A new IBM study of more than 1,700 Chief Executive Officers from 64 countries and 18 industries worldwide found that a majority (71 percent) of global CEOs regard technology as the number one factor to impact an organization’s future over the next three years – considered to be a bigger change agent than shifting economic and market conditions.
IBM’s research finds that technology is viewed as a powerful tool to recast organizational structures. More than half of CEOs (53 percent) are planning to use technology to facilitate greater partnering and collaboration with outside organizations, while 52 percent are shifting their attention to promoting great internal collaboration.
Across all aspects of their organization – from financials to competitors to operations – CEOs are most focused on gaining deeper insights about their customers. Seven out of every ten CEOs are making significant investments in their organizations’ ability to draw meaningful customer insights from available data.
Given the data explosion most organizations are facing, CEOs recognize the need for more sophisticated business analytics to mine the data being tracked online, on mobile phones and social media sites. The traditional approach to understanding customers better has been to consolidate and analyze transactions and activities from across the entire organization. However, to remain relevant, CEOs must piece together a more holistic view of the customer based on how he or she engages the rest of the world, not just their organization.
The ability to drive value from data is strongly correlated with performance. Outperforming organizations are twice as good as underperformers at accessing and drawing insights from data. Outperformers are also 84 percent better at translating those insights into real action.
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