90% Firms Lack Culture, Structure To Unlock Digital Growth: Infosys Report

A mere 7 per cent of companies have the right combination of culture and operating structure to spur growth from digital technologies, according to a new research from the Infosys Knowledge Institute.

The report -- based on a survey of 2,700 business executives across the US, UK, France, Germany, Australia, New Zealand, China, and India -- 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 tough macro-economic conditions.

Moreover, organising around products, not process, gets new products to market faster, increasing early-mover advantage.

The report by Infosys Knowledge Institute (the thought leadership arm of Infosys) found that nine out of ten companies lack the culture and organisational structure to unlock digital growth. It said only seven per cent of companies have the correct combination of culture and operating structure to boost growth from digital technologies.

"This research suggests three differentiators for success: use data internally, design organisation culture to take responsible risks and organise the business around products," according to a release outlining the findings of the report.

The 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 per cent of firms have mastered these three differentiators, highlighting significant opportunities for those that do," it added.

Mohit Joshi, president of Infosys, observed that 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," Joshi said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)