Indian firms focus more on digital investments than global cos: survey

81% firms claim outdated tech as obstacle in achieveing results

Indian companies are focusing more on digital investments in marketing and IT, compared with their global counterparts, according to a survey.

“While 36% of Indian companies are focusing digital investments on marketing, globally it is only 27%.  About 37% Indian companies are focusing on IT as against 32% globally,” according to PwC’s seventh digital IQ survey.

Arnab Basu, Partner — Technology Consulting and Digital, PwC India said, “Digital refers to the new way of doing business that allows enterprises to engage more effectively with their stakeholders, fine-tune their operational effectiveness and strengthen risk management strategies. Enterprises will have to develop a comprehensive digital strategy and reimagine their traditional business models which are getting disrupted in order to become a true digital business. It is equally important for enterprises to integrate digital into the fabric of their corporate culture.”

The India cut of PwC’s Survey also revealed that companies with high Digital IQ scores are twice as likely to achieve rapid revenue and profit growth compared with the laggards. Most companies globally are primarily adopting a technology-driven approach towards adoption of digital technologies rather than a business-driven approach. This is particularly true for the US where 18% of digital adoption is driven through business vis-a-vis 66% through technology. However, their Indian counterparts are giving equal importance to technology (43%) and business (42%). In over 43% of Indian enterprises, the chief executive is championing the digital strategy, which is lower than the global average, it said.

About 81% of firms in India  claim outdated technologies as an obstacle in achieving the desired results from digital initiatives as opposed to 67%, globally. In India, 68% of executives said they rely on industry analysts as sources for applying emerging technologies in new ways to solve business problems, while it is  63% globally.