According to the leading software company CA Technologies' "Modern Software Factory" survey, 91 per cent of the respondents highlighted software as key to their digital transformation journey.
Indian businesses recognise software as the defining competitive advantage that will enable them to create new, disruptive businesses or to re-shape their existing business landscape, the findings showed.
"Digital disruption and changing customer expectations are driving organisations to become more agile, and to introduce new products and services to meet evolving demands. Software is not only a catalyst in transforming ideas into outcomes but is also a competitive differentiator," Sunil Manglore, Managing Director, CA Technologies, India, said in a statement.
"By adopting the modern software factory framework, organisations are better able to speed-up time to market, consistently improve the quality of output, reduce risk and increase productivity," he added.
Nearly 93 per cent of respondents said software is essential for them to deliver a better customer experience.
"About 92 per cent said it is essential to improving insights into customers' needs and wants while 90 per cent said it is essential for repositioning the company and its brand," the survey noted.
As firms in India become cognizant of the decisive role that software plays in facilitating key business priorities, the survey also found that there is a corresponding emphasis in software-related priorities.
Almost 99 per cent of respondents highlighted that it is essential or important to have better prioritisation of software development in line with business goals.
Although this is seen as the most important priority in India, less than half of them (47 per cent) said their IT teams are very effective in realising it.
When it comes to security, the respondents asked to make security a more embedded part of the software development process.
The global online survey of 1,279 senior IT and business executives (575 in the Asia-Pacific region) was sponsored by CA Technologies and conducted by industry analyst firm Freeform Dynamics Intelligence Unit in July 2017.
The Asia-Pacific countries surveyed were India, Australia, China, Hong Kong, Japan, Singapore and South Korea.
Although software is indisputably pivotal for the growth of companies, the survey found that most organisations are lacking the right IT capabilities.
"Organisations in India need to understand that every company today is a software company. Without a modern approach to software, they will be left behind in today's application economy," stressed Manglore.
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