Cloud, Cybersecurity, and Modernization Will Power Digital Business Models and Increased IT Spending, say Global 2000 Executives: Infosys - HFS Research
- Report delineates impact of COVID-19 across industries; causing seismic shifts in business transition
- 51 percent organizations consider remote work or hybrid workforce model to be the way forward
BENGALURU, India, Dec. 3, 2020 /PRNewswire/ -- Infosys (NYSE: INFY), a global leader in next-generation digital services and consulting, together with HFS Research 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.
- Bigger impact: Almost 70 percent of respondents believe that COVID-19 will have a bigger impact than the 2008 downturn with budgets, supply chains, employee availability, and customer intimacy being impacted the most.
- Businesses that will thrive: The public sector, banking, insurance, healthcare, life sciences, and the high-tech industry respondents are relatively confident as they see emerging opportunities for making appropriate investments amid the crisis.
- Protecting the business: At least 65 percent of respondents are insulating their business from volatility by building diverse customer pools and investing in an agile business model.
- Digitize and Adapt: Over 60 percent of enterprises plan to accelerate their digital transformation initiatives and over 70 percent plan to change their product and service portfolio to drive greater customer value.
- Critical IT investments to compete: Investing in creating a virtual, secure, and cloud-enabled IT environment that enables remote working at scale (virtualization, collaboration, security). Investments in the cloud, cybersecurity, and modernizing core IT apps and infrastructure are at the top of the priority heap.
- Increased IT spending: Enterprises expect to increase their spending the most on business and digital consulting, followed by IT infrastructure services (including cloud). They expect the demand for IT and business process services to pick up to serve the dual purpose of driving digital while saving cash.
- Unleash your people to thrive. Nearly 90 percent of organizations realize they need to reposition to unleash people in the new reality. Post-COVID, working arrangements will change dramatically. Only 37 percent prefer a return to an office-based environment. The work culture will evolve from siloed working to interdisciplinary collaboration.
Pravin Rao, Chief Operating Officer at Infosys 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 their focus 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."
"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 â€“ inside of a single year â€“ is the coming together of people to confront their fear of change to face the reality that their organization will sink without it," said Phil Fersht, CEO and Chief Analyst, HFS Research.
For a full copy of the report, please click here
HFS Research, in partnership with Infosys, surveyed 400 Global 2000 executives to understand how businesses can survive and thrive in the pandemic economy and to develop an outlook for IT and business services in the current geopolitical environment. HFS segmented the research findings according to its four phases of pandemic shock response: crisis, stabilization, realization, and unleashing people.
About Infosys Ltd.
Infosys is a global leader in next-generation digital services and consulting. We enable clients in 46 countries to navigate their digital transformation. With nearly four decades of experience in managing the systems and workings of global enterprises, we expertly steer our clients through their digital journey. We do it by enabling the enterprise with an AI-powered core that helps prioritize the execution of change. We also empower the business with agile digital at scale to deliver unprecedented levels of performance and customer delight. Our always-on learning agenda drives their continuous improvement through building and transferring digital skills, expertise, and ideas from our innovation ecosystem.
Visit www.infosys.com to see how Infosys (NYSE: INFY) can help your enterprise navigate your next.
"Certain statements in this release concerning our future growth prospects and financial expectations are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding Covid-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2020. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law."
More News by PR Newswire India
Self Storage India to launch first of four new NCR facilities on 1st February 2021
Rogers International Commodity Index (RICIÂ®) Composition Unchanged -- FX Source Changed
Ascend Performance Materials' Acteev technology takes prize at Outdoor Retailer Innovation Awards
Frost & Sullivan Experts Present a Strategic Outlook of the Global Automotive Industry in 2021
