CEOs See Big Data, Partnerships As Growth Engines: Study
Business ecosystems are changing at a rate faster than what one could have estimated, even till a couple of years ago. Digitization of products, new services and solutions of disruptive nature are mainly the factors responsible for the paradigm change that industry is experiencing no matter which one it happens to be.
Obviously, due to change, several questions also arise, such as how are organizations responding to this churn? What kind of an approach will lead enterprises to long-term sustainable growth? According to survey results by Frost & Sullivan, Big Data and Strategic Partnership are being seen as the next areas of attention which would help organizations achieve success and sustain growth over time.
Read more: Turning Big Data Into Big Opportunity
Frost and Sullivan Chairman David Frigstad said, “As global economic ecosystems experience intense transformation driven by digitization and resulting change of focus from products to services, new opportunities for growth and innovation are emerging. However, leveraging these opportunities requires visionary leadership that can realize growth strategies and vision congruence.”
Companies that do not embrace disruption or fail to focus on innovation and growth, integrate new business models, and align with customer needs will find themselves increasingly marginalised. Companies are encountering challenges from both external and internal factors, as these findings demonstrate:
- 53% of CEOs cite an intensifying competitive environment as the biggest external threat to growth. However, most organizations are unable to adequately involve competitive intelligence/corporate strategy teams for mitigating this challenge.
- Digital transformation is acknowledged as a dominant growth, innovation, and leadership catalyst over the next five years. However, nearly 34% of CEOs indicate that the speed of technology change represents a real and immediate challenge.
- Technology strategies, along with strategic partnerships, are perceived as central to growth over the next three years. However, over 50% of CEOs indicate their inability to successfully execute either technology and IP strategies or strategic partnerships.
- The transition from product to services, personalization and customization, and value for many (as opposed to value for money) rank among the top three disruptive business models. However, over 50% of CEOs state that they have been unable to integrate these new business models into their organizations.
Sandeep Kar, the Global Head for Content Transformation at Frost and Sullivan shed some more light on this, saying “Digital transformation, including intelligent data analytics, convergence, connectivity and digital consumers, is compelling CEOs to develop innovative tools and strategies in order to deliver on dynamic stakeholder expectations.” He also added that implementation has to start early and consistently.
The study noted that Apple, Google, Amazon, Tesla, and GE were counted as the most disruptive entities. “Their unique stories testify to the unprecedented gains to be had from converting disruption into growth, focusing on innovation, and displaying visionary leadership,” summed up Kar.
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