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May 02, 2024
The old is gone and the new has come.
In today's demanding world, businesses are undergoing various transformational changes, one of them being - Digital Transformation, crucial to build a competitive advantage by improving customer experience, low costs, and increased efficiency. Conscious companies are also incorporating 'Cultural Transformation' to be able to align their organisation's culture with its strategy; and 'Sustainability Transformation' to create a long-term value for an organisation and its stakeholders by addressing environmental, social, and governance (ESG) challenges.
While a plethora of changes are felt across sectors & worldwide, the key to ensuring successful transformations are below:
(1.) Prepare the organisation for future disruptions by retaining motivated and innovative employees.
(2.) Keep the customer at the center of the transformation efforts by focusing on delivering value, improving customer experiences, and meeting evolving needs and expectations
(3.) Establish clear metrics and KPIs to track progress and measure the success of the transformation.
(4.) Hold individuals and teams accountable for their roles and responsibilities.
(5.) Every transition should be backed by an inventive business plan that generates high value.
Addressing specific areas of a business such as cost reduction, growth strategies, and workforce motivation are pivotal challenges. However, true transformation occurs when these elements are tackled synergistically and comprehensively, rather than in isolation. It transcends mere operational enhancement and embodies a holistic evolution of the company's practices and culture.
Transformation is not something that generates incremental wins; rather, it is something venturous and ambitious.
IOD has been propagating integration of transformative technologies in boardrooms to ensure business sustainability at the national and international level. Apart from many other conventions, IOD is now planning to organise a Boardroom Webinar Series 2024 to discuss the most pressing challenges surrounding boardrooms today. The series endeavors to serve as a platform for continuous learning, business transformation, knowledge sharing, and innovation in corporate governance. Further, IOD's Masterclass for Directors focused on 'Transformative Technologies', is designed to provide essential momentum for directors seeking to stay ahead in their fields. These sessions offer invaluable insights and practical guidance to equip directors with the knowledge and skills necessary for navigating the evolving landscape of transformative technologies.
IOD will soon be launching the second edition of the Handbook on Business Sustainability, covering every aspect of social, governance, environmental and economic issues to ensure sustainability by use of transformative technologies, analytics, and strategic governance. This handbook is a must read for all stakeholders to have deeper understanding.
To further bring focus on sustainability transformation, IOD will be hosting the 'International Conference on Environment Management and Climate Change' on the theme 'Board's Agenda for Addressing Climate Change and Environmental Risks' in Bengaluru during June 27–28, 2024. The international conference will focus on various aspects of boardroom leadership for a sustainable world. It will deliberate upon COP28, environmental governance, and financing issues leveraging transformative technologies for green solutions, energy security, and water and waste management. The international conference will bring together national and international experts on one platform, provide an opportunity for networking to understand the latest developments, and promote collaboration opportunities. All interested stakeholders are invited to participate.
Vice President - Institute of Directors
He is former Advisor FAO & former Chairman, Institution of Engineers, Delhi. He is a Mechanical Engineer & has been involved with Environment & Energy Policy (planning & implementation) of energy projects under the UN Agencies for over three decades in India & other Asian and Pacific countries. He is Vice-President, World Environment Foundation & Institute of Directors, India.
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About Author
Vice President - Institute of Directors
He is former Advisor FAO & former Chairman, Institution of Engineers, Delhi. He is a Mechanical Engineer & has been involved with Environment & Energy Policy (planning & implementation) of energy projects under the UN Agencies for over three decades in India & other Asian and Pacific countries. He is Vice-President, World Environment Foundation & Institute of Directors, India.
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