Indian CXOs See Gain In Digital Transformation
Digital transformation is a key part of business and Asian businesses are realizing it in recent times. Microsoft revealed in its Asia Data Culture Study that 88 percent of Asian business leaders believed that their businesses need to be data-driven for greater agility. Amongst these Asian leaders, 57 percent are yet to have a fully functional digital strategy in place. In comparison to that, 68 percent Indian business believed to have a digital strategy in place for their own businesses.
The Study polled 940 C-Suite executives from medium-to-large companies across 13 Asian markets including India. Respondents were surveyed on their organizations’ digital and data strategy, and readiness for the digital economy.
According to the study, 90 percent of respondents in India feel that the data culture should be driven top down with a formalised role in the leadership team to drive successful adoption of data strategy. Most business leaders felt that the data culture should be led by the CIO, Chief Digital Officer, and Chief Data Officer.
The Study ranks data visualisation, IoT (Internet of Things), cloud data storage, predictive data analytics and real-time analytics as the top 5 data capabilities that businesses will require in the next 12 to 18 months. These capabilities are clearly aligned to how they see their data culture evolving to meet their needs.
When it came to leveraging IoT, Indian business decision makers are more focused on Smart R&D, followed by security management, and safety monitoring as their top priorities.
The survey also elaborates India’s businesses need to address the following in order to realize their full potential as data-driven organizations:
1. Building infrastructure for data agility is a key imperative for Indian businesses
· 89percentin India agreed that they need to drive an agile data-driven business. However, they think their capabilities in infrastructure inadequate (compared to 88percentin Asia)
· 62percentin India said that their data is accessible across mobile devices today
· 67percentfelt confident that their existing data infrastructure is scalable with business growth
· 72percentof respondents in India are use data to predict future trends.
2. Data governance plan, data security policies and collaboration are the priorities of Indian businesses
· 89percentin India felt that data driven collaboration across the organisation needs to be enabled (compared to 87percentin Asia)
· 70percentin those polled in India were confident they have a clear data security policy that would prevent unauthorised leakage and threats
· 71percentof the respondents in India claimed they have a clear data governance plan to guide ownership, storage and use of data.
3. Indian businesses want to create an analytical workforce
· 77percentrespondents in India agreed on the importance of having a data-savvy workforce (compared to 84percentin Asia)
· 74percentin India (Asia average is 42%) felt they have employees who have the relevant skills to combine data to help identify business outcomes
· 74percentof organisations polled in India have invested in training to enhance their employees’ data skills.
The confluence of cloud, mobility and data is changing the way companies do business with their customers. This is resulting in new demands that make it necessary for every business to transform to a digital and data-driven business. Data is the currency of the new economy and businesses need to convert data into actionable insights that will enable them to predict the future and to get ahead of growth curve to develop new revenue streams.
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