Cloud, Cybersecurity, & Modernization Will Power Digital Economy: Infosys-HFS Research
Home grown IT solutions major Infosys and HFS Research announces the findings of their combined research analysis focused on the impacts of the COVID-19 pandemic on businesses across industries. The market study titled, ‘Nowhere to Hide: Embracing the Most Seismic Technological and Business Change in our Lifetime’ divulges that a large number of organizations have accelerated the adoption of automation, digital business models, and the hyper-scale cloud to respond to customer needs quickly and competitively.
The report also sheds light on corporate mindset hosting a paradigm shift by advocating change and digitizing businesses. Infosys-HFS Research proclaims that while coming up with the report they have surveyed 400 Global 2000 executives to understand how businesses can survive and thrive in the economy riddled with the pandemic.
The study spotlights the way the emergence of dynamic digital organizations powered by technology has opened avenues for rapid progression and business growth. The report further highlights the increased interest of business leaders in digital transformation towards redefining existing business models and exploring new ways of uniting people, data, and processes to create value for their customers. The Infosys-HFS Research also cites strategies implemented by successful companies in various industries (G2K) to survive and thrive in the post-pandemic economy as examples.
Key Findings published by the report:
Bigger impact: Almost 70 percent of respondents believe that COVID-19 will have a bigger impact than the 2008 downturn with budgets, supply chains, employee availability, and customer intimacy being impacted the most.
Businesses that will thrive: The public sector, banking, insurance, healthcare, life sciences, and the high-tech industry respondents are relatively confident as they see emerging opportunities for making appropriate investments amid the crisis.
Protecting the business: At least 65 percent of respondents are insulating their business from volatility by building diverse customer pools and investing in an agile business model.
Digitize and Adapt: Over 60 percent of enterprises plan to accelerate their digital transformation initiatives and over 70 percent plan to change their product and service portfolio to drive greater customer value.
Critical IT investments to compete: Investing in creating a virtual, secure, and cloud-enabled IT environment that enables remote working at scale (virtualization, collaboration, security). Investments in the cloud, cybersecurity, and modernizing core IT apps and infrastructure are at the top of the priority heap.
Enterprises expect to increase their spending the most on business and digital consulting, followed by IT infrastructure services (including cloud). They expect the demand for IT and business process services to pick up to serve the dual purpose of driving digital while saving cash
Unleash your people to thrive. Nearly 90 percent of organizations realize they need to reposition to unleash people in the new reality. Post-COVID, working arrangements will change dramatically. Only 37 percent prefer a return to an office-based environment. The work culture will evolve from siloed working to interdisciplinary collaboration.
Commenting on the Occasion, Pravin Rao, Chief Operating Officer, Infosys, said, “Post-COVID, we have witnessed accelerated scaling of digital across most enterprises. The strategic investment in cloud, cybersecurity, and modernization is not only helping businesses sharpen their focus on end-to-end customer journeys but also enabling them to do a lot more with much higher agility. With so much at stake to drive customer centricity and productivity, investment in employees and ensuring their well-being is of paramount importance. In a distributed work environment such as today, employees are an important centerpiece within the companies’ strategy framework and therefore, it is imperative for organizations to see how the hybrid work model can be made more effective, productive, resilient, and secure.”