In a changing world, Nayar said that businesses need to change their mindset to stay relevant and find success.

"Innovation will not happen in isolation," he said. "Create an ecosystem of collaboration. Create valued experience for customers. Be solution-oriented and value-oriented."

"To rejuvenate your team, you have to invert the pyramid. Instead of employees being accountable to you, you be accountable to your employees."

"Don't just see your employees as human capital," he said. "Turn them into your P&L." (P&L is profit and loss statement--a financial statement that summarises the revenues, costs and expenses incurred during a specific period of time, usually a fiscal quarter or year.)