What Are the Top 5 Emerging Threats to Your San Francisco Bay Area Business?
BC Networks provides leadership in strategic IT planning. Contact us today for more information on how your San Franciso Bay Area business can capitalize on digitization without losing sight of your goals.
“The digital ecosystem provides unprecedented opportunities to strike a dynamic balance between the inner and outer elements, and leapfrog the business world up to the next level of advancement.”
― Pearl Zhu, The Change Agent CIO
Digitalization misconceptions and the rapid pace of their company’s digitalization efforts were noted as the #1 concerns of CIOs in Gartner’s Emerging Risks Monitor Report.
This year will bring a new focus on digital initiatives. However, many projects may fall under scrutiny to ensure they’re in line with business operations. If you run a business in the tech-savvy San Francisco Bay Area, you need to know the five emerging threats of 2020.
What Are the 5 Emerging Threats to San Jose Businesses?
Gartner spoke to 144 executives spanning various industries and locations. Digitization misconceptions made the top of the list of emerging risks. Besides misunderstanding the capabilities and expectations of digital advancements, CIOs felt that their company’s risked falling behind on the adoption of critical innovations that could improve their productivity.
Here is the full list of the five biggest concerns revealed by the survey:
- Digitalization Misconceptions
- Lagging Digitalization
- Strategic Assumptions
- Data Localization
- U.S.-China Trade Talks
Companies that build overly comprehensive roadmaps for their IT infrastructure need to ensure that their strategic plans are revisited often. Agility is a key factor in implementing the right data infrastructure. Because this is a moving target, a process of incremental optimization must leave room for feedback and change.
How is Digitization Anxiety Impacting Business Model Changes?
Approximately 52% of those surveyed thought digitization misconceptions had the greatest potential to hold their organizations back. IT and telecom executives accounted for the greatest portion of this response. Meanwhile, energy and banking executives thought lagging digitization posed the biggest threat to their market share.
Additional data from Gartner revealed further details on why digitization threats keep many executives awake at night. A failure to enact strategies quickly and lack of digital capabilities tied for the underlying reasons executives thought their companies needed a clearer focus on digitization efforts.
Many strategists indicated that digitization impacted the following sectors of their business model:
- Business Capabilities
- Value Propositions
- Profit Models
- Customer Behavior
These respondents felt they needed a clear path to bridge the gap to future business models. Just 35% of strategists thought they had the right initiatives and investments in place to reach future business objectives. Further, only 20% felt confident that digitization initiatives would have a positive impact on their company’s growth or profitability.
How Can BC Networks Help?
BC Networks provides leadership in strategic IT planning and helps our clients build a roadmap for their IT infrastructure that centers on meeting the needs of the business. Contact us today for more information on how your San Franciso Bay Area business can capitalize on digitization without losing sight of your goals.