Thursday, Mar 28 2024 | Time 17:56 Hrs(IST)
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Business Economy


India Inc gears up for new normal

New Delhi, Nov 24 (UNI) In the new Covid-19 normal, organisations are strengthening focus on technology while upskilling their employees as well enhancing their processes and leveraging data-based decision making, says a Microsoft India-IDC study released on Tuesday.
On that note, Microsoft and IDC have today announced the India findings of their study on Culture of Innovation, Foundation for business resilience and economic recovery. Microsoft India also organised a virtual roundtable focused on the outcomes and trends highlighted in the study.
The India findings of the study ‘Culture of Innovation: Foundation for business resilience and economic recovery in Asia Pacific’ highlighted that a large majority of business decision makers agree that innovation is a necessity to staying resilient in a crisis. The findings were released by Rajiv Sodhi, Chief Operating Officer, Microsoft India and Vasant Rao, Managing Director – India and South Asia, IDC, in the presence of Mukesh Sharma, Chief Technology Officer, Paisabazaar.com and Gaurav Aggarwal, Director and Head of Unsecured Loans, Paisabazaar.com.
The study found that in a short span of six months, organisations in India have increased their ability to innovate by 4% by maturing their Culture of Innovation. The study also showed that close to 78% of India organizations are speeding up digitalization in a variety of ways to adapt to the new reality. This included launching digital products and introducing digital payments to embracing ecommerce and automation. As a result, Indian companies are aiming at increasing their revenue from digital products and services to 50% in the next 3 years from 36% at present. According to the survey, 64% of respondents acknowledged that innovation has become easier in the post-COVID-19 era. Prior to the pandemic, only 32.5% of Indian business found innovation in their products and services easy, said a press note here.
The study introduced the culture of innovation framework, which spans the dimensions of people, process, data, and technology, to assess organsations’ approach to innovation. It surveyed 439 business decision makers and 438 workers in India within a 6-month period, before and since COVID-19. The India study was part of a broader survey among 3,312 business decision makers and 3,495 workers across 15 markets in Asia Pacific region. Through the research, organizations’ maturity was mapped and as a result, organizations were grouped in four stages – traditionalist (stage 1), Invoice (stage 2), Iadaptor (stage 3) and leader (stage 4). Leaders comprise of organizations that are the most mature in building a culture of innovation.
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