In a recent study conducted by Harvard Business Review Analytic Services and sponsored by CA Technologies, researchers identify specific actions being taken or considered by businesses to compete more effectively. It also provides insight into how radically business models are likely to change.
“Across Asia Pacific and Japan, organizations are increasingly leveraging modern technology and communications to transform one or more key aspects of the business to achieve a state of digital readiness,” said Stephen Miles, chief technology officer, Asia Pacific & Japan of CA Technologies.
Here are some of the key takeaways:
Disruption and the importance of software
Nearly half (44%) of respondents expect their industries to experience significant digital disruption over the next three years; more than a fifth (22%) say that significant disruption has already taken place. Of note, greater than half (58%) expect that their business model in three years will be “radically” different from what it was three years ago. Recognizing the pervasiveness and pace of change, about two-thirds (66%) of respondents expressed the view that their companies’ future depends on the quality of their software.
While there are a number of causes of disruption, changes in customer behavior and expectations was the driver most frequently cited by survey participants (46%). The next most cited driver is disruptive new competitors (25%), which underscores the importance of constantly recognizing and adapting to new trends in order to stay relevant.