Cos must gear up to meet IT trends

The prominence of information technology is making the concept of the regulator "irrelevant", while self-regulation would be the order of the day, according to Reserve Bank of India deputy governor, V Leeladhar.

"As IT gains prominence, government will be changing its role from regulator to facilitator enabling organisations to adapt with the changing environment," Leeladhar said after inaugurating a four-day national IT convention, 'IT++: The Next Generation', organised by Computer Society of India's Mumbai chapter in Mumbai on Wednesday.

However, there should be proper governance, which should also be people friendly, he opined.

A convergence of services by major companies should take place to offer services, which is in line with the developments taking place due to the IT revolution, he said adding, that companies need to re-orient their business processes to meet the IT challenges.

"They need to implement efficient and effective solutions utilising the best technology," he added.

The RBI deputy governor also pointed out several challenges a organisation faces due to the advent of technology, including death of distance, changing trends in businesses and human resources among others.