1 min read.Updated: 02 Sep 2021, 06:42 PM ISTLivemint
To succeed in a far more digital world, senior leaders believe they must drive their companies to be more customer-centric and innovative than by focusing on shareholder value
Senior leaders see growth over the next four years to come from new digital offerings, entry into new markets organized along cross-industry “digital ecosystems" and more collaboration with new competitors in those ecosystems, according to a TCS 2021 Global Leadership Study.
To succeed in a far more digital world, senior leaders believe they must drive their companies to be more customer-centric and innovative than by focusing on shareholder value.
“In an increasingly digital business environment, senior leaders believe many new areas of their organization to be vulnerable to cyberattacks beyond the IT function," the study said.
Despite predicting far greater digitization of their businesses and the marketplaces in which they will compete by 2025, most senior leaders believe that optimizing what they are doing today will be more important than embarking on far-reaching innovation in strategies, offerings, business processes and leadership approaches.
The more than 1,200 senior executives surveyed across 16 sectors estimated that, on average, 39% of their companies’ revenue last year came from purely digital products or services. When asked what that percentage would be by 2025, they projected an average of 46% of revenue.
The study revealed that the biggest difference between “leaders" and “followers" is in strategy: 45% of “leaders" prioritized innovation in strategy compared to only 38% of “followers". On average, a greater percentage of “leaders" appeared to be willing to look more boldly at launching or buying new businesses to enter new markets.