This is the primary finding of a new study, “Technology is Transforming Everything: Businesses Struggle To Change With It,” published today by West Monroe Partners, a national business and technology consultancy.
The survey, conducted in late 2017, pinpoints not only how ready companies are for this historic upheaval, but also how ready they think they are. It identifies and measures the gaps in knowledge, activity, and structure that businesses must close to survive and thrive in the evolving technology landscape.
The research reveals a clear division between organizations that extract value from data and those that only collect it. It illuminates a gulf separating companies investing in dynamic core systems and those throwing money at solutions, to implement them poorly or in isolation. It shows which businesses are truly vigilant to cybersecurity threats and how others fall short. And despite widespread appreciation of the enormous opportunities and risks, the report shows that most leaders appear disoriented by what their companies have and what to do with it.
“The impact of technology will only continue to accelerate. The winners and losers are more clearly defined in this digital age, so businesses cannot afford to be complacent,” said Greg Layok, managing director and leader of the Technology practice at West Monroe who authored the study. “To capitalize on opportunity, now is the time for action."
68 percent of business and technology leaders do not believe competitors are successfully leveraging their data
42 percent did not classify disruptive technologies as threats
96 percent of business and technology leaders are concerned about cybersecurity, but 25 percent still report having reactive cybersecurity strategies
Only one-third of respondents report having customer-experience-focused technology initiatives in flight
Leaders surveyed in the energy and utilities, healthcare, and financial services industries tend to overestimate their security and purchase data tools without making corresponding investments in readying their culture for sweeping change.
The operational and competitive landscape of these industries strongly influenced where each sector lagged and led. Healthcare is ascendant in use of the cloud, as they seek efficiencies amid rising cost pressure; financial services view data the most strategically but also face challenges of expensive legacy platforms; and energy and utility companies have already embraced networked devices and now confront mobilizing the accompanying windfall of data.
Business leaders are almost universally cognizant – and many are worried – about the profound and far-reaching turmoil the dawning era of data and technology will bring to every corner of the business world. In this report, West Monroe identifies the most prevalent misunderstandings and offers executives a guide to navigating the turmoil and positioning their organizations to thrive. Learn more at WMP.com/Technology.
West Monroe is a progressive business and technology consulting firm that partners with dynamic organizations to reimagine, build, and operate their businesses at peak performance. Our team of more than 950 professionals is comprised of an uncommon blend of business consultants and deep technologists. This unique combination of expertise enables us to design, develop, implement, and run strategic business and technology solutions that yield a dramatic commercial impact on our clients’ profitability and performance.
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