Digital is fundamentally changing how companies do business. Enabled by data and technology, digital is a continuous form of disruption to business models, products, services and experiences. It has radically changed the way people consume content, communicate, and access products and services.
Proliferation of data and technology has molded how people consume content, communicate, and receive products and services. This new “digital” wave is also transforming how companies do business — disrupting their existing operating models and changing the way they interact with their customers, suppliers, employees, shareholders and the public at large. Research elucidates that digital disruption has led to more than 52% of the Fortune 500 companies either going bankrupt, closing down, or being acquired, since 2000. Moreover, the scale of this disruption is expected to impact companies across sectors. Amid this rapidly changing business environment, a company’s survival would be dependent on its response to the digital challenge.
The modern day enterprise is increasingly facing a volatile, uncertain, complex, and ambiguous (VUCA) world. Organisational reputations and indeed futures will be made or more likely destroyed by their response to managing their GRC (governance, risk and compliance) processes. In this blog post Samiron Ghoshal, Partner and National Leader IT Advisory Services, EY, India, shares the need for minimising the resources devoted to risk and compliance activities to cut back office costs.
Prediction is very difficult, especially about the future.
By Niels Bohr
While notables as great as the Nobel Laureate Niels Bohr have cautioned against the act of predictions, predicting the trends one year hence in 2014 should be less hazardous a task. 2014 is the landmark election year and a lot of the sentiment will depend on whether the power will remain in the hands of the two main parties or the same will be diffused amongst the regional parties. Since sentiment drives business which in turn drives IT spending this will be a crucial fulcrum.
From risk management getting bigger to IT investment growing carefully and enterprises using Social Media for better decision making, read about how 2014 promises to be an exciting year for enterprises as they look to scale the next big business challenge.