The Xcelerate 2024 event in Chandigarh on June 28th saw an insightful keynote address by Dr. Ati Priye, CEO of CGC Jhanjeri, and Change Mentor at Niti Aayog. Speaking on “Accelerating Business Growth and the Role of Digital Tech,” Dr. Ati Priye provided a comprehensive roadmap for mid-sized companies to thrive in today’s competitive business environment through the adoption of digital technologies.
Understanding the Challenges of Mid-sized Businesses
Dr. Ati Priye opened his address by highlighting the unique challenges faced by mid-sized businesses, ranging from limited access to capital to talent acquisition. “Mid-sized companies face a double-edged sword,” he explained, “they must compete with large enterprises, yet they lack the resources and scale that their bigger counterparts enjoy.”
One of the biggest challenges, he pointed out, is access to capital. “According to the CIS survey, 70% of mid-sized businesses struggle with securing heavy funding as compared to large enterprises,” he noted. The difficulties in securing funding often stunt the growth of these companies, forcing them to operate with limited resources.
Another major challenge is talent acquisition and retention. “There’s a huge gap between what industry requires and what academia is teaching,” Dr. Priye said, citing a LinkedIn survey that found 83% of mid-sized businesses struggle with hiring the right talent. With competition fierce for top-tier employees, mid-sized firms often lose out to larger corporations offering more attractive packages.
Operational inefficiencies were also discussed, with Dr. Priye referencing McKinsey’s finding that operational inefficiencies can increase company costs by 20-30%. These inefficiencies lead to reduced productivity, hampering business growth.
Strategies for Accelerating Business Growth
Moving on from challenges, Dr. Priye emphasized the importance of adopting strategies that are tailored to mid-sized businesses to foster growth. He highlighted the significance of lean management practices, investing in workforce development, expanding market reach, and enhancing customer experience as critical steps toward business acceleration.
“By adopting lean management practices, like Toyota did, you can improve your efficiency by up to 50%,” he stated. Streamlining processes and eliminating waste, he argued, is a key driver of productivity in any business environment.
Dr. Ati Priye also underscored the importance of nurturing human capital. “People run the organization. If you’re not taking care of your people, you’re not retaining them,” he said, emphasizing the value of continuous learning and training programs for employees. He cited IBM’s Skill Build Initiative as an example of a program that helps mid-sized companies upskill their workforce.
Expanding market reach is another critical strategy, according to Dr. Priye. “If you’re not exploring new markets and diversifying your customer base, your revenue streams will suffer,” he warned. In an increasingly globalized market, mid-sized companies must seek new opportunities to grow and sustain their business.
Embracing Digital Transformation
Perhaps the most critical element of Dr. Priye’s address was the role of digital transformation in accelerating business growth. He stressed that digital technologies, such as cloud computing, big data analytics, IoT, and Industry 4.0, are reshaping the way businesses operate. “Digital transformation is not just a buzzword. It is a necessity for businesses that want to remain competitive in today’s market,” he remarked.
Using Nokia as a cautionary tale, Dr. Priye discussed how failure to adapt to emerging technologies can lead to a company’s downfall. “Nokia didn’t embrace technological innovation, and today, it’s out of the market,” he pointed out. In contrast, companies that are quick to adopt new technologies, such as Samsung, continue to dominate.
“The future is digital, and businesses that fail to embrace technology will fall behind,” he asserted. By adopting Industry 4.0 technologies, mid-sized companies can increase efficiency, reduce costs, and improve customer satisfaction.
Key Technologies for Digital Transformation
Dr. Ati Priye identified several emerging technologies that mid-sized businesses can leverage for digital transformation. These include cloud computing, IoT platforms, smart sensors, augmented reality, and big data analytics. “These are not just fancy terms,” he said. “They are the tools that will define the future of business.”
He elaborated on the benefits of cloud computing, particularly its ability to store and access data remotely, leading to reduced operational costs and increased scalability. “Cloud computing can be both costly and cost-effective, depending on your requirements,” he explained, urging businesses to assess their needs carefully before investing in cloud-based services.
IoT (Internet of Things) platforms and smart sensors, he explained, enable businesses to gather real-time data, providing insights that help optimize operations and enhance decision-making. “Industry 4.0 is expected to add $14.2 trillion to the global economy by 2030,” Dr. Priye noted, emphasizing the massive potential of these technologies.
The Human Element: Engaging the Future Workforce
In a rapidly changing world, businesses must also rethink how they engage with employees. “The millennial workforce has different expectations,” Dr. Priye said. “They prioritize work-life balance and value job satisfaction over traditional incentives.” He advised companies to create a work environment that aligns with the values and preferences of the younger generation, to attract and retain top talent.
Citing the example of auto-rickshaw driver Anna Durai, who embraced technology to provide an exceptional customer experience, Dr. Priye emphasized that “technology isn’t just for big businesses. It’s about creating value for your customers, no matter the size of your business.” Durai, now a TEDx speaker, exemplifies how even small businesses can innovate through the creative use of technology.
Conclusion: A Roadmap for the Future
Dr. Ati Priye’s keynote provided a clear roadmap for mid-sized companies to accelerate their growth through strategic planning and digital transformation. By addressing key challenges, implementing lean management practices, investing in workforce development, and embracing emerging technologies, mid-sized businesses can position themselves for long-term success.
As Dr. Ati Priye concluded, “The future is digital, and businesses that are willing to embrace this change will thrive. It’s time to rethink, reimagine, and reinvent how we operate.”
The message was clear: technology is not just an enabler; it is the driving force behind business growth in today’s rapidly evolving marketplace.
Watch the full session here: https://youtu.be/TND0ZOOTF7Y
