India’s top CEOs say the cost of implementation is the primary concern while implementing a digital technology.
An exclusive Deloitte survey for Moneycontrol of 78 chief executive officers (CEOs) and chief experience officers (CXOs) found that about 55 percent of the respondents identified cost of implementation as the primary barrier when integrating digital technology within their industry.
Cybersecurity and regulatory measures are also some of the prominent concerns, with 49 percent of the respondents emphasising the importance of addressing security risks and compliance issues to ensure safe and lawful digital implementation.
Gaurav Vasu, founder and CEO of market intelligence firm UnearthInsight, said enterprises around the world are tackling cost problems through phased implementation to spread cost across quarters. Cloud-based AI solutions, partnerships with startups and skilling internal talent are the other steps they are taking.
Experts say the survey's findings underscore the need for organisations to adopt a proactive approach when it comes to cybersecurity. They say overcoming the barrier of high cost requires a strategic approach.
Also read: MC-Deloitte CEO Survey: India Inc expects Modi govt to present blockbuster budget
According to Sachin Panicker, Chief Artificial Intelligence Officer, Fulcrum Digital, public-private partnerships must be leveraged to subsidise costs and develop scalable and cost-effective solutions tailored to the needs of businesses. “Additionally, prioritising incremental implementation over large-scale rollouts can help manage costs better and demonstrate quick wins to secure further investment,” Panicker said.
The third big challenge that companies face is talent shortage, the survey found. Scalability and integration complexity and newness of technology and lack of proven value were the other concerns flagged by the respondents.
Also read: MC-Deloitte CEO Survey: India Inc expects Modi govt to present blockbuster budget
The findings come at a time when companies are chasing technologies such as Generative AI even as experts remain apprehensive of how these nascent technologies can be scaled up to derive value.
Recently, India’s largest information technology company Tata Consultancy Services said only 10 percent of the 300-400 pilots have been put to actual use and delivered value in large companies.
Inhibitions among stakeholders toward change and organisational culture and processes are the other challenges that companies face while implementing digital technology within the industry.
“Navigating these challenges requires a holistic approach that integrates cybersecurity and regulatory compliance into the fabric of business strategy, thereby solving larger problems and ensuring sustainable growth in the digital era," said Sunil Sharma, vice president of sales, Sophos India, an IT security company.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
