The EMC study titled The Information Generation: Transforming The Future, Today survey of 3,600 Director-to-C-Suite business leaders across 18 countries identified that 96% of business leader surveyed believe new technologies have forever changed the rules of business. The study also showed that 93% see recent technology advancements as resetting customer expectations and nearly all say this will accelerate over the next decade. The top reported customer expectations are faster access to services, 24/7 and “everywhere” access and connectivity, access on more devices, and a more unique personalized experience.
The report cites information generation-driven demand as driving need for transformation and lists five “make-or-break” business attributes with information at their core:
Predictively spot new opportunities in markets
Demonstrate transparency and trust
Innovate in agile ways
Deliver unique and personalized experiences
Operate in real time
Despite the importance only 12% said they can predictively spot new opportunities, 9% innovate in agile ways, 14% demonstrate transparency and trust, 11% deliver personalized experience, and 12% operate in real-time. 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.
Other data points derived from the survey:
Even though 70% say 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
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 Institute For The Future has forecasted major macro shifts in how technology will continue transforming the world by 2024. There are strong signals of a move toward 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. Inanimate objects will spring to life all around us, becoming more aware, responsive and connected. 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.
“It’s critical that we systematically explore the longer-term implications of an age in which information is at the center of everything we do, continually re-conditioning us in ways we still have yet to imagine. The world’s most information-savvy organizations – if they ready themselves – will lead one of the most significant transformations in history,” said Rachel Maguire, Research Director at Institute for the Future.
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