TCS urges businesses to embrace Digital Reimagination, following launch of latest Global Trend Report
Mumbai, 28 July 2014: As we enter the Digital Consumer Economy, enterprises are recognizing the importance of digital initiatives to their success. Businesses seeing the greatest returns from their digital initiatives, Leaders1, have one unified strategy that guided all their digital initiatives, according to the latest Global Trend Report2 from Tata Consultancy Services (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions organization.
The report, titled ‘The Road to Reimagination: The State and High Stakes of Digital Initiatives’, surveyed over 800 global corporations3 about their investment in digital to date, the return on investment they have seen and their expectations for the future. As we enter the Digital Consumer Economy, the study explores how Global 2000 companies are using five transformative technologies – Big Data and analytics; cloud computing; mobile and pervasive computing; social media; robotics and Artificial Intelligence (AI) – to move towards Digital Reimagination; changing their core business models, products and services, business processes and workplaces.
Commenting on the findings, N Chandrasekaran (Chandra), CEO, Tata Consultancy Services said: “The world economy is in the midst of a tectonic shift from the Internet Economy to the Digital Consumer Economy. Five key digital technologies are driving this shift; Big Data and analytics, cloud computing, mobile and pervasive computing, social media, and robotics and Artificial Intelligence. Individually, these technologies are undoubtedly powerful but, when combined, they have the potential to fundamentally change how enterprises develop products, market themselves and engage with customers across every major industry.”
However, with so much at stake, it is vital that businesses focus their activities in this space on the right business objectives. It is clear that this approach is the best way to maximize return on investment and, although this can be difficult, the businesses that can do so will be well placed to survive and thrive in the new digital-led economy.”
Key findings from the report include:
Digital Leaders have one plan for the Digital Consumer Economy
Delivering customer insights is the top priority
Digital Reimagination is most urgent for companies with the highest digital intensity
Chandra added: “Our report shows that enterprises recognize the importance of digital initiatives, 70 percent. As demonstrated by the digital leaders we spoke to, enterprises investing in digital activity will do best putting their energy behind one focused digital strategy, moving towards Digital Reimagination.”
3 820 executives were surveyed in total from large businesses across 13 industries in North America, Europe, Latin America and Asia Pacific. The average annual revenue for participating businesses was $25.8bn.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™,recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 300,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $13.4 billion for year ended March 31, 2014 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
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