Everest Group: the rise in need for digital resiliency
In collaboration with leading Chief Experience Officers (CXOs) from multiple industries, and identified and shared best practices to navigate business challenges due to COVID-19 via a series of roundtables.
During the roundtables, digital resiliency and business continuity were highlighted as the top technology investments to survive and thrive. Those that participated in the roundtables included the travel, consumer packaged goods, transportation, insurance, hospitality, financial services, retail, and manufacturing industries.
With companies driving investments in tools and strategies to sustain a resilient business as they emerge from the pandemic, industries have realised a measurable return on investment due to their digital and modernisation efforts.
"One of the lessons learned from the pandemic is that many organisations did not pivot toward digital transformation opportunities fast enough," said Peter Bendor-Samuel, CEO, Everest Group.
"These organisations realise the importance of implementing digital resiliency plans and are re-assessing their digital transformation pathways. This will enable them to emerge more resilient."
As a result of the roundtables, Mindtree and Everest Group identified three imperatives:
- Develop sustainable funding models: balancing digital technology investments and fiscal caution to flatten the cost increases of technology initiatives and preserve cash.
- Evolve sales and distribution models: the impact of COVID-19 has changed customer expectation when it comes to experiences. It is important for companies to enable zero-touch, self-service kiosks or contactless experiences to re-establish customer trust.
- Redeveloping talent and workforce management models: to drive productivity in technology teams and scalable strategic transformation initiatives, enterprises are beginning to adopt more distributed and agile methodologies.
"The pandemic has accelerated a massive paradigm shift in the way services get sourced, consumed and governed," said Venu Lambu, President, Global Markets, Mindtree.
"Enterprises are increasingly moving away from on-premises implementation of technologies toward cloud and as-a-service, automation and digitising their core systems. With our deep roots in digital and cloud technologies, Mindtree is well-positioned to be at the forefront of these new models of service consumption and engagement."