Do you have an opinion on how technology is changing your business?
As you likely know, each year we conduct in-depth business leader research to help identify trends across industries. This year we are once again partnering with executive search firm Odgers Berndtson, reaching out to senior business executives around the world for their perspectives on how digital is changing their business.
We're also reaching out to a wider audience through social media to broaden the perspectives gathered in this study. No matter what your perspective, no matter what your role – CEO, CMO, CIO, Business leader – if you're in senior management in a medium or large enterprise, we'd like to hear from you.
To make your opinion count, simply click the link below to begin the confidential online survey.
Please note: while the survey has been designed to complete on any device, including mobile phones, you must finish the survey using the same device from which you begin by clicking this link: http://forr.com/digitalsurvey2017. All responses are confidential.
Here's a selection of blog posts from this stream of research:
Every year we run a staffing and hiring survey of what used to be “eBusiness” professionals. I say “used to” because increasingly we find that eBusiness teams have morphed into “Digital Business” teams. Why? Well teams are under an increasing set of pressures, including:
A mandate to drive strategic change throughout the organization. Seventy two percent of firms surveyed are executing on digital transformation, and that tables the topic of digital with the C-Suite. Digital business leaders now have more strategic responsibility and must wield stronger influence with their executive peers and leaders.
Too many businesses believe that their digital business strategy is actually a roadmap, or a series of IT projects. Being digital is a capability – in your business it impacts the culture, metrics, organization, skills, and finally – the technology.
As a CIO, one of the most important roles you’ll play is helping to make the business FAST – removing friction points from processes and enabling new capabilities to be developed as required by the customer, partners, and business stakeholders. Too often technology is one of the (many!) bottlenecks in our ability to quickly meet customer needs or respond to changing or new competitive threats.
I recently had the chance to spend some time with some senior technology leaders in Sydney discussing the need for quality when delivering digital business outcomes. With the growing need for speed, many businesses sacrifice quality for speed. This is ok – to an extent – but there are also many companies with their own horror stories of delivering a mobile app that is unstable, a website that is slow, or a connected/smart product that doesn’t work as planned. It can take years to recover from negative feedback and bad mobile app ratings, and poor products can cost millions in ongoing customer support.
Unfortunately, QA and Testing have too often been afterthoughts in the rush to Agile development. Your Quality Assurance and Testing practices must adapt to digital business too – testing needs to be able to accelerate development – not slow it down. QA needs to focus on customer needs. The QA team needs to speak the language of the customer, get involved with new technology projects at the ideation stage, line up and manage test data before it is required, and empower developers to do much of the testing themselves.
Every fall, more than a dozen Forrester analysts across multiple roles meet to discuss what executives and leaders at financial services firms should anticipate over the next year. Driven by our ongoing research, the result of this brainstorm is now available as the just-published “Predictions 2017: Pioneering Financial Providers Will Partner With Fintech To Build Ecosystems” report. Forrester clients can read the full predictions report by clicking the button here:
For non-clients, here are three of the 16 predictions we outline in our new report:
Leading providers and fintech firms will partner to build ecosystems. Dynamic ecosystems of value threaten traditional, vertically integrated financial firms that want to stick with the old-school value chain. But ecosystems also offer opportunities to financial providers that think carefully about the roles they want to play in the ecosystem — and by extension, the role they want to play in customers’ lives. Pioneering financial providers like BBVA have built ecosystems with fintech firms like OnDeck, and we predict that in 2017, more leading firms will follow suit and build dynamic ecosystems of value.
As details regarding the termination of the Samsung Galaxy Note 7 smartphone continue to unfold, there are several important lessons, both technological and organizational, that manufacturers and product organizations should take away from their peer’s costly product crisis:
There's a fundamental difference between companies that apply digital technology as a bolt-on (frequently adding an eCommerce site, social media, or customer mobile apps) and those that take a more holistic approach to transforming the way the company uses technology to deliver better customer outcomes and drive revenue.
Transformers are more likely to succeed because they recognize their customers' expectations are evolving. The executives in these companies redesign their business to evolve alongside the expectations of their customers. These companies are obsessed with helping their customers achieve their desired outcomes, and they continuously explore new ways to do that profitably. This is why transformers are destined to become digital predators while bolt-on companies are more likely to become digital prey.
One of the distinguishing characteristics of many transformers that caught my attention back in 2013 remains a challenge for many companies in 2016: delivering digital operational excellence (DOX). DOX focuses on the ability to use emerging technologies to change operational aspects of the business (those not directly touching the customer) to create business agility in service of the customer. Why is this important? Because without the ability to evolve quickly, your company will fail. This is the digital dilemma.
I use this simple equation to illustrate my point:
Some CIOs and enterprise architecture (EA) pros believe that business process management (BPM) is on the opposite side of agility — but they don’t realize that BPM technology itself is also evolving. Agility-oriented BPM platforms are the foundation of a digital business. I’ve recently published a report that discusses the four key areas that EA pros must focus on to accelerate digital transformation with BPM. Some of the key takeaways:
Modern BPM is critical for digital business. Process agility is critical to giving businesses the agility that powers digital business. BPM adoption is gaining momentum in China; EA pros must drive the use of modernized BPM platforms and methods to accelerate digital transformation. 49% of budget decision-makers in China from both the technology and business sides will increase their spending on enterprise process applications, which is higher than their global peers.
An outside-in approach is key to digital transformation. EA pros must understand key BPM platform capabilities and unique local demands. For the Chinese market, this means data-intensive user interfaces with integration and security needs, complex organizational hierarchies and ad hoc decision-making approval processes, and a unique social environment for cross-region collaboration. EA pros should then use these requirements to align the architecture for agility-oriented process platforms. Forrester has introduced a reference architecture for agility-oriented process platforms that consists of four layers: enablement, foundation, engagement, and management.
Huawei Technologies started out nearly 30 years ago as a small private company with 14 employees and 140,000 yuan in capital. By 2015, its total revenue exceeded $60 billion. Huawei is already a global company, but its globalization journey has been a difficult one since the very beginning. Despite its continuous business growth in other regions, Huawei has faced critical censorship in the US since Day One — and last week the US government put Huawei under the microscope yet again.
National security is important, but using “national security” as an excuse for allowing unfair competition will only harm customers. It’s time for the governments of both countries to trust each other more. I’ve recently published a report focusing on Huawei’s continuous progress toward becoming a key enabler of digital transformation in the telco and enterprise spaces. Some of the key takeaways:
Huawei has holistic strategies for digital transformation. Huawei’s broad vision of digital strategy — which focuses on cloud enablement and readiness, partner enablement, and open source co-creation — has helped the firm sustain strong business growth in the telco and enterprise markets. For example, its partnerships with T-Systems on the Open Telekom Cloud in Germany and with Telefónica on public cloud in the Americas have helped carriers in local markets give cloud users on-demand, all-online, self-service experiences.
I’m sitting here in my hotel room writing this and watching the in-room dining web page on my phone fail. It’s apparently given up the ghost and is caught in a perpetual loop. It’s the first time I tried using this particular hotel chain’s mobile website. The “Room Service Order Online” features prominently on the first page of the in-room guide. Never one to miss out on an opportunity to test a digital experience I figured I’d give it a go.
First, the photo in the room guide shows what looks to be a native app. So naturally, the first thing I did was go to the App store and search for the app using the hotel name. Nothing. HMMM … time to take a closer look at the page in the in-room guide.
Aha … I now see I need to browse to the hotel’s web domain and append /atyourservice. Of course they could have offered a QR code to make it easy but they don’t so I type it all in on the tiny keys on my phone. And then I’m brought to a page that looks remarkably like the hotel chain’s main landing page. Bear in mind I’m browsing while I’m in my room on the hotel’s wifi network. They ought to know where I am.
Nothing on this page says anything about ordering food. But I can browse to reserve a hotel room at one of a number of hotels! I can even checkin! Oh wait - I did that already.
I‘m thinking there must be a link to room-service somewhere …. Wait … there’s a pull down menu at the top … let’s see what this has - surely there’s a room service menu in here?
Faced with increasingly empowered customers, together with mounting pressure from existing and potential digital disruptors in the financial services sector (such as Alipay in China and Codapay in Southeast Asia), many banks across Asia Pacific have launched mobile banking apps to enable customers to make mobile transactions. Initally, these mobile banking apps suffered from abