Organizations will have to use technology in a big way to survive in the current environment and grow into the future. Getting, analyzing and using information is a key focus of most of the CEOs across sectors. The leading technology enablers like Big Data, cloud-based applications, social media – heavy with mobile-enabled content, embedded systems and other real-time applications will be the key driver for managing all facets of business.
- Digital technologies are increasingly playing a fundamental role in every business. In fact, CEOs overall rate mobile technologies, cyber-security, data analytics, Internet of Things and cloud computing as the top five digital technologies that will impact their business.
- Mobile technologies have been around for decades, but the sheer ubiquity of mobile devices today has revolutionized customers’ ability to obtain information. The number of mobile phone users globally was expected to total 4.55 billion in 2014. It’s understandable that more than 80% of CEOs see mobile technologies for customer engagement as most strategically important for their organization.
- Data analytics has transformed the ability of companies to access, analyze and circulate real time data and thus make quick corrections on various fronts. Small wonder, then, that 80% of CEOs cite data mining and analysis as strategically important.
- CEOs are concerned, too, about the ability of new entrants to exploit weaknesses in technological capabilities: 32% name technology as the sector from which significant competitors are emerging – far more than those who name any other sector
Boundaries across industries are becoming more and more blurred, because computing technology; digital technology is having such a profound influence on every industry. Sustainability and growth will require transformation to the digital world and sooner the better!