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By the end of 2023, companies aim to take their digital-driven revenues to 17%.. (Photo: iStock)
By the end of 2023, companies aim to take their digital-driven revenues to 17%.. (Photo: iStock)

Indian companies most bullish on embracing digital: Cognizant study

  • The top three forces that will have a strong impact on work in India by 2023 are hyper-connectivity (49%), concerns about security and privacy (46%), and process automation (44%)

BENGALURU: Indian companies are most bullish on embracing the digital, with 52%, the highest among Asia Pacific countries, agreeing that the pandemic has accelerated the adoption of new, digital ways of working practices, as per a Cognizant study.

The study by Cognizant’s ‘Centre for the Future of Work’ revealed that the revenue from digital is highest among Indian companies which currently generate 12% of the total revenue from digital channels, the most among Asia Pacific countries. By the end of 2023, they aim to take their digital-driven revenues to 17%.

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The top three forces that will have a strong impact on work in India by 2023 are hyper-connectivity (49%), concerns about security and privacy (46%), and process automation (44%).

Only 36% of companies in India, compared to the regional average of 44%, experienced slightly negative to a very negative impact on their business performance in 2020. According to the study, businesses in Asia Pacific and the Middle East have reached a “point of clarity" on the real purpose of digital tools and in understanding what the human-machine balance of work should be.

The study surveyed 4,000 senior executives, including 1,200 from Asia Pacific and the Middle East and 160 from India across 14 industries. The objective of the study was to gain insights into how organisations worldwide are gearing up for the second act of digital and why Asia seems to be leading the charge.

The top five human skills that will become more important in 2023 than they are today include decision making (62%), analytical (54%), learning (55%), strategic thinking (54%), and communication (54%).

The top three technologies that companies are leveraging to augment business processes are artificial intelligence (40%), sensors/ internet of things (35%), and big data/ analytics (35%).

The study revealed that the top three tasks that machines will pick up by 2023 are sifting large data sets to filter and identify errors or actionable items (25%), evaluation of options/recommendations to take decisions (23%), and execution of routine, rules-based decisions based on data inputs (23%).

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