November 30, 2020 - Comments Off on The Role of Women in Digital Transformation
Author Aditi A Kashyap
Today, the word 'digital' is part of our collective DNA. Digital technology, digital media, digital marketing, digital transformation, everyone, and everything is digital. The rapid mortality rate of companies in the digital age is nothing short of shocking. More than 50% of global fortune 500 companies have fallen off the list since the year 2000 because of digital disruption.
Digital touches every aspect of our lives. Everything that can be digitized is being digitized, and to survive in the digital world, every individual needs to respond in an accelerated fashion to stay relevant. However, various studies have shown an imbalance in the contribution between men and women in honing digital skills or leading digital initiatives.
When it comes to leading digital transformation initiatives, according to research by KPMG, globally, 48% of female leaders are comfortable with cutting-edge technologies such as AI, machine learning, and Blockchain. It's baffling to see that women hold only 5% of leadership positions in the technology industry. Research shows that more diversity leads to better decision-making, leading to better production of innovative products and services. If the disparities are stark, then it is difficult for women to lead the way. Organizations that empower their people with more relevant skills training create an environment where women can advance more quickly.
What does it take to develop female digital leaders?
Increase in female role models
There is a shortage of female role models that women in tech can look up to. The world's first programmer was Ada Lovelace, and little do we know about her. The likes of Steve Jobs, Mark Zuckerberg, Elon Musk, Bill Gates are the face of the all-male tech industry. This calls for improving gender balance as an urgency. Although the shift may take a while, it will ultimately create role models for aspiring generations of women looking for challenging careers.
Enabling women to develop business and entrepreneurship skills
Women possess superior social skills that can result in attractive entrepreneurial rewards in the digital age. Such social skills feature predominantly in jobs that women excel in and include competencies such as a heightened sense of responsibility towards the wider community, greater empathy, more effective communication, and a greater willingness to adapt to changing circumstances. Becoming a digital leader is about providing coding and digital marketing skills and using these skills to create and capture business opportunities.
Funding women tech entrepreneurs
Getting capital to female-led start-ups is a challenge. If the goal is to see more successful tech start-ups led by women, it may not be enough to encourage women to become digital leaders. India is currently ranked 70 out of 77 nations on the Female Entrepreneurship Index. "Only 2% of venture funding goes to women-led enterprises, and the gender disparity in this space is only growing", says Chaitra Vedullapalli, the founder of Women in Cloud (WIC), a community-led initiative to support and promote women technology entrepreneurs. Source: EconomicTimes
The sixth economic census released by the Ministry of Statistics and Programme Implementation (MoSPI) highlights that women constitute around 14% of the total entrepreneurship in India. India is seeing a revolution concerning women entrepreneurs. Source: Business Standard
It's heartening to see how some women are taking over the digital space and have encashed various opportunities to build new ideas.
Suchita Salwan is the founder of Little Black Book (LBB)- a local discovery digital platform. With an audience across age groups and areas of interest, LBB offers an online guide covering a broad spectrum of interests that include food, events, travel, adventure, lifestyle, and shopping, among other things.
Another example in this regard is Falguni Nayyar, who started Nykaa.com. Nykaa has captured India's beauty and wellness market, offering a vast catalog of beauty products at millions of Indians' doorsteps. From bringing the consumers their favorite brands and keeping them up-to-date with the latest beauty trends, expert advice and videos, to more than 68 Luxe and On-Trend Stores, an ever-growing online community for beauty buffs, and a Beauty Helpline, Nykaa goes out of their way to give consumers only the very best in the beauty and wellness space. Source: Yourstory
The digital revolution has opened a plethora of opportunities for men and women to shine alike. The high penetration of the internet and social media is allowing more and more women to conceive financial independence and profitability. The rise of digital will completely eliminate the present gender disparities with women harnessing more opportunities to lead in the digital world.
KNOLSKAPE is one of the fastest-growing experiential learning tech companies in the world. KNOLSKAPE accelerates employee growth and Development using an award-winning portfolio of simulations and in-depth talent analytics. KNOLSKAPE is a 110+ strong team with ofﬁces in Singapore, India, Malaysia, and USA serving a rapidly growing global client base across industries such as banking and ﬁnance, consulting, IT, FMCG, retail, manufacturing, infrastructure, pharmaceuticals, engineering, auto, government and academia. KNOLSKAPE is a global Top 20 gamiﬁcation company, recipient of Brandon Hall awards, and has been recognized as a company to watch for in the Talent Management Space, by Frost & Sullivan, and as a disruptor in the learning space, by Bersin by Deloitte.
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