These 5 attributes have the power to make-or-break Indian businesses

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These 5 attributes have the power to make-or-break Indian businesses
We are living in the Information Generation today, where we are nothing but digital citizens living in an always connected network. While it is a boon for us in many ways, at the same time, this always-connected world has also opened up new challenges for businesses. For example: How do they cater to the ever-evolving demands of the digital consumers who have so many options to choose from? How do they interact with them in real-time and satiate their hunger for information?...the list goes on. So, how do businesses transform to successfully compete and thrive in this new landscape?

A study based on inputs by 3,600 Director-to-C-Suite business leaders across 18 countries identifies five business attributes that have the power to make-or-break businesses, and they are:

1. Predictively spot new opportunities in markets
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2. Demonstrate transparency and trust
3. Innovate in agile ways
4. Deliver unique and personalized experiences
5. Operate in real time

The study, titled ‘The Information Generation: Transforming The Future’, was conducted by EMC Corporation, an organization that is enabling businesses and service providers to transform their operations and deliver IT as a service.
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This study further reveals that by 2020 more than seven billion people on at least 30 billion devices will have created 44
zettabytes of data, which suggests that we are heading to the world in which nearly every element of life will be data-driven.

While businesses know they can get value from this data, 49% global business leaders admit that they don’t know how to turn all of their data into actionable information.

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The study brings to light some interesting facts: majority of Indian businesses think they are aware of the importance of predictively spotting new opportunities to get ready for the ‘Information Generation’; and majority of the leaders in India cite the need to innovate in an agile way as the top priority, just after China. But are their claims valid?

The research done by EMC suggests otherwise; it shows wide gap in the number of organizations doing this extremely well and organization-wide. To overcome this problem, Indian organizations should continually re-condition themselves in ways that are yet to be imagined, says Rajesh Janey, President, India & SAARC, EMC.

He further adds, “The Information Generation is changing the dynamics of the environment in which organizations operate today as they increasingly face the demand for more. The new generation of businesses especially the ones ‘born of the cloud’ are driving this change in expectations, thereby making it critical for businesses to redefine themselves in order to adapt and remain relevant. While 76% of businesses in India think that SMAC has changed consumer expectations, it becomes critical that they systematically explore the longer-term implications of an age in which information is at the centre of everything we do.”

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The Information Generation: Transforming The Future study was conducted by Institute for the Future and Vanson Bourne on behalf of EMC. Vanson Bourne surveyed 3,600 business leaders across 18 countries from mid-size to large enterprises in nine industries to determine top business imperatives required for success today and over the next decade.

(Image: Thinkstock)