Nothing is changing business as rapidly and with as much impact as the changing expectations of the Information Generation, a growing community of digital citizens connected to a global network that puts the world’s information at their fingertips. More than a discrete demographic like the Baby Boomers or the Millennials, the Information Generation represents the larger group of people who are resetting expectations of business, demanding faster, round-the-clock access to services and want more personalized digitized experiences tailored for any smart device.
To better understand the impact of the Information Generation on the enterprise customers we serve, EMC partnered with the Institute For The Future and research firm Vanson Bourne to engage experts at think tanks and in industry and academia, along with more than 3,600 business managers and executives around the world. More than nine out of 10 of them agree that technology has transformed customer expectations and that leading companies are redefining the way we buy, work, learn, play and socialize online.
To avoid disruption and obsolescence amidst so much change, businesses in every industry agree they need to adopt a digital mindset and do five things exceptionally well:
- Predictively spot new opportunities (60% agree)
- Demonstrate transparency and trust (56%)
- Innovate in an agile way (55%)
- Deliver a unique and personalized experience (45%)
- Operate in an always-on, real time manner (38%)
While the companies we spoke with acknowledge these five attributes as high priorities for their transformation, very few of them claim they do these extremely well or pervasively across their enterprise today. Most admit to struggling with the ability to capitalize on data. Half say they are experiencing data overload and don’t know how, while only 24 percent claim to be good at turning data into useful information and only 30 percent say they can act on data in real-time.
These same companies see digital competition intensifying in the years ahead. By 2020, the Internet will connect seven billion people on the planet, 30 billion devices and 10 million businesses. As the Institute For The Future explains in a new report that EMC is releasing today, all of this points to an even more data-driven future, marked by five fundamental shifts:
- The Information Economy: people will sell, donate and trade their information
- Networked Systems: inanimate objects will be more responsive and connected
- Augmented Decision Making: enhanced by artificial intelligence
- Multi-Sensory Communication: more data will be communicated through the senses
- Privacy-Enhancing Technology: individuals will regain more control over their privacy
The release of The Information Generation: Transforming the Future, Today is just the start of what we expect will become an ongoing conversation with our customers and partners in the months ahead. Transforming to a truly information-savvy organization will be critical for every business, and every digital business strategy will require a more robust technology strategy.
The race is on. Are you ready for the Information Generation?