5 Things That Can Make Or Break Business Attributes: Study

<p><strong><em>New technologies have changed the rules of business, writes Arshad Khan</em></strong></p><p>According to a recent study, 96 per cent of global business leaders believe that new technologies will forever change the rules of business in the next decade. The study further highlighted that bout 93 per cent reported that recent technology advancements are resetting customer expectations, and nearly all say this will accelerate over the next decade.</p><p>The study,&nbsp;<em>The Information Generation: Transforming The Future</em>, explores new expectations of the digital citizens and identifies the fundamental business attributes critical for organizations to successfully compete and thrive in the new landscape.</p><p>Business leaders agree on top 5 “make-or-break” business attributes are essential for their business to thrive in an environment full of information. These attributes are spotting new opportunities in markets, demonstrate transparency and trust, innovate in agile ways, delivering unique and personalized experiences and operating in real time. The study was conducted over 3,600 business leaders across 18 countries by Institute for the Future and Vanson Bourne on behalf of EMC .</p><p>In national fringe, 76 per cent of businesses think this mega trend will change consumer expectations. Around 200 respondents from India exhibit high importance toward information driven market but also admit that they are not ready for the future yet.</p><p>A key finding of the study from India says that 86 per cent of domestic businesses are aware of the importance of predicatively spotting new opportunities. &nbsp;88 per cent of business leaders admitted that they are demonstrating transparency and trust organization-wide. 89 per cent of organizations expressed a desire to innovate in an agile way. 79 per cent of Indian organizations understand the importance of delivering a unique and personalized experience organization wide while only 36 per cent of business leaders say their organisation can act in real time, and a further significant portion (48 per cent) say they can do so, but not always with the insights that they need.</p><p>According to the study, in addition, by 2020 over 7 billion people on at least 30 billion devices will have created 44 zettabytes of data (or 44 trillion gigabytes).</p><p>Amit Mehta, country manager, Isilon Storage Division, said that only 49 per cent globally admitted that they don’t know how to how to turn all of their data into actionable information. 70 per cent say they can gain insights from data but only 30 per cent are always on and able to act upon their information in real time. 52 per cent admitted that they do not use their data effectively and only 24 per cent consider themselves “very good” at turning data into useful information.</p><p>Mehta said, “Understanding the psyche of a customer via real time data is the new norm of business. Information inbuilt with technology with can play a major role in achieving government’s dream like smart cities and it also had the potential to reform and redefine business.”</p><p>He hinted that infrastructural problem such as slow internet speed is a major challenge in distributing information but overtime conditions will improve in India.</p>