Chennai: Sixty per cent companies around the globe expect their growth to be in double digits in the next three years, a study has said.
Revealed by leading IT firm Tata Consultancy Services, the study, titled ‘Winning in a Business 4.0 World’, surveyed senior business decision makers from more than 1,200 large enterprises spanning 11 industries and 18 countries.
According to the study, large companies adopt four critical business behaviors, such as – driving mass personalisation, creating exponential value, leveraging ecosystems, and embracing risk to deal with the 4.0 world.
More than eight out of ten (82 per cent) companies or ‘Early Adopters’ have embraced one to three of the behaviors, with mass personalisation being the most prevalent (78 per cent), said the report.
European businesses accounted for the most number of Leaders, followed by Asia Pacific and North America, when adjusted for the respondent mix, it added.
Mass personalization is the most familiar behavior to business leaders, and according to the report, more than three-quarters (78 per cent) of all survey participants claim they can customize experiences at individual transactions.
Embracing risk is touted to be the most difficult behavior, according to the study, for many organisations to adopt. Almost seven out of ten (68 per cent) organisations have not introduced agile practices widely – integral to embracing risk in establishing a culture that is conducive to transformation, the report says.
One-third (33 per cent) of all survey participants said they plan to transform their business model within one year to embrace risk, and 47 per cent plan to do so in the next three years, it added.
“The study reveals a strong link between Business 4.0 maturity and technology adoption. Leaders are more likely than other participating companies to have driven digital growth and realized double digit revenue gains,” said CTO, TCS, K Ananth Krishnan.
“Successful business transformation journeys require a fundamental mindset shift from the top, with senior leaders driving digital behaviors forward within their organisation and overcoming perceived business or cultural challenges,” said global head, Business and Technology Services, TCS, Krishnan Ramanujam.