Tata Consultancy Services’ Survey of 300 C-Suite Executives Suggests Four Pillars for Future Ready Operations: Digital and Data-Driven Core, Technology Harmonization, Business Outcome Focus, and Integrated Operations
MUMBAI, September 27, 2023: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) shared the results of the TCS Future of Operations Survey, which polled more than 300 C-suite executives in Australia, France, Germany, the UK and the US across industries, to understand their strategic priorities for 2024. The survey uncovers the top focus areas for large enterprises and essential enablers for futuristic business operations.
Respondents identified new business models, profitability and cashflow, and employee experience as the top three strategic focus areas for their organizations.
Companies are recognizing the value of connected business operations to gain competitive advantage. The report reveals that 89% of respondents identify data-driven operations as the most important factor for their organizations to execute their top business priorities and to drive profitability. The other three top enablers for a future-ready organization identified by the survey are harmonization of technologies (88%), business outcome focus (86%), and integrated operations (83%).
The survey identified ‘Pacesetters’ as the organizations with higher-than-average growth and revenue performance in 2018-2022. Pacesetters showed more affinity towards many of the key enablers of future-ready operations compared to all other respondents, particularly leveraging ecosystem partnerships; simplifying and modernizing their technology landscape; blending process, domain and technology; and harmonizing multiple technologies.
“The survey affirms our belief that to stay competitive enterprises should first look at making their operations future-ready. Embracing the four key enablers – a digital and data-driven foundation, technology harmonization, business outcome focus, and integrated operations can allow companies to derive superior business outcomes, be more agile, innovative, and achieve competitive advantage,” said Ashok Pai, Global Head, Enterprise Cognitive Business Operations, TCS.
As interest in artificial intelligence intensifies, the survey also polled respondents on what factors led to successful AI deployments. 89% cited quality data and governance, 87% cited clear business charter. Interestingly, 81% said that removal of action bias — eliminating fear of missing out (FOMO)— is moderately or significantly important for successful AI technology deployments.
The TCS Future of Operations Survey, published by the TCS Thought Leadership Institute, polled over 300 C-suite executives in Australia, France, Germany, the UK and the US in February of 2023. The respondents were from accommodation and food services; banking and financial services; insurance; communications, media and information services; energy and utilities; healthcare and life sciences; manufacturing; technology; consumer packaged goods; and retail industries.
To read the full report and receive more information, visit https://www.tcs.com/insights/global-studies/cognitive-operations-business-performance-survey
ABOUT TATA CONSULTANCY SERVICES (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 55 years. Its consulting-led, cognitive powered, portfolio of business, technology and engineering services and solutions is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 614,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $27.9 billion in the fiscal year ended March 31, 2023, and is listed on the BSE and the NSE in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com
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