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Indian companies are more confident of their ability to adopt new technology than their counterparts in Hong Kong/China, Japan, Singapore and Australia, a survey by international law firm Baker McKenzie has revealed.
Also, the highest percentage (31 per cent) of companies that described themselves as a disruptor, rather than disrupted, in the Asia Pacific region, came from India, showed a survey of 600 C-Suite executives, including 100 in India.
Nearly, 31 per cent of the 100 Indian business leaders surveyed said they were ‘highly adept’ at exploiting the benefits of new technologies, as compared with 14 per cent in Hong Kong and 8 per cent in Malaysia.
The survey findings formed part of Baker McKenzie’s ongoing ‘Age of Hypercomplexity’ research, which examines the key trends in technology, business and regulation. A more challenging finding for Indian regulators was the assessment by Indian business leaders about how well their regulators were keeping up with technological change. Just 14 per cent said they were ahead of the curve, 16 per cent said they were somewhat behind the curve, and 70 per cent said they were well behind the curve.
Ashok Lalwani, Head of Baker McKenzie’s India Practice, told BusinessLine the hypercomplexity report looks more at data and tech and what is the general mood and concerns of the corporates in Asia-Pacific, including India.
Key concerns
The key concern of the Indian corporates was digital theft of private information and consumer data breach, he said.
The theft of sensitive information was identified as the greatest perceived technology risk in India currently, Lalwani said. He added that Indian companies believe they are more prepared than their peers in neighbouring countries in meeting the tech-related changes. This is due to the increasing number of tech industries and start-ups in the country.
Tech risks
On risks associated with technological advancement, Indian companies were more cautious. No Indian business leader described himself/herself as 'highly successful' in managing tech risk, although no one else in any other market surveyed did either.
Lalwani said that India is creating a fertile ground to be a global leader in technology in the coming decade.
“If India continues to develop its urban centres and promote ‘Silicon Valley’ spirit of entrepreneurship, it could be in prime position to achieve global tech hub status,” he said.
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