-- Economist Impact survey of 2,000 business leaders, sponsored by Cognizant, 
shows key challenges include competing priorities, deriving value from 
technology investments, addressing a talent and skills gap, and sustaining 
action on ESG

    -- Approximately 90% of respondents cited competing strategic imperatives, 
       including data-driven ways of working, digital business models, and 
       aligning operations with these new ways to work.
    -- Over 60% of respondents are planning for or have already begun adopting 
       advanced technology such as quantum computing, blockchain, and robotics. 
       Yet nearly 50% claim they are not achieving significant value from 
       existing technology investments.
    -- Nearly half of respondents, approximately 46%, recognize they lack the 
       internal talent necessary to implement and utilize advanced technologies.
    -- An overwhelming nine out of 10 respondents recognize attention to 
       Environmental, Social and Governance (ESG) issues is an essential aspect 
       of being a modern business; only 35% are currently incorporating ESG
       into company strategy.

Cognizant ( 
https://c212.net/c/link/?t=0&l=en&o=3608847-1&h=594769507&u=http%3A%2F%2Fwww.cognizant.com%2F&a=Cognizant 
) today introduced The Future-Ready Business Benchmark ( 
https://c212.net/c/link/?t=0&l=en&o=3608847-1&h=930858638&u=http%3A%2F%2Fwww.cognizant.com%2Freadyforanything&a=The+Future-Ready+Business+Benchmark 
), research from Economist Impact ( 
https://c212.net/c/link/?t=0&l=en&o=3608847-1&h=1400490978&u=https%3A%2F%2Fimpact.economist.com%2F&a=Economist+Impact 
), commissioned by Cognizant. This comprehensive survey of business leaders 
across eight industries and 10 countries is aimed at understanding the state of 
the modern business and how leaders are preparing for long-term success in a 
post-pandemic world. The research identifies three essential interrelated areas 
that leaders must prioritize to create a resilient, future-ready enterprise: 1) 
Realizing full value from accelerated technology adoption, 2) overhauling 
workforce strategies, and 3) closing the gap on thought and action in the face 
of growing environmental, social, and governance (ESG) challenges.

Logo - https://mma.prnewswire.com/media/1794711/Cognizant_Logo.jpg

"Resilience is the new must-have capability for every organization that expects 
to thrive in this time of intensifying competition, ever-accelerating digital 
technology, and unpredictable global events," said Euan Davis, Head of 
Cognizant Research. "To succeed as a modern business, leaders must be ready for 
anything, and prioritization is key when everything seems equally critical. 
We've shown that savvy technology investment, attention on developing talent 
with new and expanded skillsets, and embedding and acting on an ESG agenda are 
core elements of focus on which leaders can build. The successful CxOs will 
build future-ready, resilient businesses by ensuring their organizations learn, 
adapt, and continually evolve."

Economist Impact ( 
https://c212.net/c/link/?t=0&l=en&o=3608847-1&h=1400490978&u=https%3A%2F%2Fimpact.economist.com%2F&a=Economist+Impact 
) surveyed 2,000 senior executives in 10 countries across North America, 
Europe, and Asia-Pacific to assess and compare their businesses across a range 
of metrics.

Survey highlights include these insights:

    -- Strategic clarity is muddled. Over 90% of business leaders surveyed say 
       it is a strategic priority to adopt a data-driven approach and create a 
       digital-first business model, with 37% citing both imperatives, along 
       with the need to align operations with these new modes of working, as 
       "business critical."
    -- Technology investment is accelerating beyond what has become the 
       standard shopping list of cloud, advanced analytics, IoT and artificial 
       intelligence/machine learning (AI/ML) even while respondents say they 
       are not yet realizing full value of existing investments. In addition to 
       these foundational technologies, of which the vast majority of 
       respondents, 80%, say they have adopted or plan to adopt, there is a 
       growing appetite for an emerging set of technologies; over 60% of 
       respondents say they plan to or are already adopting quantum computing, 
       blockchain, and robotics.
    -- Workforce and talent management strategies need a major overhaul to 
       prepare workers for new ways of work. Nearly half of respondents, at 
       46%, recognize they lack the skilled talent necessary to make productive 
       use of advanced technologies. When asked about the biggest hurdles to 
       implementing new processes, products, services and technologies over the 
       last 12 months, the two most significant challenges were workforce-
       related: a lack of knowledgeable staff and a chronic lack of focus on 
       preparing workers for the new ways of work. For example, just one-third, 
       or 33%, of respondents are using data to identify and understand 
       training needs and cultivate talent.
    -- Business resilience is at risk for companies that recognize ESG as a 
       critical consideration but fail to take action to integrate ESG 
       throughout the organization. Nine in 10 decision-makers, or 90%, 
       recognize attending to ESG issues is an important aspect of being a 
       modern business. However, there is a massive disconnect between 
       recognition and action, with only 31% having dedicated staff and 
       resources devoted to ESG, and only 35% incorporating ESG into company 
       strategy. A slight majority, 54%, report setting and taking action on 
       specific environmental targets, while only 44% currently measure social 
       impact.

"Many businesses today are struggling to prepare for next month, let alone 
years from now," noted Vaibhav Sahgal, Principal at Economist Impact. "Firms 
genuinely embedding principles of future-readiness from our Future-Ready 
Business Benchmark into their operational realities will maintain and grow 
their competitive advantage. Our data validated the fact that it is 
particularly challenging to make progress on the matter when juggling a vast 
array of often competing priorities. Our guidance is to start where the gaps 
are most significant and dial up the focus on people; the benchmark offers 
tangible calls to action for businesses across countries and industries. A 
failure to embrace the volatility that is here to stay, and prioritize business 
plans and investments accordingly, puts your business at the risk of losing 
relevance."

Study Methodology
The Future-Ready Business Benchmark, research from Economist Impact, supported 
by Cognizant, examines the state of businesses today in light of the needs of 
tomorrow. It was developed through a rigorous process of research, expert 
consultations, data collection and analysis. The benchmark reflects a range of 
key considerations and measures of future-readiness for multi-national firms 
from 10 developed economies and eight industries, spanning the external 
environment, business preparedness factors and current performance, and focused 
on cross-cutting themes including firm fundamentals, talent, technology and 
innovative ability, and ESG.

Read more about what it takes to be a future-ready business here ( 
https://c212.net/c/link/?t=0&l=en&o=3608847-1&h=2950619138&u=https%3A%2F%2Fwww.cognizant.com%2Fus%2Fen%2Flatest-thinking%2Fmodern-business&a=here 
).

About Cognizant
Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients 
modernize technology, reimagine processes and transform experiences so they can 
stay ahead in our fast-changing world. Together, we're improving everyday life. 
See how at www.cognizant.com or @cognizant.

For more information, contact:

U.S.
Jodi Sorensen
jodi.sorensen@cognizant.com

Europe / APAC
Christina Schneider
christina.schneider@cognizant.com

India
Rashmi Vasisht
rashmi.vasisht@cognizant.com

SOURCE Cognizant