Economist Impact survey of 2,000 business leaders, sponsored by Cognizant, shows key challenges include competing priorities, deriving value from technology investments, addressing a talent and skills gap, and sustaining action on ESG
TEANECK, N.J., Aug. 2, 2022 /PRNewswire/ --
Cognizant today introduced The Future-Ready Business Benchmark, research from Economist Impact, commissioned by Cognizant. This comprehensive survey of business leaders across eight industries and 10 countries is aimed at understanding the state of the modern business and how leaders are preparing for long-term success in a post-pandemic world. The research identifies three essential interrelated areas that leaders must prioritize to create a resilient, future-ready enterprise: 1) Realizing full value from accelerated technology adoption, 2) overhauling workforce strategies, and 3) closing the gap on thought and action in the face of growing environmental, social, and governance (ESG) challenges.
"Resilience is the new must-have capability for every organization that expects to thrive in this time of intensifying competition, ever-accelerating digital technology, and unpredictable global events," said Euan Davis, Head of Cognizant Research. "To succeed as a modern business, leaders must be ready for anything, and prioritization is key when everything seems equally critical. We've shown that savvy technology investment, attention on developing talent with new and expanded skillsets, and embedding and acting on an ESG agenda are core elements of focus on which leaders can build. The successful CxOs will build future-ready, resilient businesses by ensuring their organizations learn, adapt, and continually evolve."
Economist Impact surveyed 2,000 senior executives in 10 countries across North America, Europe, and Asia-Pacific to assess and compare their businesses across a range of metrics.
Survey highlights include these insights:
"Many businesses today are struggling to prepare for next month, let alone years from now," noted Vaibhav Sahgal, Principal at Economist Impact. "Firms genuinely embedding principles of future-readiness from our Future-Ready Business Benchmark into their operational realities will maintain and grow their competitive advantage. Our data validated the fact that it is particularly challenging to make progress on the matter when juggling a vast array of often competing priorities. Our guidance is to start where the gaps are most significant and dial up the focus on people; the benchmark offers tangible calls to action for businesses across countries and industries. A failure to embrace the volatility that is here to stay, and prioritize business plans and investments accordingly, puts your business at the risk of losing relevance."
The Future-Ready Business Benchmark, research from Economist Impact, supported by Cognizant, examines the state of businesses today in light of the needs of tomorrow. It was developed through a rigorous process of research, expert consultations, data collection and analysis. The benchmark reflects a range of key considerations and measures of future-readiness for multi-national firms from 10 developed economies and eight industries, spanning the external environment, business preparedness factors and current performance, and focused on cross-cutting themes including firm fundamentals, talent, technology and innovative ability, and ESG.
Read more about what it takes to be a future-ready business here.
Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we're improving everyday life. See how at www.cognizant.com or @cognizant.
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