Indian Firms Focus More on Digital Investments: Survey

BENGALURU: According to the survey conducted by PwC digital IQ, Indian firms are showing high concentration on digital investments in marketing and IT when compared to their global counterparts, but low on operations and customer experience, reports BI.

“Thirty six percent of Indian companies are focusing digital investments on marketing versus 27 percent globally while 37 percent Indian companies are focusing on IT as against 32 percent globally,” the survey says. 

The survey points that average of 12 percent of global firms invested on customer experience whereas, Indian companies fell short with 7 percent.

There were 100 Indian companies among 1,988 firms across the globe that participated in this survey.

“Enterprises will have to develop a comprehensive digital strategy and reimagine their traditional business models which are getting disrupted in order to become a true digital business,” said Arnab Basu Partner (Technology Consulting and Digital) PwC India in a statement.

“It is equally important for enterprises to integrate digital into the fabric of their corporate culture,” Basu added. 

The survey also revealed that firms which scored high Digital IQ are likely to achieve rapid revenue and profit growth by two folds against the rest of the companies.

Majority of companies globally leveraged technology-driven approach towards adoption of digital technologies instead of business-driven approach.

Out of that, Indian firms gave almost equal importance to business (42pct) and technology (43pct).

Most of the companies in India justify that they rely up on outdated technologies, thereby under achieving from digital initiatives. Additionally, 68 percent of executives in India said they consulted their industry analysts for utilizing the emerging technologies in order to solve business problems, whereas 63 percent of executives agreed globally.

When barriers were considered, 79 percent of Indian firms claimed they lack in skilled teams, 70 percent globally think the same. In India, 79 percent blames on integration of existing and new technologies as their hurdle, while globally it is 73 percent.

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