Tech Innovations To Shape The Post-pandemic World

With the onslaught of the pandemic and the subsequent lockdown being imposed, technology came to the rescue of organisations worldwide. Those who were successful in jumping on the bandwagon of technology marched forward, while others were left behind. While things are starting to open up slowly, certain tectonic shifts in the world of business have taken place that is here to stay. 

CFO at Ingram Micro India, (a global leader in technology and supply chain services), Prabhakar Iyer has been working hard to fulfil the vision of the company—to make the world realise the promise of technology.  

Speaking exclusively to BW Businessworld, Iyer discussed in length a wide range of topics, including the dramatic increase in demand for technology, strategic shifts due to the pandemic, the role of information technology, and future priorities. 

A manifold increase in the demand for technology: 

The pandemic touched on business organisations across sectors, and Ingram was no exception, yet the company managed to boldly face the challenges brought on by the pandemic and come out with flying colours.  

Iyer said, "To a certain extent, I can safely say that our company was blessed by the pandemic, as we received a high demand level as a result of the upshift in the customer curve." 

The pandemic led to a sudden increase in customer expectations. Iyer commented, "All of a sudden, the demand for PCs, laptops, and tablets increased significantly. We even faced a supply chain constraint due to global chip shortages. This put us under a lot of pressure to optimally manage the inventory and keep the customer’s demands focussed."    

Ingram faced certain challenges concerning the financial aspects as well.  

Iyer explained, "We had to provide a lot of support to the customers in terms of working capital. We, along with several other brands, formulated working capital programs to support consumers. There was a continuous chain of demand from customers, and we were able to support them and manage the cycle very well." 

Iyer underlined that with everything shifting online, the consumption of technology has increased manifold, and the trend is going to stay in the long run. 

He said, "The demands grew exponentially by at least 25–30 per cent, which is very rare in our industry. In today’s world, technology is no more a luxury but an essential need. Be it work, education, or entertainment, everything has shifted to the online world." 

"Personal computers and other such devices have become personal assets, with each individual having their own set of online collections, be it on Netflix or YouTube. As the digital world becomes more tech-savvy, the demand for technology will keep on growing," added Iyer. 

Strategy shift in wake of the pandemic: 

Iyer highlighted the fact that the company had to change its entire strategy and focus as a result of the pandemic. He said, "As a company, we have an entire distribution wing for technology-related products. We have also invested a lot in the enterprise and project space."  

"As the customer demand was increasing, we also had to invest substantially in terms of providing support to the entire panel of consumer demands. We invested in working capital, supply chain planning, and technology used within our company such that everyone had access to proper analytics and information to make the right decisions, and to push the product to the right place," he recalled. 

Iyer highlighted that they also focused on channel financing and working capital programs to provide relief to the customers in times of the pandemic, and these tactical changes are going to stay put in the long run.   

Providing hassle-free experiences is the key: 

Iyer is of the view that business transformation will take place across sectors. 

He said, "Today, consumers have become more informed, and they are looking for a hassle-free, online, and easy mode of engaging in business. This is true for all segments, be it tech or non-tech. Improved quality and an enhanced customer experience is the way forward."   

For the success of consumer businesses and to get hold of customers’ attention for products, it is imperative to have products on all the platforms and to provide them with a smooth journey.  

Iyer said, "Customer experience matters a lot, right from ordering, providing the payment solution, to getting the product. These are key areas where a company has to make investments." 

The role of information technology in business: 

Iyer stated that in order to succeed in today's world, one cannot ignore technology. 

He said, "The more your company invests in technology, the more you will be able to digitise your operations and provide ease of doing business. Also, it will help in providing more internal balance within the organisation as well." 

"The fundamental is that technology is a must. Data analytics and analysing the information will help to make an appropriate and informed decision. This will be the future, and no company can survive without a robust technology investment." 

Iyer underlined that as they are a global organisation with sales in 160 countries; which constantly requires online interactions, it was easier for them to switch during the pandemic.  

He explained, "Many organisations, including our competitors, were suffering due to the shift to work from home (WFH), but for us, it was not an issue at all. Since day one, everyone had a laptop, and we had been using applications such as Microsoft Teams even before the pandemic hit." 

Ingram aggressively pursued technological advancements in order to make his organisation highly productive. 

"We have invested a lot in CRM solutions, and are bringing in experienced platforms for the customers and suppliers. We are also bringing in various other web tools and web-based programs. Applications are being developed, such that every particular action with customers, suppliers, or within the organisation can be done at any time from any place," added Iyer.  

Iyer believes that there is still a lot of scope to better use technology in business. He commented, "One can have the vision that all order to cash processes, procurement-to-pay, onboarding of the right talent, and all other processes can be done from a platform available at any place and accessible anywhere. For us, we know our roadmap and we are working hard to achieve it."  

Key priorities for the future: 

Iyer pointed out that the most important thing for them is to provide a quality experience. He said, "The experience that we provide to our customers, suppliers, or to any person that interacts within the organisation, be it internal or external should be top-notch." 

Businesses should not be hesitant about investing in digital, as digital is the future. Iyer commented, "Building data analytics and business analytics for making informed decisions is of the highest importance. As we grow, the competition gets higher; in order to succeed, we need to use the data quickly and effectively."