Cloud, Cybersecurity, and Modernization Will Power Digital Business Models and Increased IT Spending, say Global 2000 Executives: Infosys – HFS Research

PR87033

BENGALURU, India, December 3, 2020 /PRNewswire=KYODO JBN/ --

- 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

    Infosys [https://www.infosys.com/] (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.

Key findings:

    -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 – inside of a

single year – 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

[https://www.infosys.com/navigate-your-next/research/embrace-seismic-technological.html ] 

    Methodology

    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.

    Safe harbor:

    "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."

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    Source: Infosys