More than 90% of survey respondents are under pressure to rethink processes amid digital disruption in their industry.
Data management company Teradata released an in-depth survey on Monday centered on the concerns of IT and business decision makers across US, UK, France, Germany, China, and Japan.
Their Adapt or Perish: The New Reality in a Hyper-Digitized World study said businesses are increasingly worried about being driven to extinction by disruptive, innovative digital platforms. According to the report, 94% of respondents said they are facing disruption in their industries and are under pressure to rethink processes to keep pace with current market forces.
Another 61% of respondents admitted thatto strategically address market-disruptive competitors, and only 10% said they had fully realized their conception of widespread digital transformation.
"From new competitors, new business models, changing customer expectations, and rapid technology advancements – the pace of change within the global marketplace is breathtaking," said Martyn Etherington, chief marketing officer at Teradata.
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Conducted by market research firm Vanson Bourne, the study said 99% of respondents were hard at work on digital transformation, and almost 70% said they were using artificial intelligence or machine learning in some aspect of their business.
The study was broken down into five different categories that respondents said concerned them: Hyper disruption, pervasive digitization, autonomous action, cloud imperatives, and enterprise consumerization.
In terms of disruption, 87% of respondents said they struggled to keep up with advanced customer demands, while another 85% said they had difficulty with workforce pressures related to skills gaps and retention.
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According to the survey, companies have no choice but to adopt modern tools and data analytics out of fear of being surpassed by other businesses within their industries. Nearly 75% of respondents stated that new competitors, and new business model complexity are driving a need for greater simplification and organization-wide cohesion.
Almost 60% said one of the most important issues they face is transforming their business operations to be more agile.
"Acknowledging these changes and taking action to adapt and capitalize on them is critical to business success," Etherington added.
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