IT INDUSTRY
Compiled by Tamara Rebeira
THE CATALYSTS OF TOMORROW
Ivor Maharoof urges businesses to harness tech and innovation for growth
Q: With the rapid evolution of technology, how should organisations leverage innovation to offer cutting-edge solutions?
A: To thrive in today’s fast-paced and evolving business environment, organisations must foster a culture of creativity and innovation.
By encouraging teams to explore new ideas and experiment with emerging technologies, businesses can develop breakthrough solutions that drive growth.
A crucial component of this process is investing in research and development. Collaborating with local universities, research institutions and tech hubs can yield innovative products and services that are specifically tailored to meet the diverse needs of both Sri Lankan and international consumers.
In today’s data driven world, organisations must also leverage data analytics to gain deeper insights into market trends and customer preferences, allowing for personalised offerings.
Furthermore, adopting agile methodologies enables organisations to remain flexible and responsive to the technological landscape, ensuring they remain competitive.
Q: How would you describe the current landscape of the business solutions and technology sector in Sri Lanka?
A: Key areas such as software development, fintech and e-commerce are experiencing remarkable growth, fuelled by a young tech savvy population that’s eager to adopt and create new digital solutions.
Recognising the importance of this digital shift, the new administration has acknowledged the critical role that technology plays in the country’s future. In response, the government has committed to implementing forward-thinking policies aimed at fostering digital innovation and supporting the growth of tech driven industries.
This proactive initiative will serve as a strong impetus for further exploration and expansion in these sectors.
Q: What are the key trends and challenges shaping the tech industry right now?
A: Several key trends are currently shaping Sri Lanka’s evolving technology landscape. One of the most significant developments is the growing adoption of cloud computing. As more businesses recognise its potential, cloud technology is gaining momentum, enabling companies to scale operations efficiently while reducing capital expenditure.
Another critical trend is the increasing focus on artificial intelligence and machine learning. These advanced technologies are being integrated across various sectors – from healthcare and finance, to manufacturing and retail – with the aim of automating processes, enhancing efficiency and supporting informed decision making.
While these trends are promising however, there are several challenges that must be addressed to fully capitalise on their potential – including infrastructure for connectivity, skill gaps in the workforce and economic stability.
Q: How important it is to incorporate digital transformation into product and service offerings?
A: Embracing digitalisation at a more rapid pace will enhance operational efficiency, enabling organisations to streamline processes, reduce costs and ultimately enhance higher revenue.
Moreover, digitalisation fosters the development of innovative products and services that align with the evolving demands of today’s tech savvy customers. It also offers valuable insights into consumer behaviour.
Digital transformation is seen as a key enabler of growth for public services in Sri Lanka. Both the World Bank and IMF have recognised the importance of digitalising government services.
The government has reaffirmed its commitment to accelerating several digitalisation projects that previously faced delays, which augurs well for the future of public services in the country.
Q: In what ways should organisations diversify portfolios and cater to emerging markets?
A: Organisations should begin by conducting comprehensive market research to gain an understanding of the specific needs and preferences.
This research enables businesses to tailor their products or services to create genuine value for customers. And by doing so, companies can gain a competitive edge.
Moreover, collaborating with industry partners relevant to these goals will facilitate entry into new markets both locally and globally while also providing valuable industry insights through established networks.
However, successful diversification demands a carefully thought out strategic approach that balances both risk and opportunity.
Q: How do you foresee Sri Lanka’s tech landscape evolving in the next five years?
A: I believe the next five years will bring significant change to Sri Lanka, heavily influenced by the policies and strategies of the new government.
There is a strong sense of hope and anticipation that this period will mark a crucial turning point for the Sri Lankan economy, heralding a bright future.
Sri Lanka’s technology landscape is especially poised for great advancements, driven by increased investment and innovation. The new president’s vision of transforming the country into a regional technology hub is expected to accelerate the development of critical infrastructure, improve connectivity and unlock new business opportunities.
The country could emerge as a competitive player in the global IT outsourcing market, capitalising on its skilled and educated workforce to attract international clients and investments.
We can also anticipate greater integration of emerging technologies such as AI across various sectors, thereby enhancing operational efficiency and boosting service delivery.
And with a growing emphasis on sustainability, we may witness a shift towards green technologies and solutions, aligning with global trends in sustainable business practices.
Overall, the future presents promising opportunities for growth and innovation in Sri Lanka’s tech industry.
