Are You Ready for the Fourth Industrial Revolution?

 
 
By Dennis McCafferty  |  Posted 07-26-2016 Email
 
 
 
 
 
 
 
 
 
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    Are You Ready for the Fourth Industrial Revolution?
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    Are You Ready for the Fourth Industrial Revolution?

    Many surveyed CEOs are concerned about their company's ability to keep up with new tech, and question whether basic business processes can be integrated with the IoT.
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    Do or Die
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    Do or Die

    65% of CEOs said the next three years will prove more critical for their industries than the last 50 years, and 39% said they will transform their companies into significantly different entities within that timeframe.
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    Riding High
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    Riding High

    83% are confident about growth prospects for their companies over the next three years.
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    Shake-Up Mode
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    Shake-Up Mode

    62% said their company is using disruptive tech to improve their product and services offerings.
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    Tricky Blend
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    Tricky Blend

    81% are concerned about the integration of basic, automated business processes with artificial intelligence (AI) and cognitive processes.
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    Learning Curve
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    Learning Curve

    81% are concerned about their need to keep up with new tech.
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    Top CEO Investment Priorities
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    Top CEO Investment Priorities

    New product development: 29%, Cyber-security: 26%, Data analysis: 24%, Cognitive computing/AI: 21%, Geographic expansion outside the U.S.: 21%
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    Intended Impact
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    Intended Impact

    51% of CEOs said their organization is using data/analytics to develop new products and services, and 50% are doing so to drive processes and cost efficiencies. Nearly the same percentage said data/analytics is needed to find new customers and drive strategy/change.
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    Untapped Capability
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    Untapped Capability

    Just 20% said innovation is at the top of their agenda, and only 25% said innovation is embedded in everything they do.
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    Twin Engines
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    Twin Engines

    65% said they will be pursuing "collaborative" growth through external partnerships and alliances, and 61% said they will pursue organic growth.
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    Generation Gap
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    Generation Gap

    86% are concerned about how to keep up with the changing wants and needs of Millennial customers.
 

If your CEO seems a bit distracted these days, give a benefit of a doubt: Today's corporate leaders have a lot on their minds, according to KPMG's most recent U.S. CEO Outlook survey. The accompanying report, titled "Now or Never: CEOs Mobilize for the Fourth Industrial Revolution," indicates that most CEOs consider the next three years as extremely critical for their company—more so than the last 50 years, in fact. In light of this, most are turning to disruptive tech—including machine learning and Internet of Things (IoT), a.k.a. the "fourth industrial" tech referenced in the report's title—to improve their products and services and otherwise transform their organizations. Frankly, they're concerned about their company's ability to keep up with new tech, and question whether basic, automated business processes can be integrated with artificial intelligence (AI) and cognitive processes. In addition to AI and IoT, CIOs can also expect their CEOs to support greater investment in cyber-security and data analysis, the latter needed to develop new products and services, improve cost efficiencies and drive strategic change. "CEOs believe their organizations will need to develop incredible agility to stay ahead of the disruption caused by the fourth industrial revolution … and the ever-present threat that a new competitor could turn an established business model on its head overnight," according to the report. "CEOs must pay more attention to the optics of how they do business. Having recognized their tasks and needs, CEOs are bracing themselves for the next three years with confident (but) realistic expectations." A total of 400 U.S. CEOs took part in the research.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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