According to a recent CMR survey, re-inventing business models is top business priority among small organizations, while speeding up digital transformation is key for medium and large enterprises; Cloud adoption top IT priority across organizations. Here we discuss the key highlights of the report.
The current pandemic has completely shaken the status-quo of the global economy, throwing many of them into a recession. Our own country’s economy has been pushed back by a few years. Unfortunately, the pandemic is far from over, clearly implying that businesses must learn to live with the current situation instead of waiting it out. They need to re-start their business keeping all the restrictions put forth by the govt. to curb the spread of Covid-19 in mind. It requires a re-look at both Business and IT priorities, with greater focus toward conducting business through virtual channels. As a result, IT is the lynchpin of the new post-covid era, so every business must overcome the limitations of their IT infrastructure to ensure business continuity. To understand how businesses of different sizes are reacting to the situation, CMR conducted a survey of 266 Indian organizations to understand their top business and IT priorities, and the challenges they’re facing with their current IT infrastructure in the post-covid era.
Small Businesses are Re-Inventing Their Business Models
While just about every business has been deeply impacted by the current pandemic, it’s the smaller ones that have been hit the worst. Many of them came down to zero overnight, so the only way forward for them was to re-invent themselves. According to CMR’s survey, a little over 60% of small businesses are re-thinking their business models for the new normal.
With stringent restrictions on physical movement, public gatherings, and socializing, it has become next to impossible to hold face to face meetings with customers. Digital technologies are therefore the only solution to stay connected to customers. The second business priority for small businesses therefore is to speed up their digital initiatives.
Biggest Challenges with IT: Respond to Dynamic Business Needs
While the top business priorities vary by business size, the key challenge with the IT infrastructure remains the same for businesses of all sizes. More than half of all organizations on an average are feel that this is the biggest challenge that they must gear up their IT infrastructure for.
Speeding up Digital Initiatives Top Business Priority for Medium to Large Enterprises
Survival hasn’t been as much of an issue for medium and large enterprises, because they have sufficient resources to sustain themselves for some time. So unlike small organizations, top business priority for them was not to re-invent their business, but to speed up digital transformation.
Enhancing employee productivity and experience was the next big business priority for these organizations. With work from home becoming mandatory, even those organizations who weren’t in its favor have had no other choice but to embrace it and to work out methods to maximize their productivity.
It’s surprising however to note that only around 40% of the organizations have Business Continuity Planning as their business priority. Possibly, now that 4-5 months have passed since the initial lockdown, organizations have been able to pull themselves together.
Cloud Adoption and Automation Top Two IT Priorities of Organizations
Interestingly, the top two IT priorities for all organizations, whether small, medium, or large are cloud adoption and automation. As there has been a dire need for every organization to be back in business as early as possible, cloud makes this possible as it allows anytime/anywhere access of IT applications. Likewise, with human movement getting restricted, there is a need to automate as many processes as possible with IT.
How Businesses Should Move Forward in the Post-Covid World
This is the best time for organizations to re-invent business models because consumer behavior and market demands have changed. Organizations must re-train their sales and marketing to align their market outreach activities with these changes. For CIOs and ITDMs, this is the time to re-align their IT priorities with changing business priorities of their organizations. They should re-evaluate their legacy IT infrastructure so that it can fulfil dynamic business needs. Work from home has become a norm, so there’s a need to focus on technologies that can make employees more productive, while maintaining security. Cloud adoption needs serious evaluation for legacy applications for anytime, anywhere accessibility.
To know more about how business and IT priorities have changed across small, medium, and large enterprise, you can download the complete report from here.
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