A large number of CEOs in India are increasingly realizing the importance of digital transformation and underlying technologies required to implement it. Infact a recent survey by KPMG has revealed that nearly 88% CEOs in India personally lead tech strategy of their companies from an enterprise Vision Mission Growth objective.
We bring you an insider’s story from our experience as an IT partner over why this disruption is taking place in the present context in a dynamic market like India where almost 66% of CEOs believe there is still tremendous scope for them to improve their understanding of customers even better.
They have started to identify climate change, territorialism and disruptive technology risks as the top three threats to an organization’s growth and are keen to have the best in place tech strategy in organization to keep prepared at bay from all fronts of contingencies.
There are also factors like Digital reinvention leveraging advanced technologies and up-skilling workforce which are top priorities for CEOs in India and according to KPMG India’s fifth annual CEO Outlook for 2019 released for the second year in a row CEOs in India have identified
- Climate change (23%),
- Return to Territorialism (17%) and
- Emerging/ Disruptive technology risk (17%)
as the top three threats to their organization’s growth, according to the survey This is in line with the views expressed by CEOs globally. Almost 67% CEOs say agility is the new currency of business and that if they don’t adapt to it their business will become irrelevant. Furthermore technology continues to be a strategic priority for CEOs in India as they still lag behind CEOs globally in the implementation of leading edge technologies. An overwhelming 88% CEOs in India and almost 85% CEOs globally have taken it upon themselves to personally lead the technology strategy of their companies due to the aforesaid points. CEOs in India are also increasingly realizing importance of digital transformation and underlying technologies required to implement it. About 92% of CEO’s expect significant return on investment (ROI) from their firm’s overall digital transformation programme within the next three years and we envision to add more firms in our feather cap as a enterprise it partner.
Infact Artificial intelligence (AI), Cloud technologies and new digital capabilities such as advanced data visualization and ability to hyper code are some of the areas which interest CEOs largely in India. There is also a growing expectation among CEOs in India that the ROI from AI is going to be significant in the short-term, with none of the CEOs surveyed in India saying that they have not implemented any form of AI in the organization. Having said that only 4% CEOs in India have implemented AI to automate their processes while 61% CEO’s have already started limited implementation for specific processes. Regarding cloud-based solutions 78% of CEOs are much more confident of the increasing use of cloud technology than they have ever been in the last three years and are less concerned about migrating all of their business data to the cloud.
Around 51% CEOs in India intend to upskill more than half of their current workforce in new digital capabilities while 34% CEOs in India have said that modernizing the workforce by adopting lean, intelligent automation and skills on demand is the top strategy to ensure future readiness for the future and we are keen to partner with enterprises on this move. Amidst digital transformation a majority of the CEOs in India said their organization sees information security as a strategic function and a source of competitive advantage. Moreover it comes as no surprise that the number of CEOs in India who identify themselves as being well prepared for cyber attacks have almost doubled in the past one year.
An increasing number of them also agree that becoming a victim of a cyber-attack is now a case of ‘When’ and not ‘If’ increasing from 33% in 2018 to 55% in 2019. About 74% of CEOs in India also believe that a strong cyber strategy is critical to engender trust with key stakeholders. Hence, they clearly see cybersecurity as more than just a defensive capability and a critical factor in becoming a dynamic and resilient organization. There is also a greater need for CEOs to act with agility today given their average tenure has reduced to about 5 years even as challenges and responsibilities have grown multi-fold. In India about 66% of CEOs believe that there is still tremendous scope for them to improve their understanding of customers. CEOs in India also act as identify protecting customer’s data which has increased from 46% to 71% in the past one year to gain customers trust and loyalty. Similarly 72% CEOs globally identify protecting customers’ data as an important responsibility wherein CEOs heavily rely on their own expertise and insights to provide customized solutions to their customers. In fact, 74% of them disregard data-driven insights because they found those to be contrary to their own experience or intuition and we have a word of advice to them.
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