Digital, data-driven operations top priority for future-ready organisation: TCS report

The report by TCS stated that digital and data-driven operations are top priority for a future-ready organisation

Tata Consultancy Services (TCS) shared the results of the 'TCS Future of Operations Survey', which polled more than 300 C-suite executives in Australia, France, Germany, the UK, and the US across industries, to understand their strategic priorities for 2024. The report by TCS stated that digital and data-driven operations are top priority for a future-ready organisation. The report uncovered the top focus areas for large enterprises and essential enablers for futuristic business operations.

According to the study, respondents identified new business models, profitability and cashflow, and employee experience as the top three strategic focus areas for their organisations.

Key factor for 'pacesetters'

Companies are recognising the value of connected business operations to gain a competitive advantage, the report said, adding that 89 percent of respondents identify data-driven operations as the most important factor for their organisations to execute their top business priorities and drive profitability.

The other three top enablers for a future-ready organisation identified by the survey are harmonisation of technologies (88 percent), business outcome focus (86 percent), and integrated operations (83 percent).

The survey identified 'Pacesetters' as the organisations with higher-than-average growth and revenue performance in 2018-2022. Pacesetters showed more affinity towards many of the key enablers of future-ready operations compared to all other respondents, particularly leveraging ecosystem partnerships; simplifying and modernising their technology landscape; blending process, domain and technology; and harmonising multiple technologies.

"The survey affirms our belief that to stay competitive enterprises should first look at making their operations future-ready. Embracing the four key enablers - a digital and data-driven foundation, technology harmonization, business outcome focus, and integrated operations can allow companies to derive superior business outcomes, be more agile, innovative, and achieve competitive advantage," said Ashok Pai, Global Head, Enterprise Cognitive Business Operations, TCS.

AI strategy

As interest in artificial intelligence intensifies, the survey also polled respondents on what factors led to successful AI deployments. 89% cited quality data and governance, while 87% cited clear business charter. Interestingly, 81% said that removal of action bias - eliminating fear of missing out (FOMO)- is moderately or significantly important for successful AI technology deployments.

Survey respondents

The TCS Future of Operations Survey, published by the TCS Thought Leadership Institute, polled over 300 C-suite executives in Australia, France, Germany, the UK and the US in February of 2023. The respondents were from accommodation and food services; banking and financial services; insurance; communications, media and information services; energy and utilities; healthcare and life sciences; manufacturing; technology; consumer packaged goods; and retail industries.