Global Survey Shows Business Leaders Not Ready For Digital Future | Independent Newspapers Limited
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Global Survey Shows Business Leaders Not Ready For Digital Future

Posted: Jun 16, 2015 at 12:18 am   /   by   /   comments (0)

Whether we are working, keeping fit, learning, playing, purchasing online or watching TV, we are making new digital demands of the businesses with which we deal. A new study, ‘The Information Generation: Transforming The Future, Today’, explores the impact of a growing global community of digital citizens. These individuals are always connected and engaged online, and have the world’s information at their fingertips. They also view the world very differently. 

Based on input from 3,600 Director-to-C-Suite business leaders across 18 countries, the study reveals new expectations of these individuals and identifies the fundamental business attributes critical for organizations to successfully compete and thrive in this new landscape.

Not surprisingly, nearly every (96 per cent) business leader surveyed believe new technologies have forever changed the rules of business. In addition, 93 per cent reported that recent technology advancements are resetting customer expectations, and nearly all say this will accelerate over the next decade. The top reported customer expectations are faster access to services, 24/7 and ‘everywhere’ access and connectivity, access on more devices, and a more unique personalised experience.

Due to new Information Generation-driven demands, businesses agree that transformation is critical. To be a disruptor – and not disrupted –business leaders have identified five“make-or-break” business attributes, all of which have information at their core: Predictably spot new opportunities in markets, demonstrate transparency and trust, Innovate in agile ways, deliver unique and personalised experiences and operate in real time.

While business leaders agree these attributes are high priority, they admitted that very few have thoroughly embodied them. Specifically, when asked whether they address these attributes both very well and company-wide, only 12 per cent said they can predictably spot new opportunities, 9 per cent innovate in agile ways, 14 per cent demonstrate transparency and trust, 11per cent deliver personalised experience, and 12per cent operate in real-time.

“The Information Generation is demanding more from the organizations they interact with,” said CEO of EMC Information Infrastructure, David Goulden. “Businesses ‘born of the cloud’ are driving this shift in expectations, and mature businesses must redefine themselves to adapt and remain relevant”.

In addition, by 2020 more than 7 billion people on at least 30 billion devices will have created 44 zettabytes of data (or 44 trillion gigabytes), according to Gartner and IDC respectively.

This is rapidly leading to a world in which nearly every element of life will be data-driven. While businesses know they can get value from this data, 49 per cent admit to not knowing how to turn all of their data into actionable information.

Even though 70 per cent say they can gain insights from data, only 30 per cent are always on and able to act upon their information in real time, and are unable to achieve this very well and company-wide. 52 per cent admit they do not use their data effectively or are drowning in information overload and only 24 per cent consider themselves “very good” at turning data into useful insights and information.