BENGALURU, India, March 5, 2018 /PRNewswire/ --
Infosys (NYSE: INFY), a global leader in consulting, technology, and next-generation services, today released global research that provides insights into how and why organizations are adopting and investing in new digital technologies and strategies. The research report, 'How enterprises are steering through digital disruption', was compiled by interviewing 1,000 senior IT and business decision makers in organizations across seven countries.
Currently, enterprises are using digital technologies across a variety of areas in their core IT management (79 percent), business process management (60 percent) and customer relationship management (62 percent). This establishes digital-ready enterprises as those that are continuously investing in reinventing their businesses from the core including processes and systems, with as much enthusiasm as their customer touchpoints and journeys. The research also found that respondents' organizations are looking to utilize digital technologies (if they haven't already) across knowledge management (33 percent), operational intelligence (31 percent) and product development (28 percent).
Disruptive digital technologies continue to equip enterprises to consume and analyze data to improve business, both by reimagining processes and experiences. 67 percent of organizations that participated in the study are leveraging big data analytics. Over half of these organizations have already made investments in deep learning algorithms of AI.
The research also revealed that customer centric technology investments are among the top three priorities for all industries except Manufacturing and CPG. Life Sciences leads the way (86 percent investing in technology for patient centricity during clinical trials), followed by Retail (79 percent investing in augmented reality for virtual stores) and Banking (75 percent investing in opti-channel for better customer experience). These technologies are also among the top priorities in Insurance (to encourage insurance buying behavior), Utilities (for omnichannel customer engagement), healthcare (to predict onset of health conditions) and Automotive (for connected cars).
Ravi Kumar S, President and Deputy Chief Operating Officer, Infosys, said, "The digital era presents enterprises with the unprecedented opportunity to reinvent their business from the core by continuously steering towards a more digital future guided by AI-powered insights to target the right opportunities to deeply automate, improve and even reimagine, both processes and experiences. A digital mindset enabled by rapid skill development and talent refactoring is vital to accelerate this transformation."
Key Findings:
The technology trends highlighted below are expected to have most positive impact on the organizations within the next three years.
Cybersecurity:
Almost 64 percent of respondents' organizations have implemented cybersecurity to improve existing business operations, 53 percent to solve new business problems, whereas just 28 percent implemented cybersecurity to create new opportunities.
67 percent respondents from the automotive industry use cyber security for improving business, 57 percent to solve new business problems and 33 percent to create new opportunities.
38 percent of the life sciences sector respondents rank cyber security for protection of patient and trial data as the top trend.
The growth of data and its uses:
41 percent respondents in the banking industry believe that data analytics for deep personalization of products is the top trend that will have the most positive impact on their organization within the next three years.
The importance of understanding customer behavior is also apparent within the utilities sector with 35 percent of respondents believing that investment in consumer analytics will have a positive impact on business.
52 percent of retail respondents believe that aligning marketing, campaigns and offers program spending with data analytics is a top trend.
For 38 percent respondents' organizations in the insurance sector, the use of big data for a 360-degree view of the customer and to increase wallet share is seen as one of the top three trends.
Modernization of processes:
This is seen as a key trend within the automotive industry to invest in digital supply chains, with 45 percent respondents ranking it among the top three trends, and 25 percent ranking it first. Of those that see investments in digital supply chain as a key trend, respondents estimate over 16 percent increase, in their organization's global annual revenue as a result of improving this.
Almost 39 percent respondents within CPG cite investments in technologies to increase supply chain visibility.
Over 43 percent respondents from the healthcare industry believe that improving and modernizing electronic health record (EHR) systems is a top trend.
Automation & collaboration:
Digital technologies can be used with insurance products to update risk calculations immediately and provide more accurate underwriting outcomes. This may be a contributing factor for intelligent automation of underwriting being identified (by 38 percent) as a top trend in the insurance sector.
Almost 38 percent of respondents in the banking industry believe that open banking APIs can increase collaboration with other industry players and accelerate innovation. Further, 34 percent believe that by collaborating with technology partners, organizations in the banking industry have the potential to provide paperless trade finance to implement solutions using Blockchain and Internet of Things (IoT).
For a full copy of the report, please visit: URL
Methodology
Infosys commissioned independent market research company Vanson Bourne to undertake research to understand the use of digital technologies and key trends within nine different sectors. From October to December 2017, the quantitative and qualitative subset of the study was carried out, interviewing 1,000 senior IT and business decision makers in organizations that use digital technologies. Respondents were from organizations with 1,000 employees or more and $500 million global annual revenue or higher across verticals such as Automotive, Banking, CPG, Healthcare, Industrial manufacturing, Insurance, Life Sciences, Retail and Utilities.
About Infosys
Infosys is a global leader in technology services and consulting. We enable clients in 45 countries to create and execute strategies for their digital transformation. From engineering to application development, knowledge management and business process management, we help our clients find the right problems to solve, and to solve those effectively. Our team of 200,000+ innovators, across the globe is differentiated by the imagination, knowledge and experience across industries and technologies that we bring to every project we undertake.
Visit www.infosys.com to see how Infosys (NYSE: INFY) can help your enterprise thrive in the digital age.
Safe Harbor
Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2017. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.
Media contacts:
Asia Pacific
Sarah Gideon
Infosys, India
+91-80-4156-3998
Sarah_Gideon@infosys.com
EMEA
Margherita Di Cerbo
Infosys, Europe
+44-2075162748
Margherita.DiCerbo@infosys.com
Americas
Chiku Somaiya
Infosys, USA
+1-408-375-2722
Chiku.Somaiya@infosys.com
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