Economist Impact survey of 2,000 business leaders, sponsored
by Cognizant, shows key challenges include competing priorities,
deriving value from technology investments, addressing a talent and
skills gap, and sustaining action on ESG
- Approximately 90% of respondents cited competing strategic
imperatives, including data-driven ways of working, digital
business models, and aligning operations with these new ways to
work.
- Over 60% of respondents are planning for or have already begun
adopting advanced technology such as quantum computing, blockchain,
and robotics. Yet nearly 50% claim they are not achieving
significant value from existing technology investments.
- Nearly half of respondents, approximately 46%, recognize they
lack the internal talent necessary to implement and utilize
advanced technologies.
- An overwhelming nine out of 10 respondents recognize attention
to Environmental, Social and Governance (ESG) issues is an
essential aspect of being a modern business; only 35% are currently
incorporating ESG into company strategy.
TEANECK, N.J., Aug. 2, 2022 /PRNewswire/ --
Cognizant today introduced The Future-Ready Business
Benchmark, research from Economist Impact, commissioned by
Cognizant. This comprehensive survey of business leaders across
eight industries and 10 countries is aimed at understanding the
state of the modern business and how leaders are preparing for
long-term success in a post-pandemic world. The research identifies
three essential interrelated areas that leaders must prioritize to
create a resilient, future-ready enterprise: 1) Realizing full
value from accelerated technology adoption, 2) overhauling
workforce strategies, and 3) closing the gap on thought and action
in the face of growing environmental, social, and governance (ESG)
challenges.
"Resilience is the new must-have capability for every
organization that expects to thrive in this time of intensifying
competition, ever-accelerating digital technology, and
unpredictable global events," said Euan
Davis, Head of Cognizant Research. "To succeed as a modern
business, leaders must be ready for anything, and prioritization is
key when everything seems equally critical. We've shown that savvy
technology investment, attention on developing talent with new and
expanded skillsets, and embedding and acting on an ESG agenda are
core elements of focus on which leaders can build. The successful
CxOs will build future-ready, resilient businesses by ensuring
their organizations learn, adapt, and continually evolve."
Economist Impact surveyed 2,000 senior executives in 10
countries across North America,
Europe, and Asia-Pacific to assess and compare their
businesses across a range of metrics.
Survey highlights include these insights:
- Strategic clarity is muddled. Over 90% of business
leaders surveyed say it is a strategic priority to adopt a
data-driven approach and create a digital-first business model,
with 37% citing both imperatives, along with the need to
align operations with these new modes of working, as "business
critical."
- Technology investment is accelerating beyond what has become
the standard shopping list of cloud, advanced analytics, IoT and
artificial intelligence/machine learning (AI/ML) even while
respondents say they are not yet realizing full value of existing
investments. In addition to these foundational
technologies, of which the vast majority of respondents, 80%, say
they have adopted or plan to adopt, there is a growing appetite for
an emerging set of technologies; over 60% of respondents say they
plan to or are already adopting quantum computing, blockchain, and
robotics.
- Workforce and talent management strategies need a major
overhaul to prepare workers for new ways of work. Nearly half
of respondents, at 46%, recognize they lack the skilled talent
necessary to make productive use of advanced technologies. When
asked about the biggest hurdles to implementing new processes,
products, services and technologies over the last 12 months, the
two most significant challenges were workforce-related: a lack of
knowledgeable staff and a chronic lack of focus on preparing
workers for the new ways of work. For example, just one-third, or
33%, of respondents are using data to identify and understand
training needs and cultivate talent.
- Business resilience is at risk for companies that recognize
ESG as a critical consideration but fail to take action to
integrate ESG throughout the organization. Nine in 10
decision-makers, or 90%, recognize attending to ESG issues is an
important aspect of being a modern business. However, there is a
massive disconnect between recognition and action, with only 31%
having dedicated staff and resources devoted to ESG, and only 35%
incorporating ESG into company strategy. A slight majority,
54%, report setting and taking action on specific environmental
targets, while only 44% currently measure social impact.
"Many businesses today are struggling to prepare for next month,
let alone years from now," noted Vaibhav
Sahgal, Principal at Economist Impact. "Firms genuinely
embedding principles of future-readiness from our Future-Ready
Business Benchmark into their operational realities will maintain
and grow their competitive advantage. Our data validated the fact
that it is particularly challenging to make progress on the matter
when juggling a vast array of often competing priorities. Our
guidance is to start where the gaps are most significant and dial
up the focus on people; the benchmark offers tangible calls to
action for businesses across countries and industries. A failure to
embrace the volatility that is here to stay, and prioritize
business plans and investments accordingly, puts your business at
the risk of losing relevance."
Study Methodology
The Future-Ready Business Benchmark,
research from Economist Impact, supported by Cognizant, examines
the state of businesses today in light of the needs of tomorrow. It
was developed through a rigorous process of research, expert
consultations, data collection and analysis. The benchmark reflects
a range of key considerations and measures of future-readiness for
multi-national firms from 10 developed economies and eight
industries, spanning the external environment, business
preparedness factors and current performance, and focused on
cross-cutting themes including firm fundamentals, talent,
technology and innovative ability, and ESG.
Read more about what it takes to be a future-ready
business here.
About Cognizant
Cognizant (Nasdaq: CTSH) engineers
modern businesses. We help our clients modernize technology,
reimagine processes and transform experiences so they can stay
ahead in our fast-changing world. Together, we're improving
everyday life. See how at www.cognizant.com or @cognizant.
For more information, contact:
U.S.
Jodi
Sorensen
jodi.sorensen@cognizant.com
|
|
Europe /
APAC
Christina
Schneider
christina.schneider@cognizant.com
|
|
India
Rashmi
Vasisht
rashmi.vasisht@cognizant.com
|
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