Cognizant’s global market survey suggests that the Indian companies have steered through the COVID-19 times more efficiently and smartly than many of their regional and western counterparts
In a recently conducted market study by Cognizant has revealed that while most of the Asian businesses were quick to respond to the pandemic – compressing many long-term digital projects into the space of weeks and months – the Indian companies weathered through the pandemic much better than most of their regional and western counterparts. The study finds that the Indian companies are most bullish on embracing digital ways of working as 52 percent of them (highest among APAC countries) agreed that the pandemic had accelerated the adoption of new, digital ways of working practices.
Only 36 percent of companies in India (compared to the regional average of 44 percent) experienced slightly negative to a very negative impact on their business performance in 2020. According to the study, businesses in APAC and the Middle-East have reached a point of clarity in terms of the real purpose of digital tools and made great strides in understanding what the human-machine balance of work should be.
“Although the digital revolution is 74 years old, it’s kicking into second gear now. The first phase saw the dominance of big tech giants in the west leading the global digital agenda. The second phase will be marked by AI, automation, analytics and IoT – all of which are more aligned with industry and business strengths in Asia Pacific. The work ahead will be all about striking a balance between machine-driven and human-centric work. Even when machines can do everything, it will still be people who are the ultimate X factor”, Manish Bahl, Assistant VP, Center for the Future of Work, APAC, Cognizant.
To understand the changing nature of work, commerce and success in this new world, Cognizant’s Center for the Future of Work surveyed 4,000 senior executives (1,200 from APAC region and the Middle-East, including 160 in India) across 23 countries and 14 industries including BFSI, FMCG, education, healthcare, information services, life sciences, manufacturing, media & entertainment, oil & gas, retail, transportation & logistics, travel & hospitality, and utilities.
Some of the key findings
Revenue from digital: Indian companies currently generate 12 percent of the total revenue from digital channels (highest among APAC countries). By the end of 2023, they aim to take their digital-driven revenues to 17 percent.
Human-centric skills will continue to gain prominence: Top five skills that will become more important in 2023 than they are today: Decision-making (62%), Analytical (54%), Learning (55%), Strategic Thinking (54%), and Communication (54%).
Three ways work will be transformed by 2023: Jobs to become more specialized (54%), we will work faster (50%), and work will require greater technical expertise (47%).
Top three technologies being invoked: AI (40 percent), Sensors/ IoT (35 percent), and big data & business analytics (35 percent).
Qaisar
