Tech Trends 2021: Consumer goods and services in India
June 18, 2021
The unprecedented disruptions wrought by COVID-19 have pressed a giant fast-forward button on how organizations build and use technology to refine strategy, define new markets and boost employee productivity and well-being. Accenture’s 2021 Tech Vision offers critical insight into how the Indian Consumer Goods and Services sector can navigate this change.
Accenture’s Technology Vision 2021 analyzes major trends that emerged from a survey conducted among top executives of leading consumer goods and services companies in India.
The Indian consumer goods and services sector has been severely impacted by COVID-19 with 99% of executives from the sector who responded to this survey saying that it had proved to be an unprecedented stress test, for their organizations. In particular, the global health crisis had brought significant pressure to bear on four aspects:
Sixty three percent of the executives say that as a result of COVID-19 digital transformation has accelerated with a particular focus on Cloud, Artificial Intelligence, and Cybersecurity.
Combining their responses with research, Accenture’s Tech Vision 2021 defines five key trends that are now indispensable for organizations. Embracing these trends will prove critical in shaping new markets and staying resilient in the face of change.
1. Stack strategically: Architecting a better future
With COVID-19 highlighting the need for digital transformation, 77% of executives from the sector agree that technology architecture and its ecosystems have become critical to the overall success of their organization.
Consequently, 93% of executives project that 50% or more of their organization’s business will move to Cloud in three years.
This clearly indicates that no organization can afford to separate business and tech strategies going forward. Any organization that aims at staying agile needs to prioritize a Cloud-powered digital transformation.
2. Mirrored world: The power of massive, intelligent, digital twins
Digital Twins are allowing organizations to gain insights into complexities and model their organization’s processes, people, and assets. They have also emerged as essential tools for creating viable ecosystem partnerships. 90% of executives agree that AI combined with digital twins is allowing their organizations to scale up in ways that were not possible earlier.
Digital twins enable organizations to push the boundaries of duality between the real and virtual answering to the need for seamless navigation between both.
Seventy percent of executives expect their organization’s investment in digital twins to increase over the next three years.
of executives agree that Digital Twins are essential to the organization’s ability to form crucial ecosystem partnerships.
of executives believe their organizations need a central intelligence hub or Digital Twin.
3. I, Technologist: The democratization of technology
With digital transformation being key, organizations must invest in training employees and improving access to tech tools across the board. Not only will this investment in training amplify the benefits of transformation and fuel innovation but it will also amplify interconnectivity.
For the consumer goods and services sector, this democratization of technology needs to be fuelled by training strategies with a focus on security and data governance.
4. Anywhere, everywhere: Bring your own environment
With the shift to remote work triggered by the pandemic, organizations have to solve problems of connectivity, productivity, and employee retention among others.
However, a majority of the respondents say that in response to the pandemic, they have developed only temporary strategies for their employees. Formal strategies addressing talent acquisition, well-being, and retention are still missing from the sector.
The transition triggered by COVID-19 is here to stay with 83% of executives stating that employees will only come together when it is a value-add to do so.
5. From me to we: A multiparty system’s path to chaos
Seventy seven percent of executives surveyed from the consumer goods and services industry say that their organizations have faced a moderate to complete supply chain disruption. So, implementing multiparty systems is no longer seen as an ambitious undertaking but as an urgently needed solution.
Multiparty systems can allow organizations to offer transparency and accountability to their customers, create new value, and make ecosystems resilient and adaptable.
Where enabled by blockchain, 63% of executives agree that multiparty systems will make data management more transparent.
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