According to the latest data released as part of Baker McKenzie’s ongoing Age of Hypercomplexity research, Indian companies are more confident in their ability to successfully adopt new technology than their counterparts based in HK/China, Japan, Singapore and Australia.
The findings of the research are based to a pulse survey of 600 C-suite executives across the Asia Pacific region, including 100 executives in India. The research done by Baker McKenzie examines key trends in technology, business and regulation.
In addition, that, the research says the Indian business leaders are also more likely to describe their company as a disruptor, rather than disrupted, in comparison to those surveyed in any other major economy in the region.
On an average, none of the nation reported being particularly assured about the challenges stood by the ever increasing pace of technological change they reportedly face, Indian policymakers can take some comfort in the fact almost a third (31%) of business leaders In India describe their organisations as ‘highly adept’ at exploiting the benefits of new technologies, as compared to 14% in Hong Kong, and only 8% in Malaysia.
There was a direct correlation in between those organisaions that described themselves as highly proficient at maximising tech benefits, and those describing their organisations as disruptors, with 31% of Indian business leaders also falling in that camp.
This refers to that 69% of India business leaders still feel their companies are primarily being disrupted, but this is still noticeably more favourable than in other countries surveyed. In Japan, for example, 78% of companies feel they are predominantly disrupted, which jumps to 84% in Hong Kong.
Reflecting on these trends, Ashok Lalwani, Global Head of Baker McKenzie’s India Practice, said, “India was creating fertile ground to be a global leader in technology in the coming decade. If India continues to develop its urban centers and promote a ‘Silicon Valley’ spirit of entrepreneurship, it could be in prime position to achieve global tech hub status. Tech savvy cities such as Bengaluru and Gurgaon are emblematic of India’s rapid urbanisation, and they are now reaching critical mass in terms of the number of tech start-ups located there, and the infrastructure to support them.”
While examining about the risks associated with technological advancement, however, Indian companies were more cautious. None of the Indian business leaders defined themselves as ‘highly successful’ when it comes to managing tech risk, although no one else in any other market surveyed did either. The theft of sensitive information, either by hacking or by a company’s own staff, was identified as the greatest perceived tech risk in India currently.
Both Lalwani and Baldia were in New Delhi for the World Economic Forum event.