edited by: Namit Singh Sengar
Last Update: February 19, 2023, 10:52 IST
The research survey identified businesses based on their performance in digitizing businesses.
Data privacy and talent upskilling for scalable implementation were identified as areas of improvement.
India has firmly entered the digital age with the determination to be an economic powerhouse. Its drive for digitalization is embodied by the government’s digital India Programs and a rapid increase in Internet users to 700 million, according to a new survey.
The survey highlights corporate ambitions, successes and longstanding concerns, while revealing that Indian companies reported the highest impact from digitization at 65%.
DBS and Financial Times (FT) Longitude surveyed more than 1,225 senior executives from commercial and finance/treasury teams in organizations across 22 markets on their digital transformation journeys.
The findings revealed that the most important goals of digital transformation are to boost efficiency and enrich the customer experience (40% respectively). This is followed by improved collaboration across tasks and teams (33%).
The research found that for Indian businesses, the cultural elements that most support digital transformation are collaboration across functions (47%) and diversity in transformation teams (38%). Sales and marketing (38%) and supply chain/procurement (21%) have emerged as critical areas of an organization that require immediate digital transformation. The survey highlights the growing role of Treasury and Finance in enabling change and innovation.
Indian businesses recognize cloud technology as essential to realizing digital transformation within treasury and finance operations. Research shows that Indian companies (72%) are more likely to prioritize this, compared to the global average of 67%.
Respondents showed confidence in advanced analytics (38%) and APIs (36%) to replace treasury and finance. Within Treasury, financial reporting (51%) is the top priority for digitization, followed by investment (45%) and procurement (34%).
It further suggests that strategic partnerships are likely to be a key feature of digital transformation, with bank (36%) and fintech partnerships (34%) being the most popular among Indian respondents.
“Indian companies have seen the highest transformation success among all countries at 65%, against a global average of 58%,” said Divyesh Dalal, Managing Director and Head of Global Transaction Services, DBS Bank India. The survey reflects our interactions with companies in India are looking for increased efficiency and improved customer experience as goals of digitization, as well as the challenges they face while adopting emerging technologies.”
Although India’s digital transformation is accelerating, some areas for improvement exist – including the professional skills gap and data privacy. According to research findings, the skills gap (47%) and data privacy concerns (38%) are the leading barriers for organizations.
Given the significant results achieved by companies through digitization, working on these areas will be a major priority.
The research survey identified businesses based on their performance in digitizing businesses. They have been classified as ‘leaders of change’, ‘growth leaders’ and ‘lagers of change’.
12% of Indian respondents are change leaders, the second highest proportion of leaders among Asian respondents.
Additionally, 30% of Indian businesses are in the cohort of growth leaders, which indicates that the country’s total number of transformational leaders is poised to grow. However, India’s change leaders currently fall short of the laggards (14%).
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