Economist Impact study of 2,000 business leaders, sponsored by Cognizant, highlights competing priorities, extracting value from technology investments, addressing talent and skills gaps, and continuing ESG commitments is shown.
- Nearly 90% of respondents cite competing strategic imperatives such as data-driven ways of working, digital business models, and aligning operations with these new ways of working.
- Over 60% of respondents are planning or have already started deploying advanced technologies such as quantum computing, blockchain and robotics. However, nearly 50% claim they are not achieving significant value from their existing technology investments.
- Nearly half of respondents (about 46%) acknowledge that they lack the in-house talent needed to implement and utilize advanced technology.
- Nine out of ten respondents recognize that paying attention to environmental, social and governance (ESG) issues is an essential aspect of modern business. Currently, he is only 35% incorporating her ESG into company strategy.
teaneck, new jersey, August 2, 2022 /PR Newswire/ —
Cognizant today announced The Future-Ready Business Benchmark, an Economist Impact study commissioned by Cognizant. This comprehensive survey of business leaders across eight industries and ten countries explores the state of business today and how leaders are preparing for long-term success in a post-pandemic world. intended to be understood. The research identifies three key interrelated areas that leaders must prioritize in order to build resilient and future-ready enterprises. 1) Maximizing value by accelerating technology adoption, 2) Overhauling workforce strategies, and 3) Closing the thinking-behavior gaps we face Environmental, social, and governance (ESG) challenges are on the rise.
“Resilience is the new must-have capability for any organization looking to thrive in this era of increasing competition, ever-accelerating digital technology, and unpredictable global events.” Ewan Davis, Cognizant Research Director. “To succeed as a modern business, leaders need to be prepared for everything, and when everything seems equally important, prioritization is key. Attention to developing talent with new and expanded skill sets, and an ESG agenda are central elements that leaders can build in. A successful CxO is one in which an organization learns, adapts, and continually evolves. We will build a future-proof and resilient business by ensuring that we
Economist Impact surveyed 2,000 senior managers in 10 countries. North America, EuropeWhen Asia Pacific Evaluate and compare businesses on various metrics.
Research highlights include the following insights:
- Clarity of strategy is confusing. More than 90% of business leaders surveyed say adopting a data-driven approach and creating a digital-first business model is a strategic priority, and 37% cite the following: increase. both It is “business essential” along with the need to adjust operations to these new modes of work.
- While technology investments are accelerating beyond the standard shopping list of cloud, advanced analytics, IoT and artificial intelligence/machine learning (AI/ML), respondents still believe they are not getting enough value from their existing investments. said they were not aware of it. In addition to these basic technologies, which the majority (80%) of respondents said they have adopted or plan to adopt, there is growing demand for a new set of technologies. More than 60% of his respondents said they are planning or have already adopted quantum computing, blockchain and robotics.
- Workforce and talent management strategies need a major overhaul to prepare workers for the new ways of working. Nearly half (46%) of respondents recognize a shortage of the skilled talent needed to productively use advanced technology. When asked about the biggest obstacles to implementing new processes, products, services, and technologies in the last 12 months, the two most important challenges related to the workforce. for work. For example, only one-third of her respondents, or 33% of them, use data to identify and understand their training needs and develop talent.
- Business resilience is at risk for companies that recognize ESG as an important consideration, yet fail to take action to integrate ESG across their organizations. Nine in ten decision makers, or 90%, recognize that addressing ESG issues is an important aspect of modern business. However, there is a wide gap between awareness and action, with only 31% having dedicated staff and resources dedicated to ESG and only 35% incorporating ESG into corporate strategy. . A small majority, 54%, report setting specific environmental goals and taking action, but only 44% currently measure social impact.
“Many companies today are struggling to prepare for next month, let alone years from now,” he said. Vibab Sagar, Principal of The Economist Impact. “Companies that truly embed the principles of future readiness from the Future-Ready Business Benchmark into their operational realities will be able to maintain and grow their competitive advantage. We’ve validated the fact that moving forward on this issue is especially difficult when juggling a number of often competing priorities. Benchmarks drive concrete action for companies across countries and industries. Prioritizing business plans and investments accordingly risks your business becoming irrelevant. .”
Survey method
The Future-Ready Business Benchmark, an Economist Impact study sponsored by Cognizant, examines the state of today’s business in the light of tomorrow’s needs. It was developed through a rigorous process of research, expert consultation, data collection and analysis. The benchmark reflects a range of key considerations and measures of future readiness for multinationals in 10 developed countries and eight industries, spanning external environment, business readiness factors and current performance. , which focuses on cross-cutting themes including company fundamentals. Talent, technology and innovation, and ESG.
Read more about what it takes to be a future-proof business here.
About Cognizant
Cognizant (Nasdaq: CTSH) designs the modern business. We help our clients modernize technology, reimagine processes and transform experiences to stay ahead in a rapidly changing world. Together, we are improving our lives every day. See how at www.cognizant.com or @cognizant.
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