Every other business leader in the United Kingdom fears digital disruption, according to a new report by Microsoft. These execs are certain their industry will face disruption within the next two years, with the majority of them (65 per cent) being in the financial sector.
The financial sector currently employs more than two million people, and brings in £66bn in taxes to the UK economy. But besides digital disruption being imminent in the majority of industries in the country, there’s also the problem of current business models – 44 per cent of business leaders believe current ones won’t live to see 2022. But despite being informed about the incoming threat, many business leaders don’t seem willing to face it. Almost half (46 per cent) of business decision makers have said that senior business leaders are ‘unwilling to disrupt existing businesses’.
“The dawn of the fourth industrial revolution is a massive opportunity for British businesses but many are still living in an age of innocence or inertia when they need to be innovating,” says Nicola Hodson, General Manager, Marketing & Operations, Microsoft UK. “Whilst this research indicates that business models are breaking, many business leaders appear unwilling to address them.”
“New challengers, many who are digitally savvy start-ups, are disrupting established markets by deploying new technologies quickly, and luring expectant customers away from established competitors. For many larger organisations, the challenge is how to react to this market disruption in a considered way and how they maintain competitiveness in a rapidly shifting landscape.” Microsoft’s full report can be found on this link (opens in new tab).
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