Infosys research reveals a blueprint for the
21st century enterprise focused on live data,
responsible risk-taking and product-centricity
BANGALORE, India, March 7,
2023 /CNW/ -- Only 7% of companies have the correct
combination of culture and operating structure to boost growth from
digital technologies, according to new research from the Infosys
Knowledge Institute, the thought leadership arm of Infosys (NSE:
INFY) (BSE: INFY) (NYSE: INFY), a global leader in next-generation
digital services and consulting.
Digital Radar: The Next Digital Frontier, surveyed 2,700
business executives across the US, UK, France, Germany, Australia, New
Zealand, China, and
India, and found that companies
that make decisions based on high quality, transparent data and
build a culture of responsible risk-taking are more likely to
deliver profitable growth in today's tough macro-economic
conditions. In addition, organizing around products, not process,
gets new products to market faster, increasing early-mover
advantage.
This research suggests three differentiators for success: use
data internally, design organization culture to take responsible
risks and organize the business around products. Companies that
excel in these capabilities enjoy increased profit, brand
perception, and employee as well as customer engagement.
However, our report found that less than 10% of firms have mastered
these three differentiators, highlighting significant opportunities
for those that do.
Live Data: The report finds that only 5% of firms
currently implement what it defines as a universal 'live data'
approach. This is defined as data that is high-quality, timely, and
readily available across the organisation. These data practices
drive profit through better innovation and new product speed to
market. For instance, companies that follow robust data practices
for decision-making improved their new product introduction
capability by as much as 85%.
Product-centricity: Companies that organize their teams
around their product offerings, instead of business functions, are
50% more likely to be top performers in new product introduction
and improve both employee and customer engagement significantly.
Yet only half of respondent companies are currently organized in
this way, highlighting a tremendous market opportunity.
Responsible risk-taking culture: Finally, a company that
takes responsible, considered risks, backed by live data, is more
likely to create products faster, retain employees, and increase
profit than those that do not. We identified five culture levers
that can improve innovation fivefold: flexible leadership style,
leadership and employee diversity, data-driven leadership, rapid
test-and-learn, and encouraging risk-taking.
Together these findings further highlight that digital success
is contingent on the way a company organizes itself around
technology, rather than being something that can be delivered by
technology alone.
Mohit Joshi, President,
Infosys, commented; "We are at a time when businesses and
consumers are facing change, tough macro-economic headwinds, and a
challenging competitive environment. Leaders must see this period
as an opportunity to think differently, unlock new structures and
ways of working to drive much needed innovation and growth. Yet, in
practice, very few businesses are accomplishing this. The
opportunity lies in the hands of the C-suite to develop a 21st
century enterprise that builds resilience, agility, and growth into
their operating models."
Jeff Kavanaugh, VP
and Global Head at Infosys Knowledge Institute, said; "The
2023 Digital Radar reveals a new frontier for business. It outlines
three areas to spark innovation and bottom-line growth, showing
that highly successful firms recognize the relationship between
live data, product-centricity and a responsible-risk taking
culture. These companies are a step ahead on their digital journey
while caring for people and planet."
To read the full report, visit here.
Methodology
Infosys Knowledge Institute used an anonymous format to conduct
an online survey of 2,700 business executives across industries
across the US, UK, France,
Germany, Australia, New
Zealand, China, and
India. To gain additional,
qualitative insights, the researchers interviewed subject matter
experts and business leaders. Linear regressions were then used to
analyze which technologies and business practices correlate with
profit and revenue growth.
About Infosys
Infosys is a global leader in next-generation digital services
and consulting. Over 300,000 of our people work to amplify human
potential and create the next opportunity for people, businesses
and communities. With over four decades of experience in managing
the systems and workings of global enterprises, we expertly steer
clients, in more than 50 countries, as they navigate their digital
transformation powered by the cloud. We enable them with an
AI-powered core, empower the business with agile digital at scale
and drive continuous improvement with always-on learning through
the transfer of digital skills, expertise, and ideas from our
innovation ecosystem. We are deeply committed to being a
well-governed, environmentally sustainable organization where
diverse talent thrives in an inclusive workplace.
Visit www.infosys.com to see how Infosys (NSE: INFY) (BSE: INFY)
(NYSE: INFY) can help your enterprise navigate your next.
Safe Harbor
Certain statements in this release concerning our future growth
prospects, financial expectations and plans for navigating the
COVID-19 impact on our employees, clients and stakeholders are
forward-looking statements intended to qualify for the 'safe
harbor' under the Private Securities Litigation Reform Act of 1995,
which involve a number of risks and uncertainties that could cause
actual results to differ materially from those in such
forward-looking statements. The risks and uncertainties relating to
these statements include, but are not limited to, risks and
uncertainties regarding COVID-19 and the effects of government and
other measures seeking to contain its spread, risks related to an
economic downturn or recession in India, the United
States and other countries around the world, changes in
political, business, and economic conditions, fluctuations in
earnings, fluctuations in foreign exchange rates, our ability to
manage growth, intense competition in IT services including those
factors which may affect our cost advantage, wage increases in
India and the US, our ability to
attract and retain highly skilled professionals, time and cost
overruns on fixed-price, fixed-time frame contracts, client
concentration, restrictions on immigration, industry segment
concentration, our ability to manage our international operations,
reduced demand for technology in our key focus areas, disruptions
in telecommunication networks or system failures, our ability to
successfully complete and integrate potential acquisitions,
liability for damages on our service contracts, the success of the
companies in which Infosys has made strategic investments,
withdrawal or expiration of governmental fiscal incentives,
political instability and regional conflicts, legal restrictions on
raising capital or acquiring companies outside India, unauthorized use of our intellectual
property and general economic conditions affecting our industry and
the outcome of pending litigation and government investigation.
Additional risks that could affect our future operating results are
more fully described in our United States Securities and Exchange
Commission filings including our Annual Report on Form 20-F for the
fiscal year ended March 31, 2022.
These filings are available at www.sec.gov. Infosys may, from time
to time, make additional written and oral forward-looking
statements, including statements contained in the Company's filings
with the Securities and Exchange Commission and our reports to
shareholders. The Company does not undertake to update any
forward-looking statements that may be made from time to time by or
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Media contacts:
For more information, please contact: Dena Tahmasebi, Director of Communications EMEA,
Infosys: Dena.Tahmasebi@infosys.com
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