TCS Survey of CxOs Finds Digital and Data-Driven Operations are #1 Priority for a Future-Ready Organization

Tata Consultancy Services(TCS) (BSE: 532540, NSE: 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. The survey uncovers the top focus areas for large enterprises and essential enablers for futuristic business operations.

Respondents identified new business models, profitability and cashflow, and employee experience as the top three strategic focus areas for their organizations.

Companies are recognizing the value of connected business operations to gain competitive advantage. The report revealsthat 89% of respondentsidentify 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 futureready 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.

"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, Global Head, Enterprise Cognitive Business Operations, TCS.

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 Csuite 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.

Shares of Tata Consultancy Services Limited was last trading in BSE at Rs. 3583.15 as compared to the previous close of Rs. 3577.45. The total number of shares traded during the day was 113520 in over 10717 trades.

The stock hit an intraday high of Rs. 3593.10 and intraday low of 3536.35. The net turnover during the day was Rs. 404521658.00.

Source : Equity Bulls

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