Firms should begin Digital Reimagination, including changing their core business models, products and services, business processes and workplaces. Findings from the Global Trend Report by Tata Consultancy Services--which was released earlier this week--show that these steps are important for enterprises to remain competitive and maintain its market share.

Eight percent of the respondents in a survey of over 800 global corporations said that they have adopted new digital strategy while a third said Digital Reimagination would be their strategy by 2020.

Enterprises across industries and regions have invested about US$113 million in digital initiatives. Seventy percent of enterprises see investments in digital initiatives as crucial to business success this decade.

"The world economy is in the midst of a tectonic shift from the Internet Economy to the Digital Consumer Economy," said N Chandrasekaran (Chandra), CEO, Tata Consultancy Services. "Five key digital technologies are driving this shift; Big Data and analytics, cloud computing, mobile and pervasive computing, social media, and robotics and Artificial Intelligence."

Report Highlights: Guiding Digital Initiatives

* 57 percent of digital leaders had one companywide strategy that guided all their digital initiatives. In contrast, only 40 percent of the digital followers had one company-wide strategy.

* 61 percent of leaders versus 34 percent of followers have identified customer needs for whole new products or services.

* 74 percent of digital leaders use digital initiatives to more accurately predict demand for their products or services.

* 66 percent prioritise initiatives that allow them to monitor how customers are using products or services in order to identify the need for new offerings.

* 28 percent of all digital investments will be spent on Big Data technologies over the next three years compared to 20 percent on social media, 20 percent on mobile, 19 percent on cloud computing and 13 percent on Artificial Intelligence (AI) and robotics.

* 62 percent of businesses plan to gather data from wearable digital devices by 2020.