GE Capital started its operations in India in 1993 and is one of the leading non-banking financial companies in the country. Last year, it brought together its consumer finance and commercial finance businesses. During this process, the business went through a transformation in terms of the products that needed support and the ones that were to be discarded. These decisions were made instantaneously.

“Being a financial services company, any change in the business mix, strategy or focus areas needs to be preceded or followed-up by changes in the IT environment. Post this decision of integration, our technology infrastructure has undergone some major changes and work is still underway,” says Raghvendra Vaidya, CIO, GE Capital India.

For example, the IT team is currently running a project to consolidate lending platforms for both consumer and commercial finance businesses. The initiative is driven with the focus of creating scale that can be managed effectively from cost and efficiency standpoint. The platform also aims to define the company’s go-to market strategy.

Vaidya adds that when any business is in a phase of a new product introduction or NPI, the features of the product are defined by business users and invariably the relating solutions for the product is deployed by IT. He cites an example of launching a new credit card, which offers a different value proposition for users. The marketing team would introduce the product to the business and IT would be a part of the discussion.

“In such a scenario, IT has to decide and put forth its view on how it can support the product at a reasonable cost and within the requisite timeframe. Technology is instrumental in how NPI shapes from the concept stage till the product is rolled out and it is very true for our consumer side of business,” says Vaidya.

Such discussions at GE Capital are a regular feature where the IT team adds value to the business by suggesting solutions through which the product can be modified and made better. These suggestions could either be related to offer a better value proposition to the customer or better operating efficiencies or it might just be a quick way of getting the product in the market.

However, Vaidya is quick to add that some challenges arise when IT plays a proactive role in the business and the foremost amongst them is the resistance to change. He advises CIOs to show maturity in ensuring that this resistance is mitigated by developing processes that are beneficial to the overall business.

Vaidya agrees that IT will have to play a key role in change management. CIOs need to enable business and transition themselves as a partner with other business leaders and help them either realise their numbers or plans through the right use of technology or both.

“As IT leaders, we have a unique advantage of working across functions, and have a better understanding of the business than our other peers in the organisation. Technology as a function has to move from becoming an enabler to becoming a partner in growth,” says Vaidya.