By 2020, more than 7 billion people on at least 30 billion devices will create 44 zettabytes of data, according to research firms Gartner and IDC. However, a new EMC study found that organisations are still not ready for this digital future, where businesses should be data- driven.
Titled "The Information Generation: Transforming The Future, Today", the study polled 3,600 directors and C-suite business leaders across 18 countries on their readiness to meet the demands of the increasingly digitised world.
Even though 70 percent of the business leaders in the Asia Pacific Japan (APJ) region believed that they were able to transform captured data into useful insights, only 39 percent claimed to have benefitted from it. Globally, only 36 percent of business leaders said they have seen a marked improvement in their ability to do their job due to the increasing abundance of information.
Crucial business attributes for the future
The study also identified the five business attributes fundamental for organisations to successfully compete and thrive in the new landscape.According to the APJ respondents, the attributes — all of which have information at their core — are:
1. Predictively spot new opportunities in markets (64 percent)
2. Innovate in agile ways (60 percent)
3. Demonstrate transparency and trust (54 percent)
4. Deliver unique and personalised experiences (42 percent)
5. Operate in real-time (38 percent)
Despite agreeing that these attributes are high priority, few of the leaders in the region were able to address these very well and company-wide. Only 35 percent were able to predictively spot new opportunities, 31 percent demonstrate transparency and trust, 25 percent innovate in an agile way, 26 percent deliver personalised experience and 29 percent are always on.
According to the respondents, the top factors limiting their organisations' ability to effectively use data in an actionable manner include security concerns (35 percent), lack of in-house expertise (34 percent).
"The Information Generation is demanding more from the organisations 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."
Infographics from EMC based on findings from The Information Generation: Transforming The Future, Today study
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