Infosys Limited, NSE Symbol: INFY, BSE Script Code: 500209, and HFS Research jointly unveiled a market study titled, ‘Nowhere to Hide: Embracing the Most Seismic Technological and Business Change in our Lifetime.’ Focusing on how the COVID-19 pandemic has impacted businesses across industries, this joint study by Infosys and HFS Research revealed that numerous organizations have accelerated the adoption of automation, digital business models, and the hyper-scale cloud to respond to customer needs quickly and competitively. The report also brought to fore a shift in corporate mindset to advocate change and digitize businesses.
The world changed overnight as COVID-19 created a state of upheaval and economic uncertainty, deeming the real-time prediction of complex risk scenarios as critical. The HFS Research spotlights the emergence of dynamic digital organizations energized by technology that has opened avenues for rapid progression and business growth. The report further highlights that more than digitizing processes, digital transformation is about business leaders reshaping existing business models and exploring new ways of uniting people, data, and processes to create value for their customers. The Infosys-HFS Research additionally emphasizes the strategies implemented by successful companies in various industries (G2K) to survive and thrive in the post-pandemic economy.
For the study, HFS Research, in partnership with Infosys, surveyed 400 Global 2000 executives to understand how businesses can survive and thrive in the economy riddled with the pandemic. It offers perspectives to develop an outlook for IT and business services in the current geopolitical environment.
Chief Operating Officer at Infosys, Pravin Rao said, “Post-COVID, we have witnessed accelerated scaling of digital across most enterprises. The strategic investment in cloud, cybersecurity, and modernization is not only helping businesses sharpen theirfocus on end-to-end customer journeys but also enabling them to do a lot more with much higher agility. With so much at stake to drive customer centricity and productivity, investment in employees and ensuring their well-being is of paramount importance. In a distributed work environment such as today, employees are an important centerpiece within the companies’ strategy framework and therefore, it is imperative for organizations to see how the hybrid work model can be made more effective, productive, resilient, and secure.”
CEO and Chief Analyst, HFS Research, Phil Fersht said, "A new dawn will emerge as the fog clears. We must embrace this brave new business world where a perfect alignment of business outcomes and their enabling technologies demand all our focus and creativity. We are living through the emergence of dynamic digital organizations where people are energized by technology, where they plug into business experiences that are progressing rapidly to places where the possibilities are limitless, where the future is unravelling before our eyes. What we have experienced – inside of a single year – is the coming together of people to confront their fear of change to face the reality that their organization will sink without it.”