TCS: 90% of companies committed to digital transformation

By Paddy Smith
Tata Consultancy Services (TCS) found companies who were digitally advanced before the pandemic suffered fewer losses and are more confident of recovery...

Fewer than a third of companies are digitally prepared, but nine out of 10 are committed to digital transformation. Those are the findings of a study of almost 300 senior business leaders from large companies, acccording to Tata Consultancy Services (TCS) .

Comparing the fortunes of companies who had ‘advanced digital capabilities’ (dubbed ‘leaders’) with those who were lagging (‘followers’), TCS found that digital transformation was not only closely correlated with minimised revenue damage from Covid-19, but also to conf

dence in post-pandemic recovery.

“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 at 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.”

Spending shifts in digital transformation

In a report entitled Digital Readiness and Covid-19: Assessing the Impact , researchers found that 90 percent of organisations had maintained or increased their digital transformation budget, and that spending shifts in technology had been directed towards collaboration, cybersecurity, cloud technologies and advanced analytics.

Unsurprisingly much of the expenditure was focused on a seven-fold increase in homeworking (a trend many companies expect to continue in the medium term), customer experience (CX) solutions and higher levels of business automation.

Share

Featured Articles

NTT Brings AI and Data Innovation to the Indianapolis 500

NTT is harnessing cutting-edge technologies like AI and data analytics to revolutionise how the Indianapolis 500 race is competed and experienced by fans

Salesforce & IBM Partnership to Drive AI, Data Deployment

IBM and Salesforce's expansion of their partnership shows how watsonx’s is making inroads in enterprises across sectors

FC Barcelona & Fortinet: Cybersecurity Takes Centre Stage

Fortinet is deploying its Security Fabric platform as part of a partnership with FC Barcelona, aimed at providing cutting-edge cybersecurity

Google Cloud Generative AI Ops Drives Enterprise AI Adoption

AI & Machine Learning

How Publicis Sapient Helps Your Digital Transformation

Digital Transformation

How Google Cloud is Providing a Launchpad for Women in Tech

Cloud & Cybersecurity