80% of the best performing companies in the world collaborate with competitors: TCS study
Tata Consultancy Services’ Global Leadership Study 2021 Examines How Top Executives At Large Global Companies Recalibrated Their Organizational Strategies For The Next Digital Decade
NEW YORK and Mumbai, India, September 1, 2021 / PRNewswire / – Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), one of the world’s leading IT services, consulting and business solutions organizations, has released its global study titled “Where, how and with what will leaders compete in the new decade: results of the TCS 2021 global leadership study”, based on a survey of 1,200 CEOs and senior executives. The study reveals a clear divide in the digital strategies of top performing companies (Leaders) versus laggards (Followers), including unexpected insights such as: 80% of Leaders are more willing to collaborate with competitors compared to Followers (23%).
Presented by the TCS Thought Leadership Institute, which conducts primary research to help organizations transform for long-term, sustainable growth, the study examines how large global companies have recalibrated their competitive strategies through 2025, following of the pandemic. Specifically, it explores how management teams around the world strike a balance between innovation and optimization in four areas: digital strategies, digital offerings, digital ways of doing business, and leadership approaches.
“Senior executives are always challenged to move their organizations forward to be more competitive, and increasing digitization only accelerates this momentum.” noted Krishnan Ramanujam, Business Group Leader, Business and Technology Services, TCS. “This study takes the pulse of global business leaders and their almost ubiquitous belief that massive digital opportunities abound in the next five years and that their corporate culture must embrace an innovative mindset. At TCS, we use our 3-Horizon transformation framework to help organizations embrace innovation in a way that helps them be more competitive. “
The main findings of the study include:
- Innovation was ranked as the most important aspect of organizational culture, followed by diversity, inclusion and equal opportunities (# 2), quality orientation (# 3) and customer orientation (n ° 4).
- Executives ranked customer focus as the top cultural priority, above shareholder value, while followers ranked it 6th, indicating that top performing companies incorporate a mindset “Customer first” throughout the organization.
- By 2025, respondents believe that 41% of their income will come from new offerings. In this context, leaders expect a turnover of 44% from new offers, while followers expect 40%.
- Respondents predicted that by 2025, 46% of their income will come from purely digital products or services. Executives expect it to be even higher – 56%.
- When asked where they need to use data most effectively, respondents ranked digital marketing campaigns first, followed by sales and customer service initiatives, suggesting their companies need to improve the way customer data. are used to create demand and improve the customer experience.
The report also offers data-driven recommendations to help shape forward-thinking leaders’ strategy on how to drive their organizations to higher performance.
The TCS 2021 Global Leadership Study surveyed over 1,200 CEOs and senior executives from various industries including (but not limited to) retail, manufacturing, insurance, banking and finance, health and more, in four regions of the world: North America (US, Canada); UK, Europe (Germany, Netherlands, France); APAC (India, Singapore, China, Australia, New Zealand, Japan); and LATAM (Colombia, Brazil, Mexico). Respondent firms had annual revenues of more than $ 1 billion, with an average turnover of $ 14 billion.
To view the full report and receive more information, visit www.tcs.com/perspectives/ceo
About Tata Consultancy Services (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has partnered for more than 50 years with many of the world’s largest companies on their transformation journeys. TCS offers an integrated portfolio of business, technology and engineering services and solutions, focused on consulting and knowledge-driven. This is ensured through its unique Location Independent Agile ™ delivery model, recognized as a benchmark of excellence in software development.
Part of the Tata Group, India’s largest multinational business group, TCS has more than 500,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated sales of $ 22.2 billion in the fiscal year ended March 31, 2021 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS’s proactive stance on climate change and award-winning work with communities around the world has earned it a place in major sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information visit www.tcs.com and follow the TCS news on @TCS_News.
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About the TCS Thought Leadership Institute
The TCS Thought Leadership Institute seeks to lead conversations about promoting goal-oriented business in digital ecosystems. Through our primary research, we share forward-looking and practical insights on key business issues to help organizations transform for long-term, sustainable growth.
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SOURCE Tata Consulting Services