Cloud Barriers Cause Competitive Disadvantages

 
 
By Dennis McCafferty  |  Posted 12-02-2014 Email
 
 
 
 
 
 
 
 
 
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    Stumbling Block
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    Stumbling Block

    90% of the execs said cloud-based applications and infrastructure are needed to deliver digital information, but two-thirds admit that a lack of cloud investment is holding back digital initiatives.
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    Weakening Position
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    Weakening Position

    70% of the survey respondents fear that their business will become uncompetitive, and 76% of them said that could happen as early as the end of 2015.
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    Slow Burn
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    Slow Burn

    44% of CIOs and CFOs in companies losing revenue opportunities due to a lack of cloud investment said it's because of the IT department's inability to develop applications quickly.
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    Delayed Reaction
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    Delayed Reaction

    41% of those CIOs and CFOs said they can't on-board customers quickly enough due to poor responsiveness of internal IT tools.
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    Concerns Delaying Cloud Adoption
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    Concerns Delaying Cloud Adoption

    Security: 50%, Data protection: 44%, Intellectual property protection: 24%, Vendor lock-in: 23%
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    Risk of Outdated IT: Low Productivity
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    Risk of Outdated IT: Low Productivity

    38% of CIOs and CFOs said that a failure to modernize IT effectively over the next 12 months will result in reduced staff productivity.
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    Risk of Outdated IT: Vulnerable State
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    Risk of Outdated IT: Vulnerable State

    35% of the executives said antiquated technology will invite a risk of data theft.
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    Risk of Outdated IT: Postponed Product
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    Risk of Outdated IT: Postponed Product

    34% of them predicted that such a failure would increase time to market.
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    Risk of Outdated IT: Support Snag
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    Risk of Outdated IT: Support Snag

    33% said it will hurt their company's ability to service customers in new ways.
 

While nearly all CIOs and CFOs surveyed said that cloud applications and infrastructure are critical for delivering digital information, most of them admitted that their organization isn't investing enough in these technologies, according to a recent survey from Canopy. As a result, an overwhelming majority of these executives fear that their company will become uncompetitive as early as next year. In fact, three-quarters of the CFOs queried said their company is missing out on revenue opportunities by not having the right cloud apps and infrastructure in place, estimating that they lost an average of $84 million last year as a result. Inevitably, executives are finding that IT tools are slow, inadequate and/or too outdated to keep up with the pace of business. "Digital must be in the DNA of every department to help the business take market share and maximize revenue," says Jacques Pommeraud, CEO of Canopy. "We see that those who are emerging as winners are taking advantage of digital capabilities and innovation to build entirely new revenue streams. [Cloud computing] has the power to create revenue by making the customer journey effortless across any device, [enabling] faster customer sign-ups so they'll spend sooner and support real-time analytics to make more accurate targeting decisions." A total of 950 global CIOs, CFOs and business decision-makers took part in the research.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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