OKExChain launches Swap and Farm DApps, allowing users to increase their OKT earnings
Simplilearn Wins Fourth Consecutive EC-Council Global Award
Let the Countdown Begin! One Year Until Special Olympics World Winter Games Kazan 2022
Iyuno Media Group Enters Agreement to Acquire SDI Media
Terralogic Announces the Acquisition of US-based, PDS Inc. Effective date: January 11, 2021
NEI recognized among India's Top 30 Best Workplaces in Manufacturing 2021
Strengthening the future of education at TEGS 2021 - empowering educators to overcome unforeseen challenges
Manipal Education and Medical Group Launches 'UNext' - An Affordable, End-To-End, Online Learning Platform For Professional Courses
Hisense Creates Bold New Campaign With Partner Club Paris Saint-Germain
Global Center on Adaptation (GCA) : Nobel Laureates, Global Scientists call on World Leaders to Accelerate Climate Adaptation as part of Post-Covid Economic Stimulus
SVP Global Q3 Results exceeds Expectations, Consolidated QoQ PAT up 35%
Havas Health & You Evolves Network Positioning, Announces Chief Content Officer Hire Lars Bengston, and Launches Content Assembly
Contrast Security Empowers Zurich to Secure Its Digital Transformation Efforts
Menarini Receives European Commission Approval of ELZONRIS (tagraxofusp), for the Treatment of Blastic Plasmacytoid Dendritic Cell Neoplasm (BPDCN)
United Power Electrifies Their Customer Experience with Bright Pattern Cloud Contact Center Software
OFS Portal Approaches 21 Years Of Data Stewardship, Surpasses 500 eCommerce Agreements With Trading Partners
OneWeb Announces Eric Gillenwater as Vice President and Business Head of Global Carrier and Enterprise
EyeQue Acclaimed by Frost & Sullivan for Its Wide Range of Consumer-friendly, Hand-held Ophthalmic Monitoring Solutions
Matteo Magnani Joins Firmenich as Chief Consumer & Innovation Officer, Perfumery
IDBI Intech Announces the Appointment of Suresh Khatanhar as the New Chairman of the Board
Panchshil Office Parks Honoured with 3 Safety 'Oscars'
General Aeronautics, Unmanned Aerial Vehicle Specialist, Raises INR 65 Million Pre-Series A Funding
Empirix Helps CEHE Confidently Migrate to Five9 Cloud-Based Contact Center Software
Atradius to host a series of virtual events on the future of global trade
68 Percent of Professionals see learning as the key to landing better opportunities: Survey by Simplilearn
Shanghai Electric Strengthens Environmental, Social, and Corporate Governance for Dubai MBR Solar Park Project
8K Miles Software rebrands itself as SecureKloud Technologies Limited
TheMathCompany is All Set to Become a Flexi-Work Workplace
ERBA Mannheim Launches 2nd Generation SARS-CoV-2 RT-PCR Assay with room temperature storage
NANO Accelerates Content Delivery by Thirty Times with Solutions from ZephyrTel
3Pillar Global Great Place to Work-Certified in India for Fourth Year
V-Guard acquires non-controlling stake in a battery startup - Gegadyne Energy Labs Private Limited
Northway Biotech Opens New Biopharmaceutical Manufacturing Facility in Greater Boston Area
dunnhumby Code Combat live with over 3000 registrations in three days
Housing.com partners with MoEngage to boost platform enquiries by 15%
Notice of Proposed Claims and Distribution Process for the Veritaseum Fair Fund and Opportunity to Object
Shaip Launches Its Global ShaipCloudâ„˘ Platform Built for Generating AI Training Data
Supermicro Unveils NVIDIA GPU Server Test Drive Program with Leading Channel Partners to Deliver Workload Qualification on Remote Supermicro Servers
Celsius crosses $5.3B in assets, grows total assets 10X during 2020
iBwave to Offer an All-in-One Indoor & Outdoor Network Design Solution
HarperCollins Publishers India is delighted to announce 'Kamala Harris: Phenomenal Woman' by Chidanand Rajghatta
FLAME University to host the inaugural 'FLAME Purpose Summit 2021'
Launching Infosys Cortex: AI-First, Cloud-First Customer Engagement Platform, Part of Infosys Cobalt, to Humanize Customer Experience, Empower Agents and Drive Intelligent Operations for Enterprises
STL delivers a strong third quarter with continued Q-o-Q growth
Unnati Issues Digital Certificates via Certif-ID in Face of Pandemic
STL enhances its Board with global business leaders
HGC announces strategic expansion to extend ICT capabilities in Asia with Singapore upgraded as major Asian hub
CIE at IIIT Hyderabad announces the start of its next cohort of Deep tech Accelerators
Dow, Liby and LOVERE ink MoU to advance sustainability in packaging agenda
JAGSOM Bangalore, formerly IFIM B-school, completes 100% Final Placement 2021; Avg Salary up by 12% to Rs.10.21 LPA
Clarivate Enhances Cortellis CMC Intelligence Platform with Addition of Comprehensive Biologics Content
HGC brings hyperscale ultra-connectivity to 20+MW Hong Kong cloud data centre
