Gartner unveil the emerging prevalence of tech-related businesses, although alongside a limited awareness of how to implement this data to improve strategic business models.
A total of 400 executives from large multinational enterprises participated in the research, which explored how IT and digital evolution is increasingly influencing the remit of senior executives.
Discoveries from Survey
· Revenue generated digitally is expected to double throughout the next 4 years, rising from 22% in 2014 to a predicted 41% in 2019.
· By 2017, 34% of companies will have adapted their business models accommodate for the acceleration in tech-related business growth.
· 95% of executives plan long-term, typically 5-15 years.
· By 2030, 50% of executives predict artificial intelligence to substitute knowledgeable jobs
· 10% of executives mention “risk” in their top 5 business concerns
Considerations Towards Tech-related Business Growth
Committing to Digital
Business leaders are hopeful of digital business growth, just one-third however suggest plans to adapt by 2018.
Enforcing a digital operations extends far beyond simply using a mobile app to handle online transactions. Failure to grasp and capitalise on digital potential may be a consequence of complacency that could render businesses static in their reaction to new digital entrants, and agile competitors.
C-level executives must consider exactly how they can integrate a digital focus to connect with customers, and deliver superior value.
Uncertainties Linking to Workforce Structure
CEOs reflect on workforce as a priority, yet 50% admitted to the belief that artificial intelligence will only day replace the need for existing people handled responsibilities.
Smart machines, smart algorithms, and robots are set to exact changes on typical workforce structures, although for now, CIOs maintain the need to recruit and retain talented employees to handle the evolution of digital.
Emphasis on Long-term Planning
According to business leaders, companies who undertake long range and very long planning, advance the chance of success compared with those who do not. Long term planning supports decisions that enable organisations to maximise the opportunity from new technologies, such as predictive analytics, smart machines, and the cloud.
The Evolution of Risk and Security
As digital continues to alter the operating landscape, concerns in relation to risk and security and rising.
77% of participants agreed that the development of technology introduces new issues of risk that have not been experienced before. A high percentage stated that their investments into risk management is not currently meeting the increased levels of risk exposing a need to apply greater focus and attention.