According Microsoft Asia Digital Transformation Study 2016, 92 percent of business leaders in India believe that every organization needs to be a 'digital organization' to enable growth for their business.
The study says, Indian executives also led their Asian colleagues in placing Cloud Computing as an important element of their digital transformation strategy.88 percent Indian respondents believed Cloud computing and decreasing cost of devices make it more affordable for companies of all sizes to access modern technology to gain competitive advantage - ahead of the 81 percent average across Asia.
More Indian respondents also saw Virtual Reality and Augmented Reality as technology relevant to digital transformation among organizations than the rest of Asia.
Among Indian respondents, Artificial Intelligence (AI) and Internet of Things (IoT) are viewed as important and emerging technologies relevant to digital transformation strategies to businesses, study added.
Anant Maheshwari, President - Microsoft India, "Digital transformation is not just about digitization of processes - it is 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. 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."
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 CEOs, followed by Chief Digital Officers.
Further, the study said, 87 per cent Indian respondents feel that new insights from data could lead to new revenue streams compared to the Asian average of 79 per cent.
In Asia (49 per cent) and India (53 per cent), respondents indicated that their organisation had specific digital transformation strategy in place, and were progressing in their journey to add digital elements, the study said.
It found that security, lack of digitally skilled workforce, lack of supportive government policies and Information and Communications Technology (ICT) infrastructure, uncertain economic environment and lack of leadership were ranked as the top five barriers to an organisation's digital transformation journey in India.