He was noting the five megatrends that, according to him, will be shaping the future of business and society while speaking at the CII ‘Being Future Ready’ Business Summit 2022.
The other key trends that business and government leaders must take note of include the adoption of digital, sustainability, importance of healthcare and the changing realities of the global talent pool, according to Chandrasekaran.
“Already proprietary AI and data are separating top-performing companies from the rest. Soon all businesses will have to become AI and data businesses. No industry can escape this trend,” he said.
India can leverage the adoption of digital technologies to not just prepare the domestic industry for the future but also play a role in shaping industries globally, he said.
Meanwhile, the pandemic and geopolitical events have rebalanced global supply chains. The focus is no longer on creating the most efficient supply chains but the most resilient ones, according to Chandrasekaran.
“India has an important role to fill the void that is getting created in the global supply chain by taking a leadership position. I call it the India-plus opportunity because we will need partnerships,” he said.
TV Narendran, the managing director of
said that with the recalibration of global supply chains the world over, Indian Industry has a unique opportunity to expand its global footprint. Industry should move away from the risk averse culture, he said. The industry should also step up expenditure on research and development (R&D), he said
Sustainability was creating a dual trend globally where climate change concerns are putting pressure on traditional companies while at the same time promoting newer, more sustainable businesses. India should participate in this new ecosystem and play a pivotal role in leveraging green technologies, Chandrasekaran said.
Companies will also have to increase their focus on health going forward, even in sectors that seemingly have no connection to health. “A focus on health and wellness as well as safety and convenience at workplaces should play a significant role within companies to stay ahead,” he said.
The global talent pool will move to newer models. There will be new technology platforms to engage with talent, like a talent cloud where there is uninterrupted access talent from any part of the world.