Tata Communications today unveiled a report that finds 90% of enterprises are yet to achieve their digital-first goals with 49% admitting that cyber security is the top priority for their business.
The report, the firm said, “also brings to light, 45% of enterprises lost productivity during the crisis due to problems of connectivity and 41% enterprises attribute the shift to digital-first operating models for maintaining market share during the course of the pandemic.”
The survey was conducted among business leaders across 750 enterprises in 11 countries and classifies them into three distinct categories as per their digital maturity stage:
Digital Trailblazers: Only 10% enterprises have the most advanced digital operating models, connectivity platforms and strategies ensuring secure and trusted operations. 63% of them attribute revenue growth to their digital-first strategy.
Digital Migrants: 52% of enterprises have limited digitalization in their business, but still need to improve in several areas of digital capability.
Digital Aspirants: 38% of enterprises are at a nascent stage of digitalizing their business and have been unable to achieve growth due to lack of digital maturity.
"A digital-first operating model is a must for enterprises in the new world order,” said A.S Lakshminarayanan, Tata’s managing director and CEO. “As economies open, trust and security are core to the competitiveness and agility of enterprises seeking growth. The scale of digitalization will be the new barometer of success for enterprises irrespective of its size or industry.
Entitled Leading in a Digital-First World; Enabling Success with the Right Mindset, Ecosystem and Trust, the report recommends that organizations adopt three specific strategies:
- Commit to a digital-first operating model: 44% were not successful in delivering a digital-first operating model for their ecosystem. “To address this, real benefits of digital transformation require organizations to go far beyond shifting some business processes online. They need a coherent digital operating model that over time reimagines every core channel, process and service offering to maximize the digital opportunity.”
- Create quality user experiences with a hyperconnected ecosystem: 91% of enterprises admit that they are not able to provide high-quality digital experiences for their customers, employees and business partners. “They concur to having only a patchwork of different digital strategies and processes across their organizations. To move up the value chain, a digital-first strategy focusing on agility, control and security is critical. Enterprises must move away from legacy processes and embrace 'being hyperconnected' and delivering high-quality, secure and frictionless collaboration for all stakeholders across the entire ecosystem.”
- Central to a digital-first business is security and trust: 49% of enterprises affirm cyber security to be the most important aspect of their digital strategy to continually improve and 34% of enterprises rate themselves poorly at delivering an agile operating model. “This is a stumbling block on their ability to innovate and adapt faster than their competition. As cyber threats and regulatory demands gain centre stage in the new world enterprises must continue to win trust, businesses must stay vigilant and invest proactively to safeguard all stakeholders.”
“The current shift to digital-first operating models is a defining moment in the evolution of businesses and rethinking the new world,” authors of the report state. “A digital-first strategy enables secure, connected and digital experiences. The sooner organizations start to accelerate their digital transformation journeys up the digital maturity curve, the more likely they are to empower themselves for the new digital era.”
The full report can be accessed here.