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Future of business transformation market research summary
 

Future of business transformation market research summary

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According to Tieto’s recent study on the future of business transformation, technology trends such as mobile, social media, M2M, big data and cloud are rapidly changing the ways in which we do ...

According to Tieto’s recent study on the future of business transformation, technology trends such as mobile, social media, M2M, big data and cloud are rapidly changing the ways in which we do business. A full third of respondents expect their industries to completely transform by 2020.

Among the CEOs interviewed, 42% say that the industry in which their organization operates will in six years’ time bear little resemblance to how it looks today. This transformation is caused by technology trends, such as mobile, social media, M2M, big data and cloud. At the moment, social and mobile are the most evident trends, as 54–55% of respondents call them “already crucial” for their business.

About the study

In fall 2013, Tieto conducted a study together with Kairos Future on the future of business transformation, based on qualitative and quantitative research. The study included an online survey, distributed to executives in Sweden, Norway and Finland, with 500 respondents. A majority of the respondents were members of the C-suite or business unit directors. The survey was supplemented by industry executive roundtable discussions, held in Stockholm, Oslo and Helsinki.

To download the full study please visit: bit.ly/1mR3Mqa

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    Future of business transformation market research summary Future of business transformation market research summary Presentation Transcript

    • ©TietoCorporation A nordic research about business transformation The Future of Business Transformation Research, Kairos Future together with Tieto
    • © Tieto Corporation Background to research and report • Technology is the most significant driver of change in most industries • Business transformation is the most significant opportunity to operational efficiency and innovation • All industries are becoming digitalized, digital technology is moving to the becoming at core of business Business transformation at the core of Tieto’s focus The quest for the report • How is new technology and technological change interpreted in different industries and functions? • What are the perceived key drivers and barriers? • Desk research, expert interviews • Survey among 500+ executives • C-level roundtables • Sweden, Norway and Finland
    • © Tieto Corporation Business transformation • Business transformation (BT) is about making fundamental changes in how business is conducted in order to help cope with a shift in market environment. (Wikipedia) • Consequences are always irreversible, often disruptive and never incremental
    • © Tieto Corporation Table of contents 1. Business transformation 2. C-level survey findings 3. C-level roundtables 4
    • ©TietoCorporation Business transformation
    • ©TietoCorporation Transformation is innovation Business transformation is about making fundamental changes in how business is conducted in order to help cope with a shift in market environment. Wikipedia
    • ©TietoCorporation The dilemma ”The problem is not that we do not have money to invest. The problem is that we do not know what we should invest in.” C-level director, Banking, Roundtable October 2013
    • ©TietoCorporation Customers want more ”The demands from the end users on availability and simplicity is ahead of what the company systems can provide.” C-level director, Energy, Roundtable October 2013
    • ©TietoCorporation IT must understand business ”The focus of IT must be to understand and involve customers in the new business models.” C-level director, Manufacturing, Roundtable October 2013
    • ©TietoCorporation C-level survey 500 respondents in Finland, Norway, Sweden
    • © Tieto Corporation Impact of mega trends 0% 20% 40% 60% 80% 100% Big Data Cloud computing Mobility Social media Internet of Things/M2M Small impact Some impact Large impact
    • ©TietoCorporation Third wave of automation 33% says automation of knowledge work will have a major impact on how their industry operates. The Future of Business Transformation Research, Kairos Future together with Tieto
    • © Tieto Corporation Forces driving transformation 0% 20% 40% 60% Need to increase growth Innovation (new products/processes/business models) Need to improve customer experiences/satisfaction Need to increase efficiency/lower costs What would you say are the main driversbehind the needfor transformationin your organization today? In 5 years Today
    • © Tieto Corporation Most significant barriers/success factors 42% 45% 26% 18% 9% 31% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Cultural Leadership Processes Technological Proactivity Competence In general, what would you describe as the most important barriers or success factors when it comes to technology enabled business transformation? CMO +13 IT +18CEO +13
    • © Tieto Corporation Technology trends: Impact 20% 23% 12% 18% 16% 30% 33% 22% 28% 33% 50% 44% 66% 54% 51% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Big Data Cloud computing Mobility Social media Internet of Things/M2M Over the nextdecades,whatimpact will the following technologiesor technology-relatedtrendshave on how businessesin your industry operate? (businessmodels,operations etc) Small impact Some impact Large impact
    • © Tieto Corporation Technology impact: CXO comparisons 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Big Data Cloud computing Mobility Social media Internet of Things/M2M Over the nextdecades,whatimpact will the following technologiesor technology-relatedtrendshave on how businessesin your industry operate? (businessmodels,operations etc) CIO CMO CEO Nordic Average
    • © Tieto Corporation Technology trends: When will it be crucial? 25% 31% 54% 55% 24% 62% 52% 35% 35% 57% 7% 7% 4% 5% 11% 6% 10% 7% 5% 7% 0% 20% 40% 60% 80% 100% Big Data Cloud computing Mobility Social media Internet of Things/M2M When do you expectthe following technologiesor technology-relatedtrendsto be crucialto how businessesin your industry operate? Already is 1-5 years 6 - 10 years More than 10 years from now
    • © Tieto Corporation Barriers and success factors 42% 43% 26% 19% 10% 29% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Cultural Leadership Processes Technological Proactivity Competence In general,whatwould you describeas the most importantbarriersor success factors when it comes to technologyenabledbusinesstransformation? Selectup to two.
    • ©TietoCorporation Challenges ahead 63% says it will be impossible to stay competitive without being a quick adopter to new technology The Future of Business Transformation Research, Kairos Future together with Tieto
    • © Tieto Corporation Company's posture to new technology 0% 10% 20% 30% 40% 50% Pioneer Early adopter Early majority Late majority Late follower Skeptic Poly. (IT director/CIO) Poly. (CEO or equivalent) Poly. (Other function/position, namely:) Source: The Future of Business Transformation Research, Kairos Future together with Tieto
    • © Tieto Corporation C-level perspectives 0% 20% 40% 60% 80% 100% (CLAIM) I believe that new technologies and not business needs will dictate the future direction of my company and how it will be managed. (CLAIM) The industry in which my organization operates will bear little resemblance in 2020 to how it looks today. (CLAIM) Most categories of technology will become so commoditized so that they will no longer be a source for competitive advantage (CLAIM) In 2020, employees will conduct all their communication and electronic work using just one device (CLAIM) In 2020, most employees will interact more with people outside the organization than with colleagues inside the organization (CLAIM) I worry that my organization will not be able to keep up with technology change and will lose its competitive edge. (CLAIM) In my opinion, the gap between what the organization demands in terms of technology enabled transformation and what the… (CLAIM) Without being a quick adopter of new technology it will be impossible to stay competitive in the future (CLAIM) In 2020, project teams will typically include members from outside the organization (eg, customers, partners, communities). To what extent do you agree with the following propositions? CIO CMO CEO Nordic Average
    • ©TietoCorporation C-level roundtables Finland, Norway and Sweden
    • © Tieto Corporation Extracts from roundtables of respondents thought that companies in their industry underestimate the power of technological changes. 53% of respondents thought that in 2020, customers will be the main source of product and service ideas in their industry. 73% of respondents thought that over the next 5-10 years, technology will be a much stronger driver of change than it has been historically. 80%
    • © Tieto Corporation Extracts from roundtables Helsinki Customerswantmore “The demands from the users on availability and simplicity is ahead of what the company systems can provide.” IT mustunderstand business “The focus of IT must be to understand and involve customers in the new business models.” Oslo The dilemma ”The problem is not that we do not have money to invest. The problem is that we do not know what we should invest in.” Need for long-term focus “The more complexthe world becomes,the more important to have a long-term focus.” Stockholm Blinded by possibilities ”Sometimeswe are so fascinated of what we can do that we forgetwhat we should do.” Walk the talk "IT cannot sit and wait forthe perfectorder,but must take a more active role in the business process.”
    • ©TietoCorporation 26