“Artificial intelligence, machine learning are no longer only words – they are real. We have seen them work in the insurance industry, banking, distribution industries,” said Munjal.
He emphasised that these technologies will not take jobs away – some roles will be replaced by new ones, while others will need reskilling. Even traditional businesses such as manufacturing and trading will need to deploy technology more aggressively and rapidly. Access to technology will decide access to knowledge. The skill to absorb this knowledge and translate it into useful action plans will set leaders apart.
Munjal also expected that the effects of the Covid-19 pandemic will last for a while. “We need to continue protective behaviour for about two years. In terms of impact on the economy, it is easily two-three years,” he said. “The current need is the ability to maintain safety and push us towards normalcy.”
People should be able to communicate virtually. Leaders and management will have to learn the ability to convey their message effectively through video conferencing. As a lack of social interaction can trigger issues such as depression and loneliness, employees will also need to develop the ability to maintain balance, said Munjal.
“We have to learn to live with this, to adapt to this as a new way of life,” he said. “Change is going to be a constant and will get even faster.”
Qualities such as reliability, integrity and being result-oriented will become even more important as businesses will have to depend on people’s intelligence on top of machine intelligence, said Munjal.
“At the end of the day, it is all and only about people.” Munjal said it was a mistake to expect that things will return to the old normal. He cited a Hero Enterprise study that categorised businesses into three buckets. The first was those that have benefited from the pandemic, such as healthcare services and communication. The second category was those that have taken a beating but will recover and come right back. The third category was those that have been badly hit and won’t fully recover.
“Some companies will die without knowing why because they do not understand the shift that is taking place,” said Munjal. Businesses will have to figure out which bucket they fall into to plan for the future, he said.