Despite information age, leaders admit they are not ready for a techie future

By Nickky Faustine P. de Guzman

MOBILE APPS, smartphones, and Wi-Fi run the world. Some of the most downloaded applications are Spotify for free music streaming, Instagram for photograph sharing, and Viber for instant messaging.

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The customers today demand faster access to services, 24/7 connection, accessibility on many devices, and unique and custom-made services. But here comes the irony. According to the global study, “The Information Generation: Transforming the Future Today” conducted by the Institute for the Future and Vanson Bourned, on behalf of EMC company, the business leaders across nations admit that they are not ready for the digital future.

“Technology comes across every part of our lives.  Ninety six percent of today’s world leaders believe that new technologies have forever changed the rules of business, democratizing information, and rewiring customer expectations but they admit to limit on current ability to make use of the data. They admit that they are not ready for the digital future,” said EMC Country Manager Ronnie Latinazo in his media presentation last April 20. EMC is a global company that enables businesses and service providers to transform their operations and deliver information technology as a service.

The research surveyed 3,600 business leaders across 18 countries including the US, Mexico, China, Japan, Singapore, Germany, and France, among others, in industries that focus on health care, financial services, insurance, media, retail, telecommunication, manufacturing, and biotech. The goal is to identify and forecast the imperatives and shifts in the digitalized world. The research questionnaires are based upon in-depth interviews and workshops with 40 global leaders and experts.

LOST IN TRANSLATION
According to the EMC report, being information savvy is critical. The research shows however that only few organizations are keeping up with the signs of the times. Only 12% can spot new opportunities and only nine percent can innovate instantly. According to Mr. Latizano’s report, 30% of the leaders are able to act upon the information in real-time, 50% admit to not knowing how to get value from the data, and only 24% considered themselves good at turning the data into something useful.

While the study reveals the expectations and the demands of the customers and technology users, the percentages are disappointing considering that the world behaves differently. Individuals are always engaged online and demand that the world be on their fingertips. 

According to Mr. Latizano, today’s business leaders should identify five attributes to successfully compete and thrive in today’s technology-driven world. The companies should “operate in real time, deliver unique and personalized experiences, innovate in agile ways, demonstrate trust and transparency, and spot new opportunities in markets,” he said.

But there are few companies that are ahead of the curve and are following the five said attributes. Mr. Latizano cited global companies like John Deere, which developed an application for farmers to help them plan their crops according to the week’s weather. For the entertainment industry, there’s the Sling Television, which currently offers live streaming of US shows. For travel and leisure, Marriot Hotels have come up with a teleporter service, where a device lets the customers experience the sight, sound, and smell of their dream destination without them leaving their seats.

IN THE PHILIPPINES
While the Philippines is not included in the survey, still, the research holds water in our local businesses.

“If you compare the Philippines with the other countries surveyed, you’d think that they are more advanced. But I think the trend is the same. We are in the same journey. The adaptation rate is fast. We may be behind Singapore and the likes but we go the same path -- we’re all going forward,” said Mr. Latizano.

According to him, we have companies and industries that are “at par with the rest of the world,” which include telecommunication, logistics, and banking. Today’s local companies are investing in business intelligence, said Mr. Latizano. “The logistics industry is trying to analyze the most efficient rout to use. The banking industry is another example. They have been an early adapter in 24/7 access reliability and personalize experience,” he said.

The companies are only keeping up with the demands of the tech-savvy Information Generation, or the people who are constantly online. According to EMC’s latest Philippine statistics, there are 36 million active mobile social Filipino users, 44.2 million active internet users, 114.6 million mobile connections, and 42 million active social media users. According to Gartner and IDC studies meanwhile, by 2020, more than seven billion people on at least 30 billion devices will create 44 zettabytes or (44 trillion gigabytes) of data. This is a lot of data. And it needs to be enhanced, manipulated, and taken advantage.