1. Emergence of Digital Business Processes
In this hyper connected world, enterprises realize that the traditional business processes fail to meet the needs of digital natives and also fail to leverage the power of Internet of Things (IOT). Enterprises operating in high Process and Services verticals like Telecommunications, Retail Banking, Property & Causality Insurance etc., need to invest on digitizing their business processes. These verticals are devising a strategy to embed real time communication, real time collaboration, real time insight & foresight within the business processes which enable their customers, employees and partners to execute their job anywhere, anytime effectively.
2. Revising Sourcing Strategies to align with Digital Businesses
Technology landscape is changing rapidly and the adoption of social, mobile, analytics, cloud, Machine to Machine technologies are increasing. New roles, skills and governance are required to develop the Digital Apps (not applications) at rapid speed thereby aligning with needs of digital businesses. Sourcing/Procurement departments would revisit their existing sourcing strategies, supplier portfolio and outsourcing partners that would bring dramatic changes to prepare their organization for the digital world. There is a paradigm shift expected in the whole RFP process as IT projects will be delivered with minimal scope and high turnaround time.
3. Customer Experience Management
Expectations of Digital customers' are changing and are quite high. Today, Customers are expecting immediate and personalized response. They are purchasing Products/Services based on detailed online research. In 2014, enterprises would increase focus on designing customer journey maps and establishing technology support to analyze the behavior of customers from multiple channels (Helpdesk for voice analytics, social media for sensitivity & behavior analytics, Mails for text analytics and CRM systems). CMOs will devise strategies after analyzing customer behavior and better respond with personalized experience. CIOs would continue to struggle in aligning with the speed and expectations of CMOs in providing superior customer experience.
4. Enterprise Architecture and Infrastructure Foundation
Business executives have been putting tremendous pressure on CIOs and are expecting hyper innovation and readiness for digital business. CIOs would need to re-invent the Enterprise Architecture and Infrastructure in 2014. Many initiatives would be triggered by CIOs to start building the technology foundation for Digital businesses. These initiatives includes re-architecting networks (Wired, wireless, M2M), building elastic super storage and computing, re-architecting data models to support convergence of structured, semi structured, unstructured data, APIs management, designing new user interfaces aligning with different devices, creating Omni channel architecture, etc. Business executives will demand CIOs to show the proof of technology readiness to embrace digital business strategy; else they may look for external partners.
5. High Expectations from Business Intelligence & Analytics
While technologies are emerging rapidly to capture and converge structured, semi structured and unstructured data; business executives are still unable to derive competitive advantage, generate higher revenue or provide superior customer experience by leveraging this Data. In 2014, more efforts would be put in by both business executives and CIOs on how the raw material (data) can be transformed to finished product (Insight and Foresight) thereby improving Business Performance. Holistic strategy and technology foundation will be established for transactional analytics, visual analytics and real time analytics. Technology foundation would be created to embed BI/Analytics wrappers over existing applications which may include Machine analytics, Business analytics, Social analytics, Voice analytics, Text analytics etc., Data machines and appliances adoption will be on rise in 2014.
Sign up for CIO Asia eNewsletters.