Businesses not prepared for the future, not seeing full value from technology

Cognizant today introduced The Future-Ready Business Benchmark, research from Economist Impact, commissioned by Cognizant.

This comprehensive survey of business leaders across eight industries and 10 countries is aimed at understanding the state of the modern business and how leaders are preparing for long-term success in a post-pandemic world.

The research identifies three essential interrelated areas that leaders must prioritise to create a resilient, future-ready enterprise: 1) Realising full value from accelerated technology adoption, 2) overhauling workforce strategies, and 3) closing the gap on thought and action in the face of growing environmental, social, and governance (ESG) challenges.

“Resilience is the new must-have capability for every organisation that expects to thrive in this time of intensifying competition, ever-accelerating digital technology, and unpredictable global events,” Euan Davis, Head of Cognizant Research, told LondonLovesTech.

“To succeed as a modern business, leaders must be ready for anything, and prioritisation is key when everything seems equally critical. We’ve shown that savvy technology investment, attention on developing talent with new and expanded skillsets, and embedding and acting on an ESG agenda are core elements of focus on which leaders can build. The successful CxOs will build future-ready, resilient businesses by ensuring their organisations learn, adapt, and continually evolve.”

Economist Impact surveyed 2,000 senior executives in 10 countries across North America, Europe, and Asia-Pacific to assess and compare their businesses across a range of metrics.

“Many businesses today are struggling to prepare for next month, let alone years from now,” Vaibhav Sahgal, Principal at Economist Impact, told LondonLovesTech.

“Firms genuinely embedding principles of future-readiness from our Future-Ready Business Benchmark into their operational realities will maintain and grow their competitive advantage. Our data validated the fact that it is particularly challenging to make progress on the matter when juggling a vast array of often competing priorities.

“Our guidance is to start where the gaps are most significant and dial up the focus on people; the benchmark offers tangible calls to action for businesses across countries and industries. A failure to embrace the volatility that is here to stay, and prioritise business plans and investments accordingly, puts your business at the risk of losing relevance.”