February 8, 2017 | Written by: Jen Clark
Categorized: White Paper
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The phenomenon of disruptive innovation has grown from a rarity to a regular occurrence, as new entrants to the bottom of a market swiftly rise up to oust established providers. In the face of this new competition, a White Paper examines how C-suite executives (CxOs) are using cognitive computing to tackle the threat to their business, and positioning themselves to prosper in the “age of disruption”.
Our survey says…
To compile the study, IBM surveyed 5,247 business leaders across 21 industries in over 70 countries. The respondents represent a wide range of public and private enterprises. The ensuing report reflects their opinions and identifies three key initiatives:
- Prepare for digital invaders
- Create a panoramic perspective
- Be first, be best, or be nowhere
Where is the competition coming from?
Previously separate industries are being brought together as companies in one sector apply their expertise to others. And the competition isn’t just coming from new models of old industries. It’s coming from digital invaders whose business models are entirely different.
Today, new rivals are not just appearing from your own industry – they are often outsiders. So what underpins this shift in the competitive arena? According to the CxOs we interviewed, technology and market factors are the biggest external forces.
Facing the challenge head on
Some organisations are bolder than others and a small group of enterprises excel: enjoying a strong reputation as leading innovators and surpassing their industry peers in terms of revenue growth. These organisations account for around 5 percent of the survey population, and are known in the report as ‘Torchbearers’.
Torchbearers are more aware of the risk of being disrupted by new entrants and of the potential of cognitive computing systems as a means of recognising and dealing with attacks from digital invaders.
Unfogging the future
The paper shows widespread consensus among CxOs around the importance of technology. Most CxOs believe cloud computing, mobile solutions and the Internet of Things will predominate in the next three to five years.
Advanced manufacturing technologies, including robotics and automation are expected to have a significant impact. Sophisticated 3D printers will bring the manufacturing of goods closer to home.
Using predictive and cognitive analytics to scrutinize real-time marketplace data will help CxOs forecast the future with greater confidence. It enables the generation of “what-if” scenarios and risk assessments, allowing for preparation for different outcomes before they occur.
Investigating unfamiliar territory will unearth new opportunities and help companies spot potential threats earlier.
For full details, see the complete White Paper: Redefining Boundaries: Insights from the Global C-suite Summary. Next week, some of our clients, partners and industry leaders will discuss these themes and many more at the Genius of Things summit taking place in our IoT Headquarters in Munich. We’ll also hear from speakers on:
To discuss how IBM can help bring the benefit of the IoT to your business, request an executive briefing to speak to one of our representatives, or learn more about our cognitive solutions by visiting the IoT website.