Respondents identified new business models, profitability and cashflow, and employee experience as the top three strategic focus areas for their organizations.
The survey uncovers the top focus areas for large enterprises and essential enablers for futuristic business operations.
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.
Ashok Pai, Global Head, Enterprise Cognitive Business Operations, TCS, said, “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.
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.
Tata Consultancy Services (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.