Cobwebs Technologies Discusses the European Commission's New Counter-Terrorism Agenda and How It Can Be Tackled Using Automated Web Investigation Technologies
Balaxi Pharmaceuticals reports Revenue of INR 1,784 million for 9M FY21
From Freshers to Experienced, a Bright Future for all is the Promise of MIT-SDE
PureCircle and Almendra Resolve U.S. Patent Litigation
Stock Pro - A Training and Guiding Solution for all Stock Market traders and investors
Award-winning socially driven startup, CabDost, merges with Dvara Money
ISGF announces the 7th edition of India Smart Utility Week 2021, an International Conference and Exhibition on Smart Energy and Smart Mobility for Smarter Cities from 02 - 05 March 2021
Thepackersmovers.com, An Online Directory Expands Its Operations In The USA for Smooth International Relocation
AVerMedia Launches the Live Streamer CAM 513 -- 4k UHD, Wide-angle Lens Webcam with Exclusive Camengine Software
A new, unprecedented solution for human behavior analysis
Swiss Artists And Swisscom Score A World Premiere: First Public Broadcasted, Decentralised Live Music Experiment Was Successful
Unbxd joins Adobe Exchange Partner Program to automate site search and relevance setup for Adobe customers
Tackling global warming? Apply for the Keeling Curve Prize by Feb. 10
KĂ¶rber enables modern, award-winning supply chain operations for dm-drogerie markt
GA-ASI Completes Unmanned Aircraft Anti-Submarine Warfare Demonstration of Sonobuoy Dispensing & Remote Processing
LTI USD Revenues grow 5.8% QoQ and 8.5% YoY; Net Profit up by 37.9% YoY
PTT Exploration and Production Public Company Limited Selects GEP SMARTâ„˘ Procurement Software Platform To Manage Entire Sourcing
Food testing labs gain productivity boost with new 3Mâ„˘ Petrifilmâ„˘ Plate Reader Advanced
FII Institute Confirms 140 Plus Headline Speakers For Two-day FII Conference
Leading Automakers and Technology Companies Advance Blockchain Vehicle Identities that Could Help Buyers Avoid Cars with Incorrect Mileage, Maintenance, or Damage Histories
Aon CEO Greg Case Recognized as Top Ally on INvolve OUTstanding LGBT+ Ally Executives List
Passport Technology Inc. and Automated Systems America Inc. Combine to Form Leading Gaming Payments Technology Company
Sirtex Medical announces collaboration update with OncoSec Medical
La Liste, the world's best restaurant selection, reveals special awards for 2021 recognizing commitment, resilience and innovation across the global gastronomy sector
Global Green Hydrogen Production Set to Reach 5.7 Million Tons by 2030, Powered by Decarbonization
Artmarket.com: Artprice Global Indices show the strength of Contemporary Art and Drawing in 2020: both segments adapted particularly well to rapid digitization
NSE-BSE bulk deal: Nexpact Limited buys stake in Kellton Tech Solutions Ltd.
Heng Hiap Applauded for Mitigating the Damaging Effects of Plastics Pollution with its Intelligent Plastic Technologies
Virtual Visits and Connected Health Solutions Provide Better Care Delivery and Optimize ROI
Altair and Rolls-Royce Germany Join Forces to Converge Artificial Intelligence and Engineering
Infosys Builds applied AI Cloud, Part of Infosys Cobalt, to Democratize AI Within its Workforce and Expand Ability to Drive AI-driven Transformation for Enterprises
Power Sustainable launches the Power Sustainable Energy Infrastructure Partnership, a $1B investment platform dedicated to the North American renewable energy sector
Occlutech's Atrial Flow Regulator (AFR) Receives U.S. FDA Breakthrough Device Designation for Heart Failure (HF)
Players from India can win $1.58 billion in Powerball and Mega Millions jackpots on Lotto247.com
Mainstream Renewable Power signs EUR1 billion equity investment deal with Aker Horizons to deliver 5.5 GW global build-out programme by 2023
JĂ¤germeister Launches Limited "Best Nights" Streetwear Collection
Cloud-based Email and Web Security Solutions to Propel the APAC Secure Content Management Market by 2024
Karda Constructions reports 23% y-o-y growth in new bookings in Q3, indicating turnaround in housing sector post-lockdown
InDevR Launches VaxArray Measles and Rubella Kit for Improved Vaccine Antigen Characterization
Unleash Your Creativity with FlipaClip on AppGallery Today
Dr. Kumud Kumar Dhital, Pioneer of the world's first Dead Heart Transplantation, has joined Yashoda Hospitals Hyderabad
ECPT Career Seminar - 22nd Jan, Counsellors Will Speak On Career Choices After Class 12th
QuEST Global reinforces leadership position in Zinnov Zones ER&D & IoT services ratings
UST Global Announces New Bold Brand and Dynamic Logo, Changes Name to UST
Strategic Alliance Of Aarvi Encon In Middle East Countries
Excellon Software Lauded by Frost & Sullivan for Enhancing the Operations of Automobile Dealers with Its Unique DMS
Daffodil Software bags the Best Financial Mobile Application award at the 2020 Mobile Web Award Competition
