How Tech Takes the Fear Out of Change

 
 
By Dennis McCafferty  |  Posted 05-31-2016 Email
 
 
 
 
 
 
 
 
 
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    How Tech Takes the Fear Out of Change
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    How Tech Takes the Fear Out of Change

    Disruption must be embraced to drive business growth, and CIOs who deal well with constant change are better able to contribute to strategic initiatives.
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    Ch-Ch-Changes
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    Ch-Ch-Changes

    76% of execs view disruption as constant and likely increasing, but only 17% feel fully prepared for it.
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    Disruptive Force
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    Disruptive Force

    71% consider regulatory and legislative complexities/increasing rules as a top disruption, while 63% cite shifts in security, including an emphasis on cyber security.
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    Survival Factors, Part I
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    Survival Factors, Part I

    47% say instant and ubiquitous access to data presents both a major disruptive challenge and opportunity, while 45% say the digitally enabled consumer does.
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    Survival Factors, Part II
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    Survival Factors, Part II

    44% say multigenerational workforce dynamics present major disruptive challenges and opportunities, and the same percentage cite the global business complexities of their industry.
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    Top Responses to Disruption
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    Top Responses to Disruption

    Reduce operating expenses: 42%, Improve data capture/analytics: 31%, Invest in talent, as well as emerging tech: 30%
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    Moving Target
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    Moving Target

    74% of execs at companies that are considered highly profitable say their workforce is mobile-enabled, compared to only 39% of those at less-profitable organizations who claim the same.
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    Fast Track
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    Fast Track

    71% of execs at highly profitable organizations say their company accelerates digital enterprise growth, as opposed to just 47% of those at less-profitable businesses who claim this.
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    People Power
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    People Power

    34% of execs at the fastest growing firms say their organization invests in talent and emerging tech expertise, compared to just 17% of those at the slowest growing businesses who say their companies do this.
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    Crystal Ball
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    Crystal Ball

    31% of CEOs feel that, five years from now, their organizations will be competing with companies that "aren't on the radar yet," compared to no more than 8% of executive managers/director-level professionals who anticipate the same.
 

Most executives consider disruption as a constant—and likely lasting—dynamic within their industries, according to a recent survey from KPMG LLP. The accompanying report, titled "Succeed in Constant Change," indicates that companies that embrace a digital transformation are best positioned to thrive within the rapidly shifting landscape. With respect to change management, execs cite big data and an increasingly tech-savvy consumer as both a major challenge and opportunity. To rise to the occasion, they'll need to improve data capture/analytics, boost the "tech IQ" of their workforce and find new ways to reduce expenses. While this may sound like a tall order, CIOs who help their organizations achieve these goals will emerge as essential contributors to strategic success. "The fastest-growing firms find opportunities at every turn, taking market challenges and transforming them into competitive improvements," according to the report. "These companies believe that disruption must be embraced—not merely managed—to drive growth. (They respond) to change by investing in the right combination of technology and talent. Accordingly, they're using those new assets to improve their knowledge, agility and company culture—a formula that leads to competitive advantage." A total of 650 senior execs in the U.S. and U.K. took part in the research.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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