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Technology is advancing with unprecedented speed, making it more and more crucial to leverage technology and innovation, or as we at GLOBIS call it: Technovate. Dr. Mahendra Singh teaches Strategy, Operation Strategy, Technovate Thinking, and Technovate Strategy at GLOBIS. His advice is shaping future business leaders into technologically savvy professionals who will excel in an ever-changing ecosystem.
What is Technovate thinking and why is it important to business leaders?
Technovate stands for “technology + innovation,” so Technovate Thinking is about solving business problems through structured thinking on how to leverage technology.
If we observe the current business models of start-up companies or traditional organizations, all are deeply focused on leveraging technologies. This is because technology is opening new avenues every day to create added value for customers. Leveraging technology in business is not just about implementing additional software or hardware, but assimilating the thought process behind technology into the whole organization. Many successful organizations of the last century became obsolete due to lack of leaders with Technovate thinking.
Business education has always emphasized the importance of critical thinking and logic. I think this will continue, but fast developments in ICT are compelling business leaders to acquire Technovate thinking abilities, as well.
What are some challenges that come with Technovate thinking?
I have noticed that some students find it surprising that technology-related courses are offered in an MBA program. Some feel that the topics related to programming, algorithms, and data structures are somewhat dry and difficult.
It is important to keep in mind that even if our direct responsibilities as business leaders don’t involve technology, we’ll have to work more and more closely with engineers or programmers in the future. It is always easier to collaborate if we understand how others think. Technovate thinking is relevant for people who aspire to start a new venture leveraging technology, or even for those who aspire to grow in an organization.
What advice do you have for your students as Technovate evolves?
Technology is taking control of growth in most industries, and this is what no one can afford to ignore. It is important to empower yourself with at least some fundamentals of Technovate thinking. With the advent of newer technologies, we’ll have to upgrade our knowledge and skills, but establishing and nurturing the thought process now is how we cultivate future success.