Digital disruption is affecting nearly all businesses, and many fear that if they don’t adapt to this new paradigm, that they’re likely to be left behind. Some even worry they will no longer be able to operate, at all.
This is according to a new Terradata report which takes a closer look at the challenges today’s businesses are facing. It argues that hyper disruption, pervasive digitization, autonomous action, the cloud imperative and enterprise consumerisation are the key driving forces in this new global paradigm.
Virtually all businesses in the US, EMEA, Japan and China, polled for the report, said they are facing disruption and are, as a result, under increasing pressure to innovate, come up with new approaches and processes.
The pressure is on from all over the place. The customers are as demanding as ever, seeking new dynamics. The workforce also comes with its own set of challenges and demands, including the skills gap and the trouble of keeping talented workers.
Finally, the competition and brave new startups are also forcing businesses to rethink their strategies in a fight for survival.
Most of the polled companies don’t feel they’re prepared to address these disruption elements at the moment.
“From new competitors, new business models, changing customer expectations and rapid technology advancements – the pace of change within the global marketplace is breath-taking,” said Martyn Etherington, Chief Marketing Officer at Teradata.
“Acknowledging these changes and taking action to adapt and capitalize on them is critical to business success.”