A recently released global study commissioned by EMC Corporation revealed that the majority of industry leaders worldwide believes new technologies have forever changed the rules of business, “democratizing information and rewiring customer expectations.”
The study titled “The Information Generation: Transforming The Future, Today,” showed that 93 percent of the 3,600 business leaders surveyed across 18 countries said recent technology advancements “are 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 information generation is demanding more from the organizations they interact with,” said David Goulden, CEO of EMC Information Infrastructure. “Businesses ‘born of the cloud’ are driving this shift in expectations, and mature businesses must redefine themselves to adapt and remain relevant.”
To keep up with demands by a well-connected customer, businesses must: Predictively spot new opportunities in markets; demonstrate transparency and trust; innovate in agile ways; deliver unique and personalized experiences; and operate in real time, the study showed.
While business leaders agreed these attributes are high priority, they admitted that very few have thoroughly embodied them. Specifically, when asked whether they address these attributes both very well and company-wide, only 12 percent said they can predictively spot new opportunities, 9 percent innovate in agile ways, 14 percent demonstrate transparency and trust, 11 percent deliver personalized experience, and 12 percent operate in real-time.
“Our mission is to provide practical foresight for a world undergoing rapid change – and to help turn insights into action,” said Rachel Maguire, Research Director at Institute for the Future, which conducted the study for EMC.
“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.”
While companies brace and prepare to meet evolving customer expectations, the world is evolving at an equally rapid pace, surveyed leaders said.
Institute For The Future has forecast major macro shifts in how technology will continue transforming the world by 2024, saying “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,” the Institute noted.