Almost 70 per cent of respondents of a international marketplace study think that COVID-19 will have a larger effect than the 2008 downturn with budgets, provide chains, employee availability, and buyer intimacy becoming impacted the most.
The joint study by HFS Research and Infosys revealed that 51 per cent organisations think about remote function or hybrid workforce model to be the way forward
Cloud, cybersecurity, and modernisation will energy digital enterprise models and elevated IT spending, it located.
The study titled, ‘Nowhere to Hide: Embracing the Most Seismic Technological and Business Change in our Lifetime’, focused on how the COVID-19 pandemic has impacted companies across industries, an Infosys statement stated on Thursday.
It revealed that several organisations have accelerated the adoption of automation, digital enterprise models, and the hyper-scale cloud to respond to buyer requirements immediately and competitively. The report also brought to fore a shift in corporate mindset to advocate transform and digitise companies.
For the study, HFS Research, in partnership with Infosys, surveyed 400 Global 2000 executives to comprehend how companies can survive and thrive in the economy riddled with the pandemic.
According to its crucial findings, the public sector, banking, insurance coverage, healthcare, life sciences, and the higher- tech business respondents are reasonably confident as they see emerging possibilities for generating proper investments amid the crisis.
“At least 65 per cent of respondents are insulating their business from volatility by building diverse customer pools and investing in an agile business model,” the report noted.
Over 60 per cent of enterprises program to accelerate their digital transformation initiatives and more than 70 per cent program to transform their item and service portfolio to drive higher buyer worth.
Investing in developing a virtual, safe, and cloud- enabled IT atmosphere that enables remote functioning at scale (virtualisation, collaboration, safety). Investments in the cloud, cybersecurity, and modernising core IT apps and infrastructure are at the leading of the priority heap.
Enterprises anticipate to enhance their spending the most on enterprise and digital consulting, followed by IT infrastructure solutions (such as cloud). They anticipate the demand for IT and enterprise approach solutions to choose up to serve the dual objective of driving digital whilst saving money.
Nearly 90 per cent of organisations realise they require to reposition to unleash men and women in the new reality. Post- COVID, functioning arrangements will transform significantly. Only 37 % choose a return to an workplace-primarily based atmosphere. The function culture will evolve from siloed functioning to interdisciplinary collaboration.