Digital transformation has consistently been acknowledged as one of the top priorities by CEOs in India over the past few years. However, until last year, CEOs in India have lagged behind their global counterparts in the implementation of cutting-edge technologies. As business and commerce shift online owing to COVID-19 induced lockdowns and social distancing, CEOs in India are keen on revisiting their digital business models to meet evolving customer needs.
Given the accelerated pace of digitisation, it is apparent that Indian companies have scaled up their digital capabilities despite the looming challenges of COVID-19. In addition to enhancing traditional productivity and efficiency measures, CEOs in India now view digital transformation as a key to long-term growth, helping them reinforce valuation and brand recognition post COVID-19.
The challenge ahead for companies’ is to focus efforts and investments on areas that can generate significant long-term value, while cautiously weeding out actions and responses to the pandemic that are short-lived. CEOs in India cited ‘lack of skills and capability in IT, as the biggest roadblocks. In addition, scaled deployment of new technologies and remote working environments were also identified as challenges that could hinder a smooth transition.
CEOs in India have recognised the need to create digitised and resilient operating models to enable business continuity and growth during these uncertain times. They firmly believe that apart from ensuring seamless digital customer experiences to sustain growth, they must look at creating new digital revenue streams. To that effect, they are ramping up investments to strengthen existing workforce models with AI (Artificial Intelligence) and automation technologies.