Business leaders, according to global new study conducted by the Institute for the Future and Vanson Bourne on behalf of EMC while exploring the impact of a growing global community of digital citizens have admitted that they were not ready for the digital future.
EMC Corporation is a global leader in enabling businesses and service providers to transform their operations and deliver IT as a service.
Meanwhile, according to Gartner and IDC study respectively, by 2020 more than 7 billion people on at least 30 billion devices will have created 44 zettabytes of data (or 44 trillion gigabytes),
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% admit to not knowing how to turn all of their data into actionable information.
While companies brace and prepare to meet evolving customer expectations, the world is evolving at an equally rapid pace.
The Institute For The Future has forecasted major macro shifts in how technology will continue transforming the world by 2024.
As a result of this, there positive signals of a move toward a world in which nearly every element of life will be data-driven.
With this development, individuals and corporations will sell, donate and trade information on open exchanges. Inanimate objects will spring to life all around us, becoming more aware, responsive and connected.
Similarly, decision-making will be enhanced by artificial intelligence in ways never seen before. Information will be communicated and absorbed through multiple human senses.
Additionally based on the study, customers will be able to better control their own privacy through new tools. In this new world order, value will shift from products and services to the information they generate.
The study titled: The Information Generation: Transforming The Future, Today, revealed that these individuals were always connected and engaged online, and have the world’s information at their fingertips.
“Our mission is to provide practical foresight for a world undergoing rapid change – and to help turn insights into action,” Rachel Maguire, Research Director at Institute for the Future, said.
For David Goulden, CEO of EMC Information Infrastructure., “The Information Generation is demanding more from the organizations they interact with.
“Businesses ‘born of the cloud’ are driving this shift in expectations, and mature businesses must redefine themselves to adapt and remain relevant.
“It’s critical that we systematically explore the longer-term implications of an age in which information is at the center of everything we do, continual lyre-conditioning us in ways we still have yet to imagine. The world’s most information-savvy organizations – if they ready themselves – will lead one of the most significant transformations in history,”
Although they view the world differently, based on input from 3,600 Director-to-C-Suite business leaders across 18 countries, the study further revealed new expectations of these individuals and identifies the fundamental business attributes critical for organizations to successfully compete and thrive in this new landscape.
“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”, the study added.
Not surprisingly, nearly every (96%)business leader surveyed, based on the study believe new technologies have forever changed the rules of business.
In addition, 93% reported that recent technology advancements were resetting customer expectations, and nearly all say this will accelerate over the next decade.
The top reported customer expectations, according to the study have faster access to services, 24/7 and “everywhere”access and connectivity, access on more devices, and a more unique personalized experience.
Due to new Information Generation-driven demands, businesses, according to the research agreed that transformation was critical.
To be a disruptor and not disrupted, the business leaders have identified predictively spot new opportunities in markets, demonstrate transparency and trust , innovate in agile ways, deliver unique and personalized experiences and operate in real time as five“make-or-break” business attributes, all of which have information at their core:
While business leaders agreed that these attributes were 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% , according to the survey said they can predictively spot new opportunities, 9% innovate in agile ways, 14% demonstrate transparency and trust, 11% deliver personalized experience, and 12% operate in real-time.
Even though 70% say they can gain insights from data, only 30% 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% admit they do not use their data effectively or are drowning in information overload and only 24% consider themselves “very good”at turning data into useful insights and information
Source: Vanguard
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