Any business that thinks it is immune to competition or chooses to maintain "business as usual" will risk being left behind, according to an IDC report commissioned by CenturyLink.
Up-and-coming 3rd Platform-enabled companies are proving to be more nimble, through lower capital expenses and operating in markets with minimal investment and presence. While they may not have been considered a significant threat, many are starting to outpace and out-innovate market incumbents, and are a growing source of concern for the traditional "brick and mortar" businesses.
According to IDC's C-Suite Barometer, increased market competition and finding new customer segments and business models, whilst managing the issue of increasing costs, have been and continue to be the top non-financial business concerns of CEOs across the Asia/Pacific region.
Businesses will have to find ways to overcome these challenges and fight off new, born-in-the-cloud competitors offering global products and services and a new customer experience. IDC feels that a hybrid IT strategy that can leverage both on- and off- premise technology, services and skill sets will be the key differentiator for Asian organizations in the 3rd platform era.
While CEOs have a clear understanding of their business challenges, IDC's Asia/Pacific C-Suite Barometer research also shows that the IT strategy of many organisations may not be optimised for success moving forward. In fact, over 50% of over 1,400 C-level respondents said that they are either using IT to drive productivity gains, or simply following what others are doing. This may have been a reasonable strategy in the past, but it is no longer the case in the 3rd Platform landscape.
So how should businesses evolve their IT strategy to enable enterprise agility? At the highest levels, the three pivotal areas to create a robust IT strategy are innovation, risk mitigation and cost efficiency. The three infographics below highlight how these three elements can help to optimise organisations' IT strategies for success in detail.
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