About 60 per cent of companies globally which adopted the full range of business behaviours needed to thrive in a Business 4.0 world expect to grow over 10 per cent in the next three years, says a study conducted by Indian IT services giant TCS.
The study, titled ‘Winning in a Business 4.0 World,’ was done by speaking to senior business decision makers from more than 1,200 large enterprises spanning 11 industries and 18 countries.
With the rapidly evolving business landscape and increasingly sophisticated customer expectations, businesses face constant challenges to quickly adapt and stay ahead, the company noted, saying that the global survey benchmarks large companies in their Business 4.0 growth and transformation journeys, by mapping their adoption of four critical business behaviors: driving mass personalization, creating exponential value, leveraging ecosystems, and embracing risk.
The study found that almost 9 per cent of survey participants or ‘Leaders’ have adopted all four behaviours.
More than eight out of ten (82 per cent) companies or ‘Early Adopters’ have embraced one to three of the behaviours, with mass personalization being the most prevalent (78 per cent).
The study also said the European businesses accounted for the most number of leaders, followed by Asia Pacific and North America when adjusted for the respondent mix.
“The study reveals a strong link between Business 4.0 maturity and technology adoption. Leaders are more likely than other participating companies to have driven digital growth and realized double-digit revenue gains,” said K Ananth Krishnan, chief technology officer, TCS.
“Agile methodologies, cloud, automation, and AI are examples of tech pillars that enable Leaders to change course and adapt to shifting market dynamics much better than companies with inflexible ‘idea to execution’ timelines of months or years,” he added.