Digitization and Data-Driven Operations are Top Priority for 2024 – Survey
The top three strategic emphasis areas for respondents' firms were new business models, profitability and cash flow, and employee experience.
Digitization and Data-Driven Operations are a Top Priority for 2024 to be a future ready organization.
Changes in business dynamics and technological innovation drive organizations to update their business plans on an annual basis in order to become stable. Change is not a natural rule; it is a requirement of time; if nothing changes throughout time or focuses on the essentials for change, no one can survive for long.
Similarly, in order to be future-ready and maintain as a successful firm, organizations must prioritize top-influencing sectors. According to the TCS CXO survey, the top strategic areas for a future-ready organization in 2024 and beyond.
The TCS Thought Leadership Institute interviewed approximately 300 C-suite executives in Australia, France, Germany, the United Kingdom, and the United States in February 2023 for the TCS Future of Operations Survey.
The top three strategic emphasis areas for respondents’ firms were new business models, profitability and cashflow, and employee experience.
The survey identifies the top focus areas for large organizations, as well as critical enablers for future company operations.
Companies are realizing the importance of interconnected corporate activities in gaining a competitive advantage.
According to the report, 89% of respondents consider data-driven operations to be the most critical component in their organizations’ capacity to execute their main business priorities and drive profitability.
The survey also identified three other top enablers for a future-ready organization: technology harmonization (88%), business result focus (86%), and integrated operations (83%).
The report defined ‘Pacesetters’ as companies with above-average growth and revenue performance from 2018 to 2022.
When compared to all other respondents, pacesetters showed a stronger affinity for many of the key enablers of future-ready operations, particularly leveraging ecosystem partnerships; simplifying and modernizing their technology landscape; blending process, domain, and technology; and harmonizing multiple technologies.
“The survey confirms our belief that enterprises should first look at making their operations future-ready,” said Ashok Pai, Global Head, Enterprise Cognitive Business Operations, TCS.
“Embracing the four key enablers – a digital and data-driven foundation, technology harmonization, business outcome focus, and integrated operations can allow companies to derive superior business outcomes, be more agile, innovative, and achieve competitive advantage,” stated Ashok Pai.
As interest in artificial intelligence grows, the survey asked respondents what variables contributed to successful AI implementations. 89% mentioned quality data and governance, while 87% mentioned a clear business charter. Surprisingly, 81% of respondents felt that reducing action bias — or fear of missing out (FOMO) — is moderately or highly critical for effective AI technology implementations.
Respondents worked in the following industries: lodging and food services, banking and finance, insurance, communications, media, and information services, energy and utilities, healthcare and life sciences, manufacturing, technology, consumer packaged goods, and retail.
Tata Consultancy Services (TCS) released the findings of the TCS Future of Operations Survey, which interviewed more than 300 C-suite executives across industries in Australia, France, Germany, the United Kingdom, and the United States to determine their strategic goals for 2024.
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