Unlocking Business Growth: Expert Strategies for Navigating Risk in Enterprises
During a recent conversation with Dreams Animation, Mohit Joshi, President of Infosys, shared his insights on effective risk management in today’s business world. With his extensive background in banking and experience overseeing Infosys’ financial services, healthcare, and life sciences sectors, Joshi understands the significance of taking calculated risks to achieve growth in an increasingly competitive landscape. Here are his top three tips for businesses looking to manage risk effectively and thrive in today’s dynamic business environment.
In today’s data-driven business landscape, organisations must navigate an overwhelming amount of data to gain a competitive advantage. Here are three essential strategies that enterprises can employ to effectively manage risk and drive growth:
1- Establish Data Governance
To avoid existential risks to the business, it is crucial to establish clear data governance policies that support the organisation’s goals. By leveraging data insights, organisations can gain a better understanding of their customers and the market environment. According to Infosys’ Digital Radar research, enterprises that have access to real-time data outperform their competitors.
2- Foster Adaptive Leadership
Business leaders must encourage a flexible leadership style that embraces risk-taking and incorporates real-time data in decision-making. Companies should also encourage leaders to learn from past failures and identify the lessons that can be applied to mitigate future risks.
3- Embrace Failure as a Learning Opportunity
Organisations must recognise and learn from failures to drive future success. Building a culture of risk-taking that acknowledges past failures will enable businesses to develop resilience and drive innovation. Rather than punishing individuals for failed projects or activities, organisations should focus on creating a culture of continuous improvement and learning from previous experiences.