A current industry study by Cognizant reveals that whilst most Asian firms had been rapid to respond to the pandemic, Indian firms weathered by way of the pandemic significantly greater than most of their regional and western counterparts. Only 36% of firms in India (compared to the regional typical of 44%) seasoned slightly damaging to a incredibly damaging influence on their small business functionality in 2020.
Cognizant’s Center for the Future of Work surveyed 4,000 senior executives (1,200 from Asia Pacific and the Middle East, which includes 160 in India) across 23 nations and 14 industries: BFSI, customer goods, education, healthcare (which includes each payers and providers), facts services, insurance coverage, life sciences, manufacturing, media and entertainment, oil and gas, retail, transportation and logistics, travel and hospitality, and utilities.
Key findings amongst Indian firms:
*Indian firms are most bullish on embracing digital approaches of working as 52% agreed the pandemic had accelerated the adoption of digital approaches of work practices.
* Indian firms at the moment create 12% of the total income from digital channels (highest amongst APAC nations). By the finish of 2023, they aim to take their digital-driven revenues to 17%.
*The top rated 3 forces that will have a powerful influence on work in India by 2023 are hyper-connectivity as billions of folks, machines, and devices turn into connected (49%), issues about safety and privacy relating to small business practices (46%), and course of action automation (44%).
* Top 5 expertise that will turn into more crucial in 2023: choice-producing (62%), analytical (54%), studying (55%), strategic considering (54%), and communication (54%).
* Top 3 technologies that firms are leveraging to augment small business processes are AI (40%), Sensors/ IoT (35%), and massive information/ analytics (35%).
“Although the digital revolution is 74 years old, it’s kicking into second gear now,” mentioned 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.”