Digitization
Cloud, cybersecurity & modernization to power digital businesses
Focusing on how the COVID-19 pandemic has impacted businesses across industries, the joint study by Infosys and HFS Research revealed that numerous organizations have accelerated the adoption of automation, digital business models and the hyper-scale cloud to respond to customer needs quickly and competitively
- By Pravin Prashant
| December 03, 2020
Digital business models will be powered by cloud, cybersecurity & modernization according to a report brought by Infosys and HFS Research.
Focusing on how the COVID-19 pandemic has impacted businesses across industries, the joint study by Infosys and HFS Research revealed that numerous organizations have accelerated the adoption of automation, digital business models and the hyper-scale cloud to respond to customer needs quickly and competitively.
The report also brought to fore a shift in corporate mindset to advocate change and digitize businesses. The world changed overnight as COVID-19 created a state of upheaval and economic uncertainty, deeming the real-time prediction of complex risk scenarios as critical.
The report highlights that more than digitizing processes, digital transformation is about business leaders reshaping existing business models and exploring new ways of uniting people, data and processes to create value for their customers.
The report identified three critical IT investment themes. First, companies are investing in technologies that enable remote working at scale (virtualization, collaboration and security). They are accelerating investments in cloud and cybersecurity, and, last, companies are modernizing core IT apps and infrastructure.
Enterprises expect to increase their spending the most for business and digital consulting, followed by IT infrastructure services (including cloud). The report expects demand for IT and business process services to pick up to serve the dual purpose of driving digital while saving cash.
The study says that over 70% of respondents plan to change their product and service portfolio to drive greater customer value; 65% of respondents are insulating their business from volatility by building diverse customer pools and investing in an agile business model; and over 60% of respondents plan to accelerate their digital transformation initiatives.
For the study, HFS Research surveyed 400 global 2,000 executives to understand how businesses can survive and thrive in the economy riddled with the pandemic. It offers perspectives to develop an outlook for IT and business services in the current geopolitical environment.
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