Top 80% companies keen to collaborate with competitors: TCS study
The study reveals a sharp divide in digital strategies of better-performing companies (Leaders) versus laggards (Followers). 80% of Leaders are willing to collaborate with competitors than Followers (23%).
Tata Consultancy Services (TCS) published its global study titled ‘Where, how and what leaders will compete with in the new decade: Findings from the TCS 2021 Global Leadership Study’, based on a survey of 1,200 CEOs and senior executives.
The study revealed a sharp divide in the digital strategies of better performing companies (Leaders) versus laggards (Followers). 80% of Leaders are willing to collaborate with competitors than Followers (23%).
Innovation was ranked the most important aspect of organisation culture, followed by diversity, inclusion and equal opportunity, quality orientation and customer-centricity. While Leaders prioritised customer-centricity above shareholder value, Followers ranked it number 6. It showed that Leaders embed a ‘customer first’ mindset across the organisation.
By 2025, respondents believe 41% of their revenue will come from new offerings and 46% from purely digital products
or services. Respondents ranked digital marketing campaigns first for effectively using data, followed by sales initiatives and customer service.
The study was done by the TCS Thought Leadership Institute which conducts primary research to help organisations transform for long-term, sustainable growth. It examines how global enterprises have recalibrated their competitive strategies following the pandemic. It specifically explores how management teams are striking a balance between innovation and optimisation in four areas – digital strategies, digital offerings, digital ways of conducting business and leadership approaches.