In our previous blog post we looked at the needs of our ‘Information Generation’ and unearthed increasing demands on our data. But, how are businesses fairing to adapt to those needs? To find out, we asked 3,600 Director-to-C-Suite business leaders across 18 countries, how technology is changing their businesses and how they are preparing for the future.
It’s no surprise that 96% of respondents believe that technology has fundamentally changed the rules of business and 93% report that these technology advancements are resetting customer expectations. The report revealed that customer expectations are faster access to services, 24/7 and “everywhere” access and connectivity, access on more devices, and a more unique personalised experience.
Within this study, business leaders agreed that transformation is critical and identified five “make or break” business attributes, all of which have information at their core:
1. Predictively spot new opportunities in markets
2. Demonstrate transparency and trust
3. Innovate in agile ways
4. Deliver unique and personalised experiences
5. Operate in real time
While business leaders agree these attributes are a high priority, only very few address them very well. Only 9% of global businesses innovate in an agile way and only 11% deliver a personalised experience.
The challenges don’t end here. Soon, every element of life will be data-driven and we will see value shifting from products and services to the information they generate. Despite the growing importance of data, nearly 50% of respondents admit to not knowing how to get value from their data and only 24% consider themselves “very good” at turning data into useful insights and information.
The pressure facing businesses is growing and most are struggling to embrace the critical attributes that would make a difference. Take our online survey to see how you compare and find out more about our Information Generation research online.