A majority of global companies that have adopted the full range of business behaviors needed to thrive in a "Business 4.0" world expect to grow more than 10 percent in the next three years, according to a new report by Tata Consultancy Services (TCS), an IT services and consulting firm.
Also: How IoT will drive the fourth industrial revolution[1]
For its research, TCS in November and December 2018 surveyed senior business decision makers from more than 1,200 large enterprises spanning 11 industries and 18 countries. The firm defines Business 4.0 as featuring the adoption of four key behaviors: Driving mass personalization[2], creating exponential value, leveraging ecosystems, and embracing risk.
The study found that only about one in 10 organizations surveyed have adopted all four behaviors, and the firm classifies these as "leaders." A majority (82 percent) have embraced one to three of the behaviors, with mass personalization being the most prevalent (78 percent). TCS calls these organizations "early adopters."
Leaders are three times more likely than "followers" -- the 9 percent of organizations that have not yet adopted any of the behaviors -- to have embraced technology initiatives such as artificial intelligence[3] (AI), blockchain[4], and the Internet of Things[5] (IoT), and twice as likely to have embraced automation.
Mass personalization is the most familiar behavior among business leaders, and is enabled by technologies that allow companies to offer personalized products and services at scale, which significantly improves the customer experience and leads to higher revenues.
More than