Indian businesses better prepared for industry of future

​Davos: Businesses in India are making better progress than others in dealing with challenges of the fourth industrial revolution on key aspects of society, strategy, technology and talent, a survey said on Monday. 

In its annual 'Readiness Report' released on the first day of the World Economic Forum (WEF) Annual Meeting in this Swiss ski resort town, global consultancy giant Deloitte said global leaders are facing the pressures of preparing their businesses and workforces for this new era, with the Fourth Industrial Revolution (Industry 4.0) re-shaping how the world lives and works. 

However, Indian businesses are taking a proactive approach to train their workforces for the future and they have the most clearly defined decision-making process of all executives. The Indian executives also demonstrate the ability to generate profit from purpose and they are most concerned about the ethical use of Industry 4.0 technologies, the Deloitte survey found. 

The five-day WEF summit, being attended by over 3,000 global leaders including more than 100 from India, has the main theme of 'Globalization 4.0: Shaping a Global Architecture in the Age of the Fourth Industrial Revolution'. According to the Deloitte report titled 'Leadership in the Fourth Industrial Revolution: Faces of progress', certain geographies, especially businesses in India, have demonstrated the right aptitude for success in Industry 4.0. 

This is because of their focused approach to upskilling their employees, linking customer satisfaction to societal impact and profits and above all, the ethical use of Industry 4.0 technologies, Deloitte said in its second annual 'Readiness Report'. This year's survey of more than 2,000 C-suite executives across 19 countries included 130 respondents from India. 

Many respondents acknowledged they are still in the early stages of navigating Industry 4.0. However, businesses in India are making better progress than others in dealing with the challenges within the four major areas of impact they were measured -- society, strategy, technology, and talent. 

Globally, organisational roadblocks appear to be limiting the development of effective Industry 4.0 strategies and many leaders continue to shy away from bold technology investments that drive innovation and disruption. However, in two critical areas -- societal impact and talent development -- CXO attitudes have changed dramatically from 2017, indicating leaders are becoming more realistic about what it takes to succeed in Industry 4.0.