Global Study: Business Leaders Admit “We’re not ready for the digital future”

Research Reveals Make-or-Break Business Attributes. To Keep Pace With the Up and Coming “Information Generation”

Whether we’re working, keeping fit, learning, playing, purchasing online or watching TV,as digital citizens, we’re making new digital demands.The Information Generation: Transforming The Future, Today, is a new study that 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. The study reveals that these individuals have new expectations and identified business attributes that organisations need to consider, in order to successfully complete and thrive in this new landscape.

Nearly every business leader surveyed believes new technologies have forever changed the rules of business. In addition, 93% reported that recent technology advancements are resetting customer expectations, and nearly all say this will increase over the next decade. The top reported customer expectations are faster access to services, 24/7and everywhere access and connectivity, access on more devices, and a unique personalised experience.

The Quest To Redefine: Fundamental Business Attributes For The Future

Due to new Information Generation-driven demands, businesses agree that transformation is critical. Business leaders have identified five “make-or-break” business attributes to be a disrupter in this age.

Predictively spot new opportunities in markets

  1. Demonstrate transparency and trust
  2. Innovate in agile ways
  3. Deliver unique and personalised experiences
  4. Operate in real time

 

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

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% admit to not knowing how to turn all of their data into actionable information.

This includes always on and able to act upon their information in real time,using their data effectively and not drowning in information overload, being “very good” at turning data into useful insights and information.

While companies prepare to meet evolving customer expectations, the world is evolving at an equally rapid pace. Institute For The Future has forecasted major macro shifts in how technology will continue transforming the world by 2024. 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.

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.

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