ElGi Equipments’ CFO stresses on tech democratisation for digital transformation in air compressor industry

ElGi Equipments' CFO stresses on tech democratisation for digital transformation in air compressor industry

16th October 2023

The company created a digital as a function and is onboarding data scientists while strengthening IT infrastructure maintenance to support the digitalisation efforts.

ElGi Equipments Ltd's Chief Financial Officer, Jayakanthan R, has emphasised the significance of democratising technology in driving digital transformation within organisations. He stressed the need for companies to decentralise knowledge and technology, rather than solely relying on a singular digital or IT function.

"Democratisation of data, technology and encouraging people to use technology rather than running to one function for solutions is key for digital transformation," Jayakanthan said.

Talking about his role in digital transformation, Jayakanthan said he as CFO doesn't get much into the technological aspect of transformation but is rather focused on functional gains. The CFO highlighted being in the manufacturing sector it is fine if the company is a little late in catching up with the latest technology. "What's important is a reliable and accurate source of information," Jayakanthan told ETCFO.

ElGi digitalisation efforts

The finance veteran disclosed that ElGi Equipments continues to invest in its workforce and systems. The company created a digital as a function and is onboarding data scientists while strengthening IT infrastructure maintenance to support the digitalisation efforts.

Jayakanthan also spoke on the evolving role of CFOs, the growing importance of Environmental, Social, and Governance (ESG) initiatives, and how the Production-Linked Incentive (PLI) scheme is encouraging the manufacturing industry and eventually contributing to demand for compressors. When asked about the bold decision he had ever taken, he said that not sticking to core domain function was the bold decision that he took.