Research from global digital ecosystem provider Tata Communications has revealed that 90% of enterprises are yet to achieve their digital-first goals, with 49% admitting that cyber security is their top priority.
The firm’s “Leading in a Digital-First World; Enabling Success with the Right Mindset, Ecosystem and Trust” report also found that 45% of enterprises lost productivity during the COVID-19 crisis due to connectivity issues.
Furthermore, 41% of those surveyed said the shift to digital-first operating models enabled them to maintain market share during the pandemic.
“A digital-first operating model is a must for enterprises in the new world order,” said A.S Lakshminarayanan, managing director and CEO of Tata Communications. “As economies open, trust and security are core to the competitiveness and agility of enterprises seeking growth.
“The scale of digitalisation will be the new barometer of success for enterprises irrespective of its size or industry.”
Tata’s report surveyed business leaders across 750 enterprises in 11 countries and classified them into three categories: digital trailblazers (10%), digital migrants (52%) and digital aspirants (38%).
Digital trailblazers are described as having the most advanced digital operating models, platforms and strategies, while digital migrants have limited digitalisation and still need to improve digital capability. Digital aspirants are at an early stage of digitalising their business and lack digital maturity.
Looking to the future, the report groups the areas for address into three key actionable areas. The first must see businesses commit to a digital-first operating model, implementing a system that “reimagines every core channel, process and service offering” to maximise digital opportunity.
The second involves creating quality user experiences within a hyperconnected ecosystem, which includes a digital-first strategy that focuses on agility, control and security.
Lastly, security and trust are central to a digital-first business as cyber threats and regulatory demands continue to increase in importance. Enterprises must continue to win trust, stay vigilant and invest proactively to safeguard all stakeholders, Tata said.
“The current shift to digital-first operating models is a defining moment in the evolution of businesses and rethinking the new world,” Tata Communications said. “A digital-first strategy enables secure, connected and digital experiences.
“The sooner organisations start to accelerate their digital transformation journeys up the digital maturity curve, the more likely they are to empower themselves for the new digital era.”
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