Business leaders agree that, due to new information generation-driven demands, transformation is critical for businesses to survive, leading US-based computing and IT firm EMC Corporation said in a study issued Sunday.
The study, named “The Information Generation: Transforming the Future Today”, explored the impact of growing the number of digital citizens who are always connected and engaged online.
Asking 3,600 director-to-C-suite business leaders from 18 countries, the study set out to identify new expectations of continuously-connected individuals. It also set out to emphasise the fundamental business activities for organisations to compete and survive in the landscape.
“The Information Generation is demanding more from the organisations they interact with,” said David Goulden, CEO of EMC Information Infrastructure. “Businesses ‘born of the cloud’ are driving this shift in expectations, and mature businesses must redefine themselves to adapt and remain relevant.”
The study reported that: 96% of surveyed business leaders thought that technologies have altered the rules of business; 93% reported that recent technology advancements are resetting customer expectations; and nearly all say this will accelerate over the next decade.
To be a disruptor, rather than being disrupted, business leaders have identified five “make-or-break” business attributes, all of which have information at their core, notably to: predict 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. When asked whether they address these attributes both very well and company-wide: only 12% said they can spot predicatively new opportunities; 9% innovate in agile ways; 14% demonstrate transparency and trust; 11% deliver personalised experience; and 12% operate in real-time.
With increasing the importance of data, according to industry analyst firms Gartner and IDC, more than 7 billion people on at least 30 billion devices will have created 44 trillion GB of data by 2020, which will lead to a world in which 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. Despite 70% saying 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.
Moreover, 52% admit they do not use their data effectively or are drowning in information overload; only 24% consider themselves “very good” at turning data into useful insights and information.
The study also suggested there are strong signals of a move towards a world in which nearly every element of life will be data-driven. Individuals and corporations will sell, donate and trade information on open exchanges.
Decision-making will be enhanced by artificial intelligence in ways never seen before. Information will be communicated and absorbed through multiple human senses, and customers will be able to better control their own privacy through new tools, the study said.