COVID-19 has urged companies to embrace digitisation and harness the power of technology, says Amex India survey

The COVID-19 pandemic has pushed companies to accelerate their pace of the technology adoption, as businesses look for ways and means to raise efficiencies, enhance productivity, cut spending and minimise risks in an uncertain environment.

A survey of Chief Financial Officers (CFOs) carried out by American Express India showed that a vast majority of businesses plan to spend more in technology acquisition and the digitisation processes this year compared to last year.

Three out of four (75 percent) respondents to the survey said that their companies would like to spend more than last year in technology, as pandemic resets the business framework with focus on digitisation and hyper-efficient payment systems.

Consulting major EY was the knowledge partner of the survey.

According to the survey, more than 50 percent CFOs in Manufacturing, FMCG and Alcohol Beverages and Consumer Durables industry are looking to integrate smart technologies to workflows to drive the consumer experience Megha Chopra, Country Head, Global Services India, American Express had told Moneycontrol in an exclusive interview that the COVID-19 pandemic and the resultant disruptions have triggered major innovations, bringing about rapid digitalisation among businesses that are looking for ways to manage cash flows and optimise costs, "This is the B2B (business-to-business) digital moment", Chopra said. "The pandemic has forced businesses to fast track their digitisation plans. This has come on both sides of the businesses—the critical and manageable part or the controllables as we call it today," she had said.

Businesses that have created a digital footprint are seeking to use that data intelligently. "This is making their processes more and more efficient and turning these into profit centres, vis-à-vis cost centres before," Chopra said.

This push that businesses are having in creating their digital persona, have transcended beyond the bigger companies.

"When 75 percent of your customers are spending online, why would you not give that flexibility to your customers? So, you will see a lot of businesses coming online, you will see a lot of businesses embedding payment gateways and giving the flexibility of cards, wallets, UPI etc. This is rapidly bridging the digital divide and accelerating customer access," she said.