The Indian rupee continues to fall and IT leaders must take a different approach to support their business in tougher times.
The INR recently hit an all-time low against the US Dollar. The decline is brought about by foreign investors pulling investments out of the Indian market, slowdown in economic growth, gaping infrastructure bottlenecks and political gridlock.
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India has become accustomed to growth but the current crisis is a wake-up call to IT leaders.
It is predicted that the decline could continue. This, like any economic climate change, will force businesses to change the demands put on IT departments.
Manish Bahl, country manager at Forrester Research in India, said it is time for Indian CIOs to focus on technology-led business outcomes. “CIOs should develop a ‘business outcomes’ matrix and map existing and planned technology projects against it to build credibility with business leaders.”
Bahl said developing a business outcome matrix and using technology to build credibility could help businesses out of the crisis. He said it is important to understand what business outcome actually means to the organization, whether it is sales, revenues, market concentration or customer satisfaction. Mapping and prioritizing projects will ease funding strategies while making technology an equal partner.
He said a CIO’s business focus should now be more on delivering engagement systems and working upon customer satisfaction. Forrester said 57% of Indian businesses aim to do this.
Sustained innovation should be a core competency of businesses, according to Vivekananda Kanjilal, ex-officer, Indian Bank, administrative head at MIES. He said the job of an IT professional in India, today, revolves more around supporting an architecture rather than creating new technology frameworks. “It is imperative that the Indian IT industry acquire a larger role in developing new technology.”
Angsuman Chakraborty, CEO at Relaso Enterprise Sofware, said: “To compete in today's market CIO's should focus on helping core business functions with increased and effective automation like helping increase revenue through marketing and sales force automation using modern Social CRM and improve customer service with Social Customer Service Software. Cloud-based SaaS applications help reduce IT costs while increasing reliability, anywhere anytime accessibility of modern software and should be part of any CIO's strategy.”