Adoption of Technology Is The Way Forward: Experts
The coronavirus outbreak has impacted almost every sector of the market as well as the consumer sentiments; Organizations were also required to speed up their operations to protect employees, customers, suppliers and financial results. To discuss this, the panel saw proponents of the financial domains- Prabin Dokania , CFO, GSTN; Satish Patel, Director-Finance & CFO; Schaeffler India Limited; Sameer Madan, Director: Finance, Agilent Technologies and Ruhail Amin, Senior editor, BW Businessworld (Moderator)
Explaining the last 9 months from a financial practice standpoint, Sameer Madan expressed, We have learned in the last nine months is equal to what we learned in the last nine years. So, you know, what I have learned is the B2B and B2C spaces are converging even faster and digitization is a must. Moreover, there are only two types of companies, earlier we used to call them big and small now I call fast and slow so it's an only fast company which can survive. Additionally, we also learned that digitization gives you a great sneak preview of the future.”
Talking about the adoption of technology, Prabin Dokania said, “We are trying to achieve our goals with the help of technology. We started working mobile and assured that there are no glitches in the system. Moreover, we have learned that you have to make technology-enabled things. During this period, we have launched invoicing and that was well accepted and well-received by the industry that means the industry is adoptive. So one major lesson is that people are ready to adopt the new innovation and the new technology you give.”
Explaining the takeaways from the past 9 months, Satish Patel, The most important takeaway is that digitalization is the way forward. We need to focus more on the digital especially on the logistic and supply chain sides. It is about becoming paperless. I think when you become paperless and there are actually very good developments on the external side like a digital invoice of GST etc. We have everything digital there. The second thing that we need to focus on the Network of logistics. It certainly helps in optimizing your entire network of logistics and thereby better service to the customers.
