Cyber security a critical issue for global enterprises: Infosys research

Tech major Infosys has released a global research that provides insights into how and why organisations are adopting and investing in new digital technologies and strategies.

The research titled: How Enterprises are Steering Through Digital Disruption, was compiled by interviewing 1,000 senior IT and business decision makers in organisations across seven countries. Respondents were from organisations with 1,000 employees or more and $500 million global annual revenue or higher across verticals such as automotive, banking, CPG, healthcare, industrial manufacturing, insurance, life sciences, retail and utilities.

As per the research, disruptive digital technologies continue to equip enterprises to consume and analyse data to improve business, both by re-imagining processes and experiences. Some 67 per cent of organisations that participated in the study are leveraging big data analytics. Over half of these organisations have already made investments in deep learning algorithms of AI.

Currently, enterprises are using digital technologies across a variety of areas in their core IT management (79 per cent), business process management (60 per cent) and customer relationship management (62 per cent). This establishes digital-ready enterprises as those that are continuously investing in reinventing their businesses from the core including processes and systems, with as much enthusiasm as their customer touch points and journeys. The research also found that respondents’ organisations are looking to utilise digital technologies (if they haven’t already) across knowledge management (33 per cent), operational intelligence (31 per cent) and product development (28 per cent).

The research also revealed that customer centric technology investments are among the top three priorities for all industries except Manufacturing and CPG. Life Sciences leads the way (86 per cent investing in technology for patient centricity during clinical trials), followed by Retail (79 per cent investing in augmented reality for virtual stores) and Banking (75 per cent investing in opti-channel for better customer experience). These technologies are also among the top priorities in Insurance (to encourage insurance buying behaviour), utilities (for omnichannel customer engagement), healthcare (to predict onset of health conditions) and Automotive (for connected cars).

Ravi Kumar S, President and Deputy Chief Operating Officer, Infosys, said, “The digital era presents enterprises with the unprecedented opportunity to reinvent their business from the core by continuously steering towards a more digital future guided by AI-powered insights to target the right opportunities to deeply automate, improve and even reimagine, both processes and experiences. A digital mindset enabled by rapid skill development and talent refactoring is vital to accelerate this transformation.”

In the cyber security front, the research found that almost 64 per cent of respondents’ organizations have implemented cyber security to improve existing business operations, 53 percent to solve new business problems, whereas just 28 per cent implemented cyber security to create

new opportunities. Some 67 per cent respondents from the automotive industry use cyber security for improving business, 57 per cent to solve new business problems and 33 per cent to create new opportunities. Some 38 per cent of the life sciences sector respondents rank cyber security for protection of patient and trial data as the top trend.