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 Life Sciences sector in India can navigate this change.
Accenture’s Technology Vision 2021 analyzes how the Life Sciences sector in India has been changed forever by COVID-19.
99% of executives from the sector who responded to Accenture’s survey say that COVID-19 had proved to be an unprecedented stress test, for their organizations. In particular, it has brought significant pressure to bear on four aspects:
Ninety percent of executives say that as a response to COVID-19 their organizations are operating with a new sense of purpose.
The study explores the impact of the pandemic on the Life Sciences sector in India to define five key trends. Embracing these trends will help organizations shape new markets and stay resilient in the face of change.
1. Stack strategically: Architecting a better future
In India, the Life Sciences industry is faced with an interesting challenge. While 40% of executives agree that tech is aligned with the overall strategy for their organizations, 33% say that their ability to execute tech decisions is not on par. This can limit organizational agility which is key to retaining business advantage in the future. Executives also agree that the notion of a technology fast-follower in their industry is quickly disappearing.
Other than industry-specific investments for Life-Sciences in Biocomputing and Smart Materials, 33% of executives report their organizations are scaling up to cloud technologies this year as a direct response to COVID-19.
2. Mirrored world: The power of massive, intelligent, digital twins
Globally, digital twins are reinventing how we learn, work, and collaborate. In the Life Sciences sector, executives say that their organizations are using digital twins to improve operations, as well as train, innovate, and monitor employees.
As businesses push the boundaries between real and virtual, digital twins in combination with AI can help deliver a seamless experience. They can also help build robust partnerships across ecosystems allowing businesses to scale fast.
Thus, investment in digital twins is set to grow rapidly as told by 70% of executives that they expect their organizations’ investment in digital twins to increase over the next three years.
3. I, technologist: The democratization of technology
With every business now a technology business, it is imperative that every employee, whatever their backgrounds, become fluent in technology.
According to Tech Vision 2021,
of India’s Life-Sciences executives are confident that their employees are fluent in technology.
of executives expect their organizations to make moderate or significant investments in the tech training of non-IT employees.
This investment in employee training is likely to have major benefits such as accelerating solution implementation and improving interconnectivity.
4. Anywhere, everywhere: Bring your own environment
As a direct result of COVID-19, organizations have made the transition from a Bring Your Own Device to a Bring Your Own Environment approach. Life Sciences in India is no exception. 93% of executives say that up to 40% of their organization’s workforce shifted to remote working over the last year. This has made the development of a formal strategy that addresses talent acquisition, retention, and well-being a priority.
Technology is foundational to these strategies.
of executives from the industry agree that their organizations will shift from BYOD to BYOE.
of executives agree that remote workforce opens up the market.
5. From me to we: A multiparty system’s path to chaos
The Life Sciences sector suffered a massive disruption in supply chains due to the pandemic with 70% of executives reporting a moderate to complete disruption.
The solution is in blockchains and building resilient multiparty systems.
of executives reported a moderate to complete disruption.
of executives say that multiparty systems are no longer an ambitious undertaking but a desperately needed solution.
The benefits of multiparty systems include ensuring transparency in data management, offering new ways of engaging customers, and creating new value with partners. The secret to future success is secure collaboration and multiparty systems offer just that.
Accenture's Tech Vision 2021 offers tools to remain resilient and retain a business advantage in the face of one of the biggest disruptions in recent history. Leaders in the Life Sciences sector must take note.
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