NEW YORK & BANGALORE, India--(BUSINESS WIRE)--Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, today released a report indicating that retailers and consumer packaged goods (CPG) firms drive some of the highest return on investments (ROI) from the cloud.
Beset by rapid changes in shopping behaviors and supply chain disruptions, retailers and consumer brands are pushing the envelope in their cloud strategies and increasingly leveraging the cloud to drive business growth and competitive advantage, according to “The Big Shift: How Retailers and Brands Drive Revenue and Growth with Cloud,” report by Wipro FullStride Cloud Services.
In fact, the retail industry is leading all others in cloud adoption. More than three quarters (78 percent) of retailers—and 71 percent of CPG brands—are either mature users of cloud or intermediates that are advancing cloud investments, compared to 68 percent across all other industries.
Rapid cloud adoption is paying off handsomely for retailers and CPG brands, with retailers registering the highest revenue gains of any sector from cloud investments—4.75 percent, compared with four percent across all sectors—as they migrate, modernize, and embrace cloud-native application development.
Further, retail and CPG firms that participated in the survey are averaging an impressive ROI of 47 percent from cloud initiatives. ROI is even more staggering for firms who are mature users of cloud. CPG and retail firms considered cloud leaders are driving ROIs of 108 and 96 percent, respectively, from these initiatives.
“Inordinately disrupted by events of past two years, retailers and consumer brands face an urgent need to rapidly reinvent their businesses,” said Deviprasad Rambhatla, SVP and Sector Head - Retail, Services and Transportation, Wipro Limited. “Our report proves that retailers and consumer brands that prioritize cloud adoption are not only able to transform faster and accelerate growth despite increasing external pressures but are also better positioned to adapt to future changes in business and technology.”
“As retailers strive to become more agile and connected, moving to the cloud is becoming a critical capability to enable the flexibility and data fluidity they desire,” said Melissa O’Brien, Research Leader, Retail and CPG Services, HFS Research. “The changes in consumer expectations and behaviors have driven a tremendous effort at retail firms to understand and connect with customers. Cloud adoption can clearly facilitate doing this in a smarter and more data centric way.”
What separates cloud leaders from the rest?
According to Wipro FullStride Cloud Services’ The Big Shift report, firms that have the most advanced approach to cloud, and are considered cloud leaders, prioritize cloud as a strategic imperative across their business and use the cloud to improve their financial, operational, and strategic performance.
These firms recognize the importance of C-suite engagement and leverage the cloud to build future-ready businesses through greater innovation and new business models (35 percent), accelerated time to market (35 percent), and streamlined operations (20 percent).
Leaders also use the cloud to improve both the customer and the employee experience (EX). They understand the value of data and customer analysis to adapt to fast-changing consumer needs and behaviors and recognize the role cloud plays in enabling that future. Further, these firms use the cloud to enhance EX and productivity. In fact, more than one-third expect to make “significant progress” in EX within the next two years, and 60 percent are adopting robotic process automation and workflow automation.
Finally, cloud leaders are focused on building intelligent and interconnected operations. They look to leverage the cloud to optimize advanced technologies, such as data, artificial intelligence, and Internet of Things to help improve planning and decision-making.
The Big Shift: How Retailers and Brands Drive Revenue and Growth with Cloud builds on Wipro FullStride Cloud Services Making Business Thrive: A Cloud Leader Roadmap for Achieving 10x ROI report and is part of an ongoing series on the cloud’s business value across every major industry.
To see how your firm stacks up against competition in cloud adoption, check out our Cloud Leadership Benchmarking Tool designed to help prioritize cloud investments and excel where it matters.
The Big Shift report is based on a survey conducted for Wipro in June and July 2021 by ThoughtLab Group among 1,400 global C-level executives from 11 industries. The report incorporates data from123 consumer brands and 136 retailers in six countries, with revenues ranging from $5 billion to $20 billion.
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 220,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.
The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry. The conditions caused by the COVID-19 pandemic could decrease technology spending, adversely affect demand for our products, affect the rate of customer spending and could adversely affect our customers’ ability or willingness to purchase our offerings, delay prospective customers’ purchasing decisions, adversely impact our ability to provide on-site consulting services and our inability to deliver our customers or delay the provisioning of our offerings, all of which could adversely affect our future sales, operating results and overall financial performance. Our operations may also be negatively affected by a range of external factors related to the COVID-19 pandemic that are not within our control. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
Sanuber B. Grohe