TCS Global Survey Finds 90% of Large Enterprises are Maintaining or Increasing Digital Transformation Budgets Amid COVID-19
Tata Consultancy Services (TCS), a leading global IT services, consulting and business solutions organization, announced the findings of its global survey titled, “Digital Readiness and COVID-19: Assessing the Impact,” revealing that 90% of organizations are maintaining or increasing their digital transformation budgets amid the pandemic.
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The global survey engaged almost 300 senior business leaders from large enterprises – 97% with revenue above $1 billion and 44% above $10 billion – spanning 11 industries across North America, Europe and Asia. Six digital capabilities were identified as critical factors in companies withstanding the pandemic:
- End-to-end digital customer experience (CX)
- AI-based analytics to continually improve the CX
- Core enterprise systems in the cloud
- Highly automated core business processes
- Digital sensors tracking products
- Key partnerships in digital ecosystems
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The analysis compared organizations that had more advanced digital capabilities in place prior to COVID, referred to as “leaders,” with those that had fewer, if any, in place, known as “followers.” The study showed that fewer leaders (64%) have seen their revenue decline, compared to followers (73%). Moreover, leaders had better business visibility and a more confident outlook, with 74% of them expecting revenues to bounce back within two years, compared to 54% of followers.
“Before the pandemic, companies’ digital capabilities were rapidly becoming central to their success and business transformation initiatives. However, our study revealed how several enterprises were not as far along in developing a digital backbone as they hoped,” said Rajashree R, Chief Marketing Officer, TCS. “Companies that had embraced digital transformation more whole-heartedly performed better during the pandemic and expect a faster rebound, whereas others are now focused on making necessary investments and racing to catch up.”
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