A recent market study by Cognizant reveals that while most Asian businesses were quick to respond to the pandemic, Indian companies weathered through the pandemic much better than most of their regional and western counterparts. Only 36% of companies in India (compared to the regional average of 44%) experienced slightly negative to a very negative impact on their business performance in 2020.
Cognizant’s Center for the Future of Work surveyed 4,000 senior executives (1,200 from Asia Pacific and the Middle East, including 160 in India) across 23 countries and 14 industries: BFSI, consumer goods, education, healthcare (including both payers and providers), information services, insurance, life sciences, manufacturing, media and entertainment, oil and gas, retail, transportation and logistics, travel and hospitality, and utilities.
Key findings among Indian firms:
*Indian firms are most bullish on embracing digital ways of working as 52% agreed the pandemic had accelerated the adoption of digital ways of work practices.
* Indian companies currently generate 12% 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%.
*The top three forces that will have a strong impact on work in India by 2023 are hyper-connectivity as billions of people, machines, and devices become connected (49%), concerns about security and privacy relating to business practices (46%), and process automation (44%).
* Top five skills that will become more important in 2023: decision-making (62%), analytical (54%), learning (55%), strategic thinking (54%), and communication (54%).
* Top three technologies that companies are leveraging to augment business processes are AI (40%), Sensors/ IoT (35%), and big data/ analytics (35%).
“Although the digital revolution is 74 years old, it’s kicking into second gear now,” said Manish Bahl, assistant vice president, Center for the Future of Work, Asia Pacific, Cognizant. “The first phase saw the dominance of big tech giants in 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 Apac.”
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