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Businesses unable to keep up with impacts of technological change may disappear by 2020

Over the last two decades we’ve experienced more change in business due to technology than any other factor.   Will this change continue? 

The Economist Intelligence Unit decided to find out. It has surveyed 567 executives across 20 sectors globally on their expectations of the future technology impact on business.  The results show: yes further wrenching changes are anticipated by 2020. 

For many business leaders there is a sense of optimism about the future.  They believe technology will enable significant leaps forward in terms of innovation, efficiency, customer relationships and many other areas of competitiveness.  On the other hand more than one third (37 per cent) of leaders believe their organisation will be unable to keep up with technology and they will lose their competitive edge. One third of IT industry leaders believe their businesses will disappear altogether, while six out of ten survey respondents believe that many of the industries in which they operate will be significantly altered between now and 2020, bearing little similarity to today.  

David Mills, Executive Vice President, Operations Ricoh Europe said, “The successful businesses of 2020 will be those that place greater emphasis upon process innovation. The key to building a more agile business that is ready to embrace the changes is to have the right infrastructure in place to manage it successfully.  Business leaders need to ask the question – are the information infrastructures inside our organisations future proof?  By understanding how business critical information connects across the entire business, an organisation can reengineer its processes to ensure that it is maximising employee knowledge sharing and is able to respond effectively to customer demands.” 

You can also download the executive summary to find out more.

  • Poll

    • Which of the following functions will change the most from the impacts of technology?

  • Procurement
  • IT
  • Human Resources
  • Accounting
  • Sales
  • Customer Services