Global Survey: Hyper Disruption and Digitization Leading Forces of Change Within Business
October 21 2019 - 11:00AM
Business Wire
New study reveals 94% of survey respondents are
facing disruption and under pressure to rethink approach to keep
pace
Across industries, markets and geographies, businesses are
facing a new reality in terms of remaining competitive in today’s
hyper-digitized world. These new imperatives – driven by rapidly
evolving technologies, new entrants into the market and
ever-changing customer demands – require action from enterprises to
ensure survival. A new survey conducted in September 2019 by Vanson
Bourne, and sponsored by Teradata (NYSE: TDC), called “Adapt or
Perish: The New Reality in a Hyper-Digitized World,” captures the
five forces impacting business success in this new global paradigm:
Hyper Disruption, Pervasive Digitization, Autonomous Action, The
Cloud Imperative and Enterprise Consumerization.
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“From new competitors, new business models, changing customer
expectations and rapid technology advancements – the pace of change
within the global marketplace is breathtaking,” 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. At Teradata, we’re enabling this kind
of business agility for our customers every day, giving them
unprecedented insights into all aspects of their business – across
departments and analytic silos – so they can move fast and stay
ahead of the competition.”
Survey Overview
Hyper Disruption: Today’s enterprises are facing hyper
disruption – from both external and internal forces – across all
industries and at an unprecedented scale.
- Nearly all (94%) respondents across the U.S., EMEA,
Japan and China are facing disruption in their industries and are
under pressure to rethink approaches and processes to keep pace
with current market forces.
- Top sources of disruption include:
- Keeping up with advanced customer demands and dynamics
(87%);
- Workforce pressures, e.g., skills gaps, retention, etc.
(85%); and
- Adapting to new business models being introduced by competitors
and startups (74%).
- Most of these companies (61%) feel underprepared to
strategically address market disruption driven by competitors.
Pervasive Digitization: Most business leaders believe
digitization can help address growing customer expectations for
rapid and personalized engagement, and are beginning this process
by refining business operations. While almost all survey
respondents are in the process of digital transformation, some are
further along than others.
- 99% of respondents are in the process of either moving
to a digital business or leveraging/piloting digital technologies
to change business models.
- More than four in 10 respondents (41%) indicated that
digitization efforts were widespread, but almost as many
(40%) indicated that digitization only existed across
certain aspects of the business.
- Just 10% confirmed they had fully realized widespread
digital transformation.
- Nearly half (45%) of respondents believe their business
requires improvement in their approach to managing data
accessibility, which may include breaking down the many data silos
in their organization, a critical requirement to becoming a
digitally pervasive business.
Autonomous Action: Adequately navigating the vast amount
of data at our fingertips and leveraging that data to find answers
to the toughest business challenges remains the goal for most
organizations on the road to pervasive digitization. For many, this
requires leveraging artificial intelligence (AI), machine learning
(ML) and an autonomous platform. AI in particular has the potential
to be widespread and to take a lofty role in the future of digital
transformation.
- Nearly 60% of respondents who have at least limited
digitization across their organization agreed their digitization
efforts were done with AI in mind.
- 68% of responding businesses confirmed that AI or ML was
currently being leveraged in some areas of the business, with
approximately one in three confirming pilots were already in
progress.
The Cloud Imperative: For AI to be truly realized, a
strong cloud analytics infrastructure must be in place to allow AI
to operate at scale. While survey data shows the cloud’s promise
and role in driving data analytics, the industry has yet to reach
critical mass in its adoption of cloud analytics.
- Of the respondents whose organizations have data analytic
workloads in the cloud, 64% are looking to AI as playing a
major role in their overall cloud analytics strategy in the next
year.
- Despite this enthusiasm, 61% of organizations confirmed
that 50% or less of their data analytics applications and workloads
currently exist in the cloud.
- Even more (69%) respondents who have data analytic
workloads in the cloud, were concerned that their cloud analytics
strategy still lagged behind other cloud initiatives.
Enterprise Consumerization: Among the many benefits of
the cloud is its ability to provide businesses with greater
simplicity and ease of use, a key driver behind its enterprise
adoption. In fact, more enterprises than ever before are citing
operational complexity as an issue and are turning to technology
that has roots in the consumer world to simplify, become more agile
and take friction out of business processes.
- Nearly six in 10 respondents (59%) agree that one of the
more pressing issues they face is transforming business operations
to be more agile.
- 74% of organizations also stated an urgent need for
greater simplification and improved operations.
For more information on the “Adapt or Perish: The New Reality in
a Hyper-Digitized World” survey, go see the Infographic on
Teradata.com.
Methodology
In September 2019, Teradata commissioned independent market
research company Vanson Bourne to conduct a quantitative research
study of IT and business decision makers across U.S., UK, France,
Germany, China and Japan. Respondents were from organizations with
1,000 employees or more, and with a global annual revenue of more
than $250 million. The organizations could be from a variety of
private or public sectors including financial services and IT,
technology and telecoms. Interviews were conducted online using a
rigorous multi-level screening process to ensure that only suitable
candidates were given the opportunity to participate.
About Vanson Bourne
Vanson Bourne is an independent specialist in market research
for the technology sector. Their reputation for robust and credible
research-based analysis, is founded upon rigorous research
principles and their ability to seek the opinions of senior
decision makers across technical and business functions, in all
business sectors and all major markets. For more information, visit
www.vansonbourne.com.
About Teradata
Teradata transforms how businesses work and people live through
the power of data. Teradata leverages all of the data, all of the
time, so you can analyze anything, deploy anywhere and deliver
analytics that matter. We call this pervasive data intelligence,
powered by the cloud. And it’s the answer to the complexity, cost
and inadequacy of today’s approach to analytics. Get the answer at
teradata.com.
The Teradata logo is a trademark, and Teradata
is a registered trademark of Teradata Corporation and/or its
affiliates in the U.S. and worldwide.
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version on businesswire.com: https://www.businesswire.com/news/home/20191021005216/en/
January Machold 415-378-4046 mobile
January.Machold@Teradata.com
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