Digital Transformation - A Complex Opportunity with Potential to Transform Businesses; Have you Assessed your Digital Readiness?. Frost & Sullivan study with NASSCOM assesses digital transformation readiness and investment opportunities for Indian enterprises
Frost & Sullivan recently collaborated with NASSCOM, a trade association for the Indian IT-business process management (IT-BPM) industry, to release a study: Enterprise Digital Transformation: Evaluating Indian Enterprises. Based on an indepth study of 250 firms, suppliers, and users across verticals like healthcare, retail, telecom, manufacturing, and banking/financial services/insurance (BFSI), the study analyzes digital transformation strategies of Indian enterprises and assesses value propositions.
To access more information on this study, please click here.
Key questions answered by Frost & Sullivan-NASSCOM study includes:
- What is digital transformation, and where are Indian enterprises in terms of readiness?
- What are the key areas of digital investments and opportunities for growth?
- What do enterprises want from IT/ITeS solution providers?
- How digital ready are Indian enterprises?
- What should IT/ITeS solution providers focus on to take advantage of market demands?
- Banks invest 30% more in application for customer services over insurance companies, and the intra- company digital attitude in banking is higher than that of insurance companies. Retail banking can lose up to 55% of their business to fintech firms if they don't up the ante in terms of investment in digital transformation.
- In manufacturing, 87% of the companies with large and discrete manufacturing units use analytics to understand the distribution, demand, and supply factors. Around 70% of the companies that are leveraging open innovations (e.g. 3D printing) are small manufacturing units with revenues less than USD 100 million.
- Indian telecos are far behind global players with respect to automation. Investment in infrastructure, cloud, and managed services would aid to bridge the gap between Indian and global players.
- Retailers are motivated to invest in IT, and an 18% increase in budgets is expected in the next year. This will create great opportunities for service providers and solutions vendors.
- Hospitals are starting to use analytics more rigorously for clinical and non-clinical data in India: 43% of hospitals feel that integration and centralization are critical to create a platform to implement analytics.
Frost & Sullivan observed that IT-BPM companies are looking forward to collaborate with telecos and consulting firms for holistic enterprise digital transformation (EDT) and change management, which is the key step for long-term growth.
Speaking of the report, Mr. R Chandrashekhar, President, NASSCOM, said, “With the rapid evolution of technology, digital solutions are becoming an integral component of business operations for enterprises across sectors. This is further fuelled by an increase in digital-savvy customers along with the necessity to stay ahead in the market. This study helps analyze and forecast digital transformation strategies of Indian enterprises, helping them transform their business processes.”
The immediate challenges for digital initiatives in India is non-uniform connectivity, speed, and broadband infrastructure along with a scarcity of suitably-skilled personnel in the market despite an abundance of engineers. To address these obstacles, the Government and telecom providers are laying out fibre optic cables to improve the overall speed, while enterprises are allocating budgets to train existing and new employees. About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
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