Indian companies are focussing more on digital investments in marketing and IT compared to their global counterparts, but less on operations and customer experience, a global survey has said.
“Thirty six per cent of Indian companies are focussing digital investments on marketing versus 27 per cent globally while 37 per cent Indian companies are focusing on IT as against 32 per cent globally,” according to PwC’s digital IQ survey.
The global average spend on customer experience is higher at 12 per cent as against 7 per cent in India, the report noted. The survey was conducted among 1,988 companies from across the world, including 100 firms from India.
“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,” Arnab Basu Partner(Technology Consulting and Digital) PwC India said in statement.
“It is equally important for enterprises to integrate digital into the fabric of their corporate culture,” he added. The India cut of PwC’s 7th Digital IQ Survey also revealed that companies with high Digital IQ scores are twice as likely to achieve rapid revenue and profit growth compared with the laggards.
Most companies globally are primarily adopting a technology-driven approach towards adoption of digital technologies rather than a business-driven approach.
This is particularly true for the US where 18 per cent of digital adoption is driven through business vis-a-vis 66 per cent through technology.
However, their Indian counterparts are giving equal importance to technology (43 pc) and business (42 pc). In over 43 per cent of Indian enterprises, the chief executive is championing the digital strategy, which is lower than the global average, it said.
Majority of firms in India (81 per cent) claim outdated technologies as an obstacle in achieving the desired results from digital initiatives as opposed to 67 per cent, globally.
Further, in India, 68 per cent of executives said they rely on industry analysts as sources for applying emerging technologies in new ways to solve business problems, while it 63 per cent globally.
In India, 79 per cent view lack of properly skilled teams as a barrier, globally it is 70 per cent, while 79 per cent believe that integration of new and existing technologies is an obstacle (globally – 73 pc).