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TCS: 90% of companies committed to digital transformation

Tata Consultancy Services (TCS) found companies who were digitally advanced before the pandemic suffered fewer losses and are more confident of recovery

|Oct 2|magazine4 min read

Fewer than a third of companies are digitally prepared, but nine out of 10 are committed to digital transformation. Those are the findings of a study of almost 300 senior business leaders from large companies, acccording to Tata Consultancy Services (TCS) .

Comparing the fortunes of companies who had ‘advanced digital capabilities’ (dubbed ‘leaders’) with those who were lagging (‘followers’), TCS found that digital transformation was not only closely correlated with minimised revenue damage from Covid-19, but also to conf

dence in post-pandemic recovery.

“Before the pandemic, companies’ digital capabilities were rapidly becoming central to their success and business transformation initiatives. However, our study revealed how several enterprises were not as far along in developing a digital backbone as they hoped,” said Rajashree R, chief marketing officer at TCS.

“Companies that had embraced digital transformation more whole-heartedly performed better during the pandemic and expect a faster rebound, whereas others are now focused on making necessary investments and racing to catch up.”

Spending shifts in digital transformation

In a report entitled Digital Readiness and Covid-19: Assessing the Impact , researchers found that 90 percent of organisations had maintained or increased their digital transformation budget, and that spending shifts in technology had been directed towards collaboration, cybersecurity, cloud technologies and advanced analytics.

Unsurprisingly much of the expenditure was focused on a seven-fold increase in homeworking (a trend many companies expect to continue in the medium term), customer experience (CX) solutions and higher levels of business automation.

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