Renowned business consultant Dr. Ram Charan highlighted the transformative potential of digitization and collaboration during the first edition of ONGC Leadership Lecture Series organized by HR Initiatives on 27 July 2024. The thought-provoking session was graced by Chairman & CEO Arun Kumar Singh, Board Members of ONGC, ONGC Videsh (OVL) and Senior Executives from Delhi. Senior Officers from other work centres also attended the lecture through virtual mode

Business consultant Dr. Ram Charan addressing the intricacies of digitisation during the lecture

First edition of ONGC Leadership Lecture Series underway

The lecture was themed around the concepts of digitization and collaboration and how together they could make organisations truly future-ready.

Chairman Arun Kumar Singh welcoming Dr Ram Charan with a shawl and presenting a memento

Elaborating on the concept of digitization, Dr Ram Charan asserted that enterprise-wide data must be digital/ machine operable to harness the power of latest technology in decision-making. Mathematical algorithms, designed to replicate human thinking albeit at an unimaginable pace and scale, have started providing real-time decision options to organisations. He also underscored the importance of management decisions in digitization of projects such as converting data into a machine-operable digital format and ensuring transparent and continuous data flow across silos while maintaining a single source of truth. While the top management must still decide the domains and objectives for digitization, the immense power of mathematical algorithms in making complex real-time decisions within the framework of market capitalization variables (such as revenues, margins, costs, cash, and risk) is making digitization indispensable. Dr Charan advised organizations embarking on their digitization journey to start small, learn from initial projects, and then accelerate and scale up.

Some glimpses of the interactive discussion following the Lecture Series

Dr. Charan also emphasized that true collaboration occurs when organizational data flows transparently across functional silos, overcoming the system rigidities that hinder collaboration. He urged senior executives to take up the role of bridging gaps that are created due to organisational structures and functions. To foster effective collaboration, he recommended several management decisions including single KPIs for MDTs, removing forces that undermine collaboration for personal gain and assigning responsibility to only those who can be relied upon to execute. He also encouraged cross-functional rehearsals, likening them to sports teams where practice builds team cohesion and understanding, ultimately leading to better collaboration.

Dr Ram Charan personally signed copies of ‘The Digital Leader’ for the executives

A distinguished Harvard Business School alumnus with over three decades of experience advising top companies and CEOs, Dr. Charan’s insights provided invaluable guidance for navigating the complexities of modern business landscapes.

Chairman & CEO, ONGC, Arun Kumar Singh explaining the role of digitisation in leadership during his welcome address

Earlier during his welcome address, Chairman & CEO Arun Kumar Singh highlighted ONGC’s significant digital strides, including the ongoing transition to AI. Mr Singh emphasized that while younger employees were at the forefront of driving advancements in AI, older employees brought invaluable experience. He extended a warm welcome to Dr Ram Charan and expressed optimism that his expertise in digitization and collaboration would propel ONGC’s endeavours in the domain.