at business opportunities and corporate governance. Amitabh Ray, the former head of centurion multinational organizations, author, and keynote Speaker, engages in an exclusive interview with CEO Insights to decipher the challenges and opportunities in the global business landscape amidst the ongoing technology transformation fever. With more than three decades of business acumen, Amitabh has had an incredible professional journey from corporate leadership to mentorship and beyond. His latest stint was with Ericsson Global Services India as the Managing Director. Below is an excerpt from the interview.

"As companies try to strategize to counter supply chain disruptions, they will increasingly look at countries that are friendly, have respect for intellectual property rights, and have proven track records in delivering excellence. India ticks all these boxes, so I expect outsourcing to India to continue to rise"

In Conversation with Amitabh Ray, the former head of centurion multinational organizations, author, and keynote Speaker.

The IT and business services market is projected to reach $ 19.93 billion by 2025. What kind of role will Enterprise Modernization play amidst this projection?
Latest surveys point out that IT investments are considered crucial for achieving organizational goals. Gartner has forecast that two thirds of companies will increase their IT investments in 2023, and they have projected worldwide IT investments to reach $4.6 trillion this year an increase of 5.1 percent over 2022. These investments will focus on analytics to stay better prepared for increasing economic, business, and geopolitical uncertainties and address talent management issues. All organizations are trying to become data-driven, and this will continue. That apart, I expect cyber security to be a major investment focus for organizations as geopolitics has exponentially increased the threat of cyber attacks.

What are your thoughts on the governance deficits in the corporate realm? How can the board and the management deal with them efficiently?
Corporate governance has been in the spotlight for quite some time and will continue to be so. This a basic hygiene. Investors, governments, employees, and customers are demanding greater transparency. This is good for the organization. Corporate governance will be even more critical as organizations increase their use of technology, especially AI. There must be greater accountability for data privacy issues, and stakeholders will demand that algorithms are no longer a black box. I

see increased regulatory pressures coming from governments all across the world. This will drive the need for much better corporate governance policies that companies must act on. Gen Z has entered the workforce, and they want to work for ethical organizations. ESG (environment society governance) issues will therefore be even more important than today.

Tell us about your leadership and governance approach. What are the guidelines you follow as a leader?
My leadership approach has been simple. I always try to walk a mile in the other person’s shoes and understand things from the other person's perspective, which makes me non-judgmental. All my career, I have tried to behave with my teams the way I would like my boss to behave with me. The third thing I did was align my own aspirations with the organization’s goals. Finally, I have focused on delivering my best every day and kept on repeating it without thinking of success or failure.

I see increased regulatory pressures coming from governments all across the world. This will drive the need for much better corporate governance policies that companies must act on

What are the latest outsourcing market trends that could impact the business facilitation services industry over the next five years?
As companies try to strategize to counter supply chain disruptions, they will increasingly look at countries that are friendly, have respect for intellectual property rights, and have proven track records in delivering excellence. India ticks all these boxes, so I expect outsourcing to India to continue to rise.

At the same time, investments in automation will increase. AI will disrupt a lot of tasks that are being outsourced. This, therefore, is a challenge for Indian vendors to climb the value chain and move away from the labor arbitration model, which I see is happening. Skills are valued more than cost cutting by companies. This is something that needs attention from our IT industry. Upskilling, reskilling, and continuous learning will be essential for our talent pool to stay relevant. According to analyst reports Global IT Services Outsourcing Market is to reach US$937.67 billion by 2027. It is expected to grow at 7.7 percent till 2027.

What would be your advice to the individuals aiming to set benchmarks in their career in this industry?
I can talk about what I did. Stay focused on doing my best every day and keep on repeating it. Failures happen when we put too much stress on being successful. It is more important to be proud of our job, give it the best, and not have milestones about corporate titles, and so on.

Amitabh Ray, the former Managing Director of Ericsson Global Services India, Author, & Keynote Speaker
With more than three decades of business acumen, Amitabh has had an incredible professional journey from corporate leadership to mentorship and beyond. His latest stint was with Ericsson Global Services India as the Managing Director.

Hobby: Watching football
Favorites Cuisines: Home cooked food
Favorite Movies: Imitation Game & The Satyajit Ray Feluda movies.
Favorite Books: Factfulness by Hans Rosling.
Favorite Travel Destination:
African safari