Businesses need to gear up for customisation, value creation, risk-taking and ecosystem leverage to boost sustainability during digital disruption and the pandemic, says Tata Consultancy Services (TCS), an India-based tech consulting firm.
"The pandemic has driven businesses to accelerate their transformation plan from 4-5 years to 1-2 years," Vijaya Pandya, country head of Tata Consultancy Services Thailand, told the Bangkok Post.
The budget for IT investment and transformation will not be reduced as companies prioritise IT and transformation, especially after the pandemic, she said.
Businesses also need to take into account digital transformation, business continuity planning, digital inclusion and ways to innovate people, Ms Pandya said.
There are various emerging technologies that support business transformation, such as cloud computing, artificial intelligence, Internet of Things, robotics and automated systems.
TCS acknowledges the next wave of business 4.0 is the digital framework that could help businesses and organisations transform digitally in four major aspects, she said.
First, businesses need to give weight to product and service personalisation at scale, or mass customisation.
Second, they have to create exponential value with new business models and address new markets. For example, tyre makers can change from only supplying the products to also offering tyres as a service.
Third, companies may have to leverage their ecosystem by working with multiple partners in their supply chains and external partners to form new services or make new products.
For example, automakers can collaborate on digital platforms with consumer electronics makers, entertainment, telecom and others to provide connected cars.
The final aspect concerns taking risks, which can lead to new opportunities in a changing environment.
Moreover, businesses need to be resilient, adaptable, purpose-driven and agile, she said.
"Digital transformation is not about pure technology. It is a matter of purpose driven by looking into overall business strategies, goals, customer satisfaction and revenue increase," said Ms Pandya.
TCS offers end-to-end digital services and application development, she said. In Thailand, TCS has focused on customers in banking, manufacturing and telecom sectors and is expanding services to insurance and retail business.
Cybersecurity, supply chain management and automated operation are among key focus for investment among TCS customers, she said.
Thailand is a high-potential market for TCS out of 14 countries in Asia-Pacific. The Asia Pacific region accounts for approximately 15% of TCS's overall US$22 billion revenue globally.