Another way that many companies are looking to overcome this challenge is through partnering. By tapping into the skills resources of partners, companies can achieve mutual benefit.
Partnering has always been a strategic priority for companies, but this has accelerated dramatically in the age of transformation. In fact, our research shows that 68% of corporates say that partnering is the only way to succeed in today’s market. Of course, partnering is about much more than plugging the skills gap, and companies are teaming up in order to speed up their time to market, to leveraging the strengths of others, and to differentiate in front of customers.
5. Security and privacy are soaring in importance
There has never been a time when IT security of technology has not been important to businesses but, in the transformative age, it has become even more so.
The amount of data is growing rapidly, and so is the sophistication of threat actors, creating a perfect storm for security issues. Meanwhile, regulation is tightening, raising the stakes for companies even further. Unfortunately, there is no simple resolution to most digital security issues. The fast pace of progress means new threats evolve as quickly as do new technologies. This means companies are never at the end of their security journeys.
It is, therefore, no surprise that security is among companies’ top priorities – our research shows that 38% of corporates say improving security and securing the enterprise is a top improvement priority, on par with driving innovation (39%) and improving customer experience (40%). This focus on security is essential for companies if they want to continue to protect their enterprise.
But it’s not just about investing in the security technology itself, it’s about building a security-conscious culture on the basis of appropriate internal processes.
One way in which companies are doing this is by developing robust internal governance procedures to deal specifically with emerging technologies. While only 8% of corporates said their governance functions for emerging technologies are “well established and active”, a third (33%) said selected emerging technologies are “reviewed under a governance model.”
As we approach the next decade, we fully expect companies to bolster their governance functions for emerging and future technologies.
What can we expect in the decade ahead?
The last decade has seen tremendous technological innovation, which has fundamentally redefined businesses and changed the way we live and work.
The fast pace of change means that, in the next 10 years, this will only accelerate. Companies that take heed of the major trends today will lay the foundations of the digital enterprises of the future.
We will explore these themes in more detail as we explore our upcoming research study, due for publication in early 2020, uncover what the six core habits of digital transformation leaders are, and how they drive improved financial performance.