Global business leaders belief that massive digital opportunities abound over 5 years
A survey of 1,200 CEOs and senior executives reveals a sharp divide in the digital strategies of better performing companies (Leaders) versus the laggards (Followers), including unexpected insights such as — 80% of Leaders are more willing to collaborate with competitors compared to Followers (23%).
The survey, ‘Where, How and What Leaders Will Compete With in the New Decade: Findings from the TCS 2021 Global Leadership Study’, is by Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting, and business solutions organization.
Specifically, it explores how management teams across the world are striking a balance between innovation and optimization in four areas — digital strategies, digital offerings, digital ways of conducting business and leadership approaches.
“Senior executives are always challenged to lead their organizations forward to be more competitive, and increasing digitization only accelerates that momentum,” Krishnan Ramanujam, Business Group Head, Business & Technology Services, TCS, said in a release on the survey on 1 Sept 2021 from New York and Mumbai.
“This study captures the pulse of global business leaders and their nearly ubiquitous belief that massive digital opportunities abound in the next five years and their company culture must embrace an innovation mindset,” said Ramanujam.
“At TCS we use our 3-Horizon Purpose-Led Transformation framework to help organizations embrace innovation in a way that helps them compete more effectively.”
Key findings of the study include:
Innovation was ranked as the most important aspect of organization culture, followed by Diversity, Inclusion and Equal Opportunity (#2), Quality Orientation (#3), and Customer-Centricity (#4).
Leaders ranked Customer-Centricity as the top cultural priority, above Shareholder Value, while Followers ranked it number 6, indicating that higher-performing companies embed a ‘customer first’ mindset across the organization.
By 2025, respondents believe 41% of their revenue will come from new offerings. Within that, Leaders expect 44% revenue from new offerings, while Followers expect 40%.
The respondents projected that by 2025, 46% of their revenue will come from purely digital products or services. Leaders expect it to be even higher – 56%.
When asked where they need to more effectively use data, respondents ranked Digital Marketing Campaigns first, followed by Sales Initiatives and Customer Service, suggesting that their companies need to improve the way customer data is used to create demand and improve customer experience.
The report also offers data-based recommendations to help shape the strategy of forward-thinking executives on how to take their organizations to higher performance.
TCS’ 2021 Global Leadership Study surveyed more than 1,200 CEOs and senior executives from a range of industries including (but not limited to) retail, manufacturing, insurance, banking and financial, healthcare and more, from four regions across the globe—North America (US, Canada); UK, Europe (Germany, Netherlands, France); APAC (India, Singapore, China, Australia, New Zealand, Japan); and LATAM (Colombia, Brazil, Mexico). Respondents’ companies had annual revenues over $1B, with an average revenue of $14B.
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India’s largest multinational business group, TCS has over 500,000 of the world’s best-trained consultants in 46 countries. #investment #technology #economy /fiinews.com
