Technology giant Microsoft has conducted the Microsoft Asia Digital Transformation study 2016 to understand the digital transformation journey and priorities of business leaders working in leading organizations. The study polled business leaders working in mid-sized and large organizations from 13 Asia Pacific countries. Among Indian respondents, there was a high number of CEOs, followed by Chief Digital Officers.

In India, 92% of business leaders believe that every organization needs a digital transformation to enable growth for their business. While the Artificial Intelligence (AI), Internet of Things (IoT), and cloud computing have been considered as important elements of technology to drive digital growth, reveals study.

“Today, cloud powered technologies such as IoT, AI and advanced data analytics are creating limitless possibilities in transforming the way people work, live and play. This is ushering in societal and economic changes at an unprecedented pace and organizations need to embrace this transformation to stay relevant,” said Anant Maheshwari, President – Microsoft India.

According to survey, Indian respondents believe:

• AI and IoT as important and emerging technologies relevant to digital transformation strategies to businesses
• Cloud computing and decreasing cost of devices make it more affordable for companies of all sizes to access modern technology to gain competitive advantage, according to 88% Indians
• Virtual reality and augmented reality as technology relevant to digital transformation among organizations

Along with digitization of processes digital transformation is also about business leaders re-envisioning existing business models and embracing a different way of bringing together people, data, and processes to create value for their customers through systems of intelligence.

In addition to that, empowering employees has been observed as the top digital transformation priority for the organization, followed by optimizing operations, engaging customers and transforming products and services.

The study also revealed that

• 87% Indian respondents feel that new insights from data could lead to new revenue streams  compared to the Asian average of 79%.
• In Asia (49%) and India (53%), respondents indicated that their organization had specific digital transformation strategy in place, and were progressing in their journey to add digital elements.

On the other hand, security, lack of digitally skilled workforce, lack of supportive government policies and ICT infrastructure, uncertain economic environment and lack of leadership were ranked as the top five barriers and challenges to an organization’s digital transformation journey in India.