Enterprise Times met up with Mohit Joshi, President at Infosys for a wide-ranging discussion on the Infosys Digital Radar report and the current challenges faced by enterprises. A former banker by profession, Joshi joined Infosys in 2000 and has been responsible for the company’s financial services, healthcare, and life sciences businesses. Despite today’s competitive landscape, Joshi believes risk-taking remains a key intrinsic activity in today’s enterprise. Joshi outlines his top 3 tips for how businesses can successfully manage risk taking in today’s business environment.
1. Create your data guardrails
Today’s modern organisation is overwhelmed with data. Organisations must learn how to use data to support their business environment. Set up a broad guardrail that ensures the organisation knows how to manage existential risk to the business. Use data to understand your customers and the environment. Infosys’s digital radar research suggests organisations that have access to and effectively use live data will outperform competitors. Particularly companies that are either not using data or have limited use of live data. The more real-time data organisations can access is translated into operational effectiveness.
2. Leadership style
Enterprises need to encourage a flexible style of leadership and encourage risk. Business leaders need to embed as much live data into the decision-making process as possible. In addition, companies must encourage leaders to identify the learnings that come from risk-taking. Moreover, learning the lessons from failures. Managers in organisations must take the learnings from failure to mitigate future risk-taking.
3. Learn from failure
Recognise when projects or activities have failed. This can help an organisation to move its thinking forward. Do not punish individuals who may have been involved in failed projects and activities. Instead, build a culture of risk-taking based on understanding previous project failures.