CPT Career Seminar - 22nd Jan, Counsellors Will Speak On Career Choices After Class 12th
Couple in Kerala celebrates Wedding Anniversary with 3.3 Crores Jackpot Win
M&A valuations boom in the second half of 2020, despite COVID-19 impacts on the economy, according to PwC
"Enough is Enough!" says RevBits CEO
Tradewind Finance Delivers USD 5 Million Credit Facility for Meat Trading Company based in USA with Subsidiary in Brazil
Prakriti E-Mobility honoured with the Achievers Award 2020
IET India study captures Voices from the Ground: Unheard impact of COVID-19 on India's workforce
Amazfit GTR 2e and Amazfit GTS 2e Praised in the Media Spotlight at CES 2021
New report from FDI World Dental Federation tackles oral health inequalities and outlines strategies to improve oral healthcare over the next ten years
Infosys Accredited with Google Cloud Partner Specialization for Data and Analytics
Frost & Sullivan Recognizes Teleperformance as Innovation Leader in the Australia Customer Experience Outsourcing Services Market
JD Institute of Fashion Technology, South call for Admissions for 2021/22
LMRKTS helps banks bridge the SA-CCR adoption gap
Comviva Introduces next-gen Digital Services Delivery Platform to drive innovation and business growth
Pantum Launches New Global Elite Series of High-end Printers
Lexus Premieres All-new Variant of Its Luxury Sedan LS 500h
Chumbak announces Sara Ali Khan as their first brand ambassador
MFine Raises $16m From New & Existing Investors Led by Heritas Capital as Adoption of Digital Health Soars in India Amidst COVID-19 Pandemic
CricketPang Kindergarten, an educational app by You Need Character, exceeds 60,000 downloads a month after launch.
Jain (Deemed-to-be) University's educational model is to bring in the industry certifications, guarantee* placement programs and study abroad at California Riverside (USA)
42Gears SureMDM Simplifies Setting up Kiosk Mode on Linux Devices
Microland earns the coveted Windows Server and SQL Server Migration to Microsoft Azure Advanced Specialization
Mid-Caps & Small-Caps like Kellton Tech Sparkle in Post-Pandemic Gloom
Danish watch brand, REC Watches, gives new life to the World's Most Expensive Mustang!
The China International Import Expo, a boost to global service trade
St. Botanica Introduces 'GO Range' for Hair Care - Launches India's First Purple Shampoo and Conditioner
Harbin Harnesses Ice, Snow for Tourism Growth
Huion KD200: The Innovative Combination of Keyboard and Pen Tablet Won Three International Design Awards
SPJIMR closes placements on a high in a challenging year
JA Solar Supplies Largest Single Photovoltaic Project in Guam with All Modules Needed for Completion
An Homage to Nature: THOMAS SABO launches the Spring/Summer Collections 2021
The China International Import Expo spurs global cooperation in intelligent industry and information technology
Fractal strengthens its Cloud AI business: Acquires enterprise AI provider Zerogons
Huawei Residential Smart PV Solution Supports Vietnamese Households To Optimize the Use of Solar Energy
Asia-Pacific Contact Center Applications Market to See Buoyant Growth, Thanks to Analytics
Xebec Strengthens its B2B Marketing services with proprietary CRM tool HELM
Food Logistics Recognises Crown as Top Technology Provider
Joget Launches Redesigned Marketplace to Accelerate No-Code/Low-Code Applications, Plugins and Solutions for Digital Transformation
TokenEx Data Protection Platform named 'Cyber Catalyst'
Partnership Details Strategic Priorities At DSM 202ONE Annual Kickoff
Hyde Engineering + Consulting Announces Appointment of Chief Executive Officer
MANA Products, Meiyume, and RPG form The Vertical Beauty Alliance to deliver seamless, end-to-end beauty solutions around the world
Cinotop&Micron Showcases Touch Everywhere at CES
8 Global Shifts for 2021 Reshaping Industries, Governments and Society
Jeffrey Archer returns to HarperCollins in major three-book deal
Deloitte Consulting Completes Acquisition of HashedIn Technologies
Live-streaming Broadcasters Come Together to Celebrate Resilience and Creativity at the BIGO Awards Gala 2021
Nonin Medical Announces New Full Board of Directors
OFS Portal & Taulia Collaborate on PIDX Integration
Crystal Denlinger Named Chief Scientific Officer for National Comprehensive Cancer Network
Freshwater Supply Challenge Stimulates Innovation in Reverse Osmosis Seawater Desalination Technology
LTI and IBM to Expand Global Alliance to Help Organizations Accelerate Digital Transformation with Open Hybrid Cloud
Manulife Investment Management reinforces its digital prowess in Asia with new senior role
Xinhua Silk Road: SCO Secretariat, TCSA jointly host "National Data Brain" Summit
OKEx adds real-time settlement for ALGOUSD, ATOMUSD and 20+ coin-margined perpetual swaps
Cytiva delivers modular biologics factory to Lonza