Powerful disruptions have occurred within the global marketplace. Long-standing business practices and interactions have fundamentally changed. Three of the most rampant disruptions are:
- Accelerated digitization: A digitized ecosystem is crucial for business success and it requires ever-expanding information access
- Radical technology changes: The upsurge of big data and analytics technologies has vastly improved how data yields information
- Knowledge can replace speculation: Organizations that deploy the right skills can leverage analytics and make the transformative shift to know instead of merely to speculate.
In our seventh annual IBM Institute for Business Value analytics global study, we find that a majority of organizations are embracing these marketplace disruptions as opportunities, and intensifying their adoption of big data and analytics technologies. According to 95 percent of the 1226 respondents surveyed, big data and analytics capabilities are now necessary to stay on par with competitors or required to outpace them.
Three-quarters of survey respondents report that their organizations are building out an optimized data and analytics infrastructure capable of responding to in-the-moment business needs. More than two-thirds have expanded their use of advanced analytics across their enterprise to more precisely understand current business conditions and customer behaviors.
But hurdles exist to achieving success in the wake of the global digital revolution. Organizations will require new expertise: from how to operate differently, to how to manage the infrastructure and analyze the data. Fortunately, a new business model based on ecosystems is emerging to alleviate some of the burden, but with it comes the requirement to keep up.