Lack of Tech Vision Hurts Business Growth
Organizations that go to the front of the line when it comes to new technology investments are positioning themselves for market growth and company expansion, according to a survey from Harvard Business Review Analytic Services and Verizon Enterprise Solutions. The accompanying report, "The Digital Dividend: First Mover Advantage," states that most business and IT executives view technology acquisitions as growth drivers, but a significant number of them think their leadership lacks the IT vision needed to fully exploit the potential of innovation. The survey participants identified their organizations as belonging to one of three categories: pioneers (open to change and the first to move), followers (invest in tech only after others have shown the benefits) or cautious organizations (wait until technology is well-established before making purchase decisions). The follower and cautious companies often find themselves stifled on the adoption of analytics and other technology solutions due to internal cultural resistance. "New technologies can provide a genuine competitive edge, but the organization has to make the commitment to use technology to build new processes and business models," says Angelia Herrin, research and special projects editor of the Harvard Business Review. "Companies need to become more flexible in terms of technology implementation and make innovation part of their culture in order to realize the real business value." More than 670 global business and technology leaders took part in the research.