How Businesses View Technology: The Good, the New and the Disruptive
The majority of business leaders have felt some impact from disruptive technology, many have taken action to prepare for it and most are investing in new technology to keep up with the competition, according to a new JPMorgan Chase Executive Advisory Board survey.
The pace of disruption—new or enhanced technology that displaces an established one and shakes up an industry—is accelerating and affecting more businesses every year. The majority of executives polled in the most recent Executive Advisory Board survey seem to be aware of this phenomenon and are on the lookout for disrupters. Many are taking preventative measures and investing in technology to keep up with the pack or in some cases, get ahead of it.
Get a closer look at how business leaders are viewing disruptive technology’s opportunities and challenges and how they believe it’s shaping the competition.
Preparing for Disruption
of respondents said they have felt at least a little impact from emerging or disruptive technology
Nearly all of the businesses surveyed feel some heat from the disruptive technology fire. But only 14 percent report that it has impacted them to a great extent. Designating an in-house person or team to identify threats and opportunities is the most common response (40 percent) by businesses that prepare for disruption.
In With the New Tech
of respondents’ organizations are investing in new technology with a two-year timeframe
Most businesses have either invested in new technology in the past year or are planning to invest in the coming year. The top three factors that affect investment decisions, according to the survey, are functionality (72 percent), overall cost (66 percent) and integration with existing infrastructure (62 percent). Less than a quarter of respondents say the age or size of the company from which they’re purchasing the new technology matters.
Keeping Pace With the Competition
When it comes to new technology, would you say your organization is keeping up or falling behind your competitors?
While 57 percent of businesses see cost as the greatest barrier in new technology investment, almost three-quarters say they’re keeping up with the competition in this regard. Organizations based in the Midwest and South are slightly more likely to report feeling like they’re falling behind than organizations in the Northeast and West.
Learn more about how to harness innovative technology to help take your business to the next stage.