Only 13 pct companies use digital for both growth and efficiency: Report

A recent joint survey by Internet and Mobile Association of India (IAMAI) and Accenture India has stated that only 13 percent companies use digital technologies to drive both growth and efficiency.

The survey which focused on deployment of digital technologies to drive efficiency and customer experiences said that 34 percent of the companies focus on digital to unlock new levels of efficiency whereas 44 percent utilise it to drive new sources of growth.

Companies no longer perceive digitization as an end state and instead focus on an ongoing process aimed at two objectives, greater operating efficiency and new customer experiences.

"Regardless of which industry you are in today digital transformation is absolutely critical and very important to understand how your consumers are evolving, how their behaviours are changing, how their purchasing journeys are changing and then evolve your products and services to be able to delight the consumers," Rajan Anandan, Chairman, IAMAI and Managing Director, Google India, said.

However, the report further stated that 64 percent of the executives fear for their company's survival if they are unable to deliver on these two imperatives of efficiency and customer experiences with their digital investments.

"Rapid changes to technology coupled with falling technology costs and an easier access to capital is leading to never before envisaged technology led innovations. This pace of technology change is unlocking unique digital opportunities for organizations which they can harness to achieve extraordinary gains," Nachiket Sukhtankar, Senior Managing Director for Accenture's technology practice in India said.

Sukhtankar also pointed out that the role of a Chief Digital Officer (CDO) will play a critical role in defining the digital reinvention and the roadmap which complements the organization's business journey.

Research shows that combining technologies leads to higher savings and greater enterprise value for companies. In the Indian automotive sector, if the average company uses autonomous robots, artificial intelligence, blockchain, big data analytics, and 3D printing, in combination, it can raise productivity equivalent to USD 63,000 per employee in savings.

The joint IAMAI - Accenture India survey conducted in 2017, interviewed 931 senior executives from large companies mostly with turnover exceeding USD one billion and spread across 12 manufacturing and production industries in India and other leading economies.