mobile
CII WR 7th HR Summit 2014 - "A Digital World: Evolving Landscape in India"
HighLights
 

·    “Constant change is an inevitable fact today. Organizations need to recognize this and find ways to move with the change. You cannot say that this is my turf and I am going to protect it. You will become irrelevant. What you need to do is open-up and embrace change, embrace the digital world and it’s characteristic of constant change,” said Ms Chanda Kochhar, Managing Director & Chief Executive Officer, ICICI Bank, at Confederation of Indian Industry’s (CII) flagship HR Summit 2014 with the theme, “A Digital World: Evolving Landscape in India” organised in Mumbai.

She further said, “There is no other option. What you feel is working today is not going to be relevant tomorrow. Everything is changing rapidly: technology, consumers, how consumers live and how they transact with us. Whatever you think is great today will be irrelevant tomorrow. Hence, we have to understand how lives are changing. And instead of coping, we have to keep innovating to move ahead of the times.” 

Innovation in a constantly changing digital landscape is not easy. Highlighting the challenges Ms Kochhar said, “For leaders today, the challenge is to maintain the right balance between the investment that digital innovation constantly requires and immediate profitability. You have to continue to focus on what is immediate but at the same time you have to invest in something new that will be relevant tomorrow. Yet, you can never be sure what will work. You have to invest in 10 things hoping that five of those will be relevant later.”

Ms Kochhar said that it is impossible to fully quantify the exact return on digital investment. “Each initiative will not result in huge returns for you. But it will mean you have created a differentiation and that will lead to innovation and profits.” 

Commenting on the human element, she said, “Digitization may have changed the way we live, but it will not take the human element away.” Talking about how digitization has actually led to the humanization and personalization of business, she said that earlier she had to visit every branch but now she uses technology. 

Commenting on the interaction of the physical and digital, Ms Kochhar said, “It is not a question of whether brick-and-mortar stores will survive in the digital world. It is a question of complementing and how seamlessly the two can merge into one another. A customer comes to the bank to transact and an hour later he uses his phone for a different transaction. Hence it is not as if tomorrow branches will disappear. But the customer is telling us is that while the branch is there, why couldn’t he also do his transaction on the move or during his free time at office and work. Yet, while they want this flexibility, they also want the look, feel and experience to be the same across different channels, platforms and time zones. So the question is of how seamlessly can the physical and digital world come together. Each has its role and if it is combined well, barriers will disappear and result in a seamless experience for our employees and customers.” 

·    Earlier, Mr R Mukundan, Immediate Past Chairman, CII Western Region and Managing Director, Tata Chemicals Ltd. said, “Four things having the greatest impact on business today are: digitization, feminization, casualization and migration. Digitization has changed how we work, how we relate to work and how we relate to each other and our organizations. There are more women in the work space today and the gender balance is improving in the work space. There are a lot of people who want to work time-bound and specific to a project leading to casualization. Migration is an inevitable aspect of workforce in the modern age.  Amongst all these, it is digitization that has the greatest impact on business and the other three factors.”

 
Description

CII Western Region organized 7th HR Summit 2014 - "A Digital World: Evolving Landscape in India" on 24 September, 2014 at Mumbai.

 

“Constant change is an inevitable fact today. Organizations need to recognize this and find ways to move with the change. You cannot say that this is my turf and I am going to protect it. You will become irrelevant. What you need to do is open-up and embrace change, embrace the digital world and it’s characteristic of constant change,” said Ms Chanda Kochhar, Managing Director & Chief Executive Officer, ICICI Bank, at Confederation of Indian Industry’s (CII) flagship HR Summit 2014 with the theme, “A Digital World: Evolving Landscape in India” organised in Mumbai.

She further said, “There is no other option. What you feel is working today is not going to be relevant tomorrow. Everything is changing rapidly: technology, consumers, how consumers live and how they transact with us. Whatever you think is great today will be irrelevant tomorrow. Hence, we have to understand how lives are changing. And instead of coping, we have to keep innovating to move ahead of the times.”

Innovation in a constantly changing digital landscape is not easy. Highlighting the challenges Ms Kochhar said, “For leaders today, the challenge is to maintain the right balance between the investment that digital innovation constantly requires and immediate profitability. You have to continue to focus on what is immediate but at the same time you have to invest in something new that will be relevant tomorrow. Yet, you can never be sure what will work. You have to invest in 10 things hoping that five of those will be relevant later.”

Ms Kochhar said that it is impossible to fully quantify the exact return on digital investment. “Each initiative will not result in huge returns for you. But it will mean you have created a differentiation and that will lead to innovation and profits.”

Commenting on the human element, she said, “Digitization may have changed the way we live, but it will not take the human element away.” Talking about how digitization has actually led to the humanization and personalization of business, she said that earlier she had to visit every branch but now she uses technology.

Commenting on the interaction of the physical and digital, Ms Kochhar said, “It is not a question of whether brick-and-mortar stores will survive in the digital world. It is a question of complementing and how seamlessly the two can merge into one another. A customer comes to the bank to transact and an hour later he uses his phone for a different transaction. Hence it is not as if tomorrow branches will disappear. But the customer is telling us is that while the branch is there, why couldn’t he also do his transaction on the move or during his free time at office and work. Yet, while they want this flexibility, they also want the look, feel and experience to be the same across different channels, platforms and time zones. So the question is of how seamlessly can the physical and digital world come together. Each has its role and if it is combined well, barriers will disappear and result in a seamless experience for our employees and customers.”

 

Earlier, Mr R Mukundan, Immediate Past Chairman, CII Western Region and Managing Director, Tata Chemicals Ltd. said, “Four things having the greatest impact on business today are: digitization, feminization, casualization and migration. Digitization has changed how we work, how we relate to work and how we relate to each other and our organizations. There are more women in the work space today and the gender balance is improving in the work space. There are a lot of people who want to work time-bound and specific to a project leading to casualization. Migration is an inevitable aspect of workforce in the modern age.  Amongst all these, it is digitization that has the greatest impact on business and the other three factors.”

Sponsored By
Knowledge Resources
You will get access to following Knowledge Resources by subscribing to the Digital Library of this event.
 
Welcome Remarks by Mr R Mukundan, MD, Tata Chemicals Ltd at the Inaugural Plenary of the 7th HR Summit 2014
Summit Theme & Objective by Mr T K Srirang, Head-HR, ICICI Bank at the Inaugural Plenary of the 7th HR Summit 2014
Lighting the Lamp at the Inaugural Plenary of the 7th HR Summit 2014
Opening Remarks by Mr K Ramkumar, Executive Director, ICICI Bank at the Inaugural Plenary of the 7th HR Summit 2014
Ms Chanda Kochhar, MD & CEOr, ICICI Bank addressing at the Inaugural Plenary of the 7th HR Summit 2014
Concluding Remarks by Mr K Ramkumar, Executive Director, ICICI Bank at the Inaugural Plenary of the 7th HR Summit 2014
Special Address by Air Marshall HB Rajaram, AVSM, VSM, Air Officer-in-Charge, Administration on 7th HR Summit 2014
Special Address by Group Captain Sunil Mediratta, Air Force Placement Cell on 7th HR Summit 2014
Opening Remarks by Ms Rama Bijapurkar, Management & Market Strategy, Consultant on ‘Shifting Market Order and its Impact on Consumer Preferences’
A panel discussion on ‘Shifting Market Order and its Impact on Consumer Preferences’
Concluding Remarks by Ms Rama Bijapurkar, Management & Market Strategy, Consultant on ‘Shifting Market Order and its Impact on Consumer Preferences’
Semi Finals-InQuizzite
Opening Remarks by Mr Sandeep Chaudhary, CEO, India, Aon Hewitt Consulting on ‘Emerging Social Order and Impact on Employee Behaviour’
A panel discussion on ‘Emerging Social Order and Impact on Employee Behaviour’
Concluding Remarks by Mr Sandeep Chaudhary, CEO, India, Aon Hewitt Consulting on ‘Emerging Social Order and Impact on Employee Behaviour’
Briefing on Case Study Initiative
Opening Remarks by Mr Satish Pradhan, Advisor, Tata Sons Ltd on ‘Capability Building in the Digital World’
A panel discussion on ‘Capability Building in the Digital World’
Concluding Remarks by Mr Satish Pradhan, Advisor, Tata Sons Ltd on ‘Capability Building in the Digital World’
Final Round-InQuizzite
Address by Guest of Honour Mr Yvan Legris, Global CEO, Aon Hewitt Consulting addressing at the Final Round-InQuizzite
InQuizzite - Prize Distribution Ceremony
Vote of Thanks by Mr Kamlesh Dangi, Group Chief People Officer, Religare Enterprises Ltd on Final Round-InQuizzite of the 7th HR Summit 2014
 
Charges to access Event
 
Participant TypeAmount (in Rs)
Member
2000
NonMember
3000