PR97288

TEANECK, N.J., Aug. 2, 2022 /PRNewswire=KYODO JBN/ --

-- 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

    -- Approximately 90% of respondents cited competing strategic imperatives,

       including data-driven ways of working, digital business models, and

       aligning operations with these new ways to work.

    -- Over 60% of respondents are planning for or have already begun adopting

       advanced technology such as quantum computing, blockchain, and robotics.

       Yet nearly 50% claim they are not achieving significant value from

       existing technology investments.

    -- Nearly half of respondents, approximately 46%, recognize they lack the

       internal talent necessary to implement and utilize advanced technologies.

    -- An overwhelming nine out of 10 respondents recognize attention to

       Environmental, Social and Governance (ESG) issues is an essential aspect

       of being a modern business; only 35% are currently incorporating ESG

       into company strategy.

Cognizant (

https://c212.net/c/link/?t=0&l=en&o=3608847-1&h=594769507&u=http%3A%2F%2Fwww.cognizant.com%2F&a=Cognizant

) today introduced The Future-Ready Business Benchmark (

https://c212.net/c/link/?t=0&l=en&o=3608847-1&h=930858638&u=http%3A%2F%2Fwww.cognizant.com%2Freadyforanything&a=The+Future-Ready+Business+Benchmark

), research from Economist Impact (

https://c212.net/c/link/?t=0&l=en&o=3608847-1&h=1400490978&u=https%3A%2F%2Fimpact.economist.com%2F&a=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.

Logo - https://mma.prnewswire.com/media/1794711/Cognizant_Logo.jpg

"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 (

https://c212.net/c/link/?t=0&l=en&o=3608847-1&h=1400490978&u=https%3A%2F%2Fimpact.economist.com%2F&a=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:

    -- Strategic clarity is muddled. Over 90% of business leaders surveyed say

       it is a strategic priority to adopt a data-driven approach and create a

       digital-first business model, with 37% citing both imperatives, along

       with the need to align operations with these new modes of working, as

       "business critical."

    -- Technology investment is accelerating beyond what has become the

       standard shopping list of cloud, advanced analytics, IoT and artificial

       intelligence/machine learning (AI/ML) even while respondents say they

       are not yet realizing full value of existing investments. In addition to

       these foundational technologies, of which the vast majority of

       respondents, 80%, say they have adopted or plan to adopt, there is a

       growing appetite for an emerging set of technologies; over 60% of

       respondents say they plan to or are already adopting quantum computing,

       blockchain, and robotics.

    -- Workforce and talent management strategies need a major overhaul to

       prepare workers for new ways of work. Nearly half of respondents, at

       46%, recognize they lack the skilled talent necessary to make productive

       use of advanced technologies. When asked about the biggest hurdles to

       implementing new processes, products, services and technologies over the

       last 12 months, the two most significant challenges were workforce-

       related: a lack of knowledgeable staff and a chronic lack of focus on

       preparing workers for the new ways of work. For example, just one-third,

       or 33%, of respondents are using data to identify and understand

       training needs and cultivate talent.

    -- Business resilience is at risk for companies that recognize ESG as a

       critical consideration but fail to take action to integrate ESG

       throughout the organization. Nine in 10 decision-makers, or 90%,

       recognize attending to ESG issues is an important aspect of being a

       modern business. However, there is a massive disconnect between

       recognition and action, with only 31% having dedicated staff and

       resources devoted to ESG, and only 35% incorporating ESG into company

       strategy. A slight majority, 54%, report setting and taking action on

       specific environmental targets, while only 44% currently measure social

       impact.

"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."

Study Methodology

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 (

https://c212.net/c/link/?t=0&l=en&o=3608847-1&h=2950619138&u=https%3A%2F%2Fwww.cognizant.com%2Fus%2Fen%2Flatest-thinking%2Fmodern-business&a=here

).

About Cognizant

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.

For more information, contact:

U.S.

Jodi Sorensen

jodi.sorensen@cognizant.com

Europe / APAC

Christina Schneider

christina.schneider@cognizant.com

India

Rashmi Vasisht

rashmi.vasisht@cognizant.com

SOURCE Cognizant