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Executives say they are prepared for the upheaval budding technologies represent, but few are truly prepared, according to a West Monroe report.
Executives feel prepared for the upheaval that emerging technologies represent-but few are truly ready for the operational, competitive, cultural, and security shifts that are already taking place, according to a new report.
The report, “Technology is Transforming Everything: Businesses Struggle To Change With It,” identifies and measures the gaps in knowledge, activity, and structure that businesses must close to survive and thrive in the evolving technology landscape. In the fourth quarter of 2017, online surveys were distributed to decision-makers at companies across the United States in financial services, healthcare, and energy and utilities. The results were tabulated, analyzed and released in first quarter 2018. In total, 300 companies completed the online survey. Leaders include C-suite executives, vice presidents, directors, and managers across IT, finance, operations, marketing/sales, and executive management.
“Company leaders feel prepared for the ‘shift’ to a technology-fueled business world, but few are truly ready for the actual changes that need to be made,” says Will Hinde, a managing director with West Monroe Partners, leader of the firm’s Healthcare and Life Sciences practice. “Those changes are operational, cultural, financial-in every part of an organization. Right now, many leaders consider technology an expensive line item, a list of tools, or something to outsource. Instead, they should be thinking of it as equal to business strategy. In our minds, business strategy is technology and technology is business strategy.”
Key study findings include:
Technology is fuel in the new business world, according to Hinde. “It underpins everything, from delivering on customer expectations to running efficient operations to making sound, strategic business decisions,” he says. “The survey findings are important because they show how healthcare thinks and acts differently from other industries when it comes to technology. Sure, industries have different challenges, constituents, and regulations. But when you see data points like 81% of healthcare leaders think their competitors are not leveraging their data to create business value, versus only 56% of financial services companies, it's an eye-opening difference.”
Based on the report, Hinde offers healthcare executives three key takeaways: