‘Connected Future: How Cloud Drives Business Innovation’, the IT services company’s global survey of 972 senior executives, found that innovation is a major driver of cloud investment. As many as 59 per cent of them said that cloud is crucial as a catalyst for innovation that will shape their organisation’s future.
Interestingly, more than a third of respondents (37 per cent) have made progress in their goals for cloud-enabled innovation in the form of new business models, underlining the growing power of cloud to drive new revenue.
Industry clouds or ‘vertical clouds’ are rapidly emerging as a fast path to acquiring greater business expertise and capabilities, with an overwhelming majority of respondents (73 per cent) reporting that they are already assessing, adopting, or using them in business today.
“Cloud is a frequent source of short-term ROI anxieties, but growth and transformation is a long game. Reconciling these two realities is a challenge and a necessity, but fully achievable with the right strategy and planning. This is critical because cloud is now the unifying digital fabric of every enterprise, fueling powerful technologies—from generative AI to edge and quantum computing—and is ushering the next wave of innovations now and into the future,” said Krishnan Ramanujam, president of Enterprise Growth Group at TCS.
The 2023 TCS global cloud study surveyed 972 senior executives at companies exceeding $1 billion in annual revenue from multiple sectors across Asia, Europe, and North America. A majority of the companies report annual revenues in excess of $5 billion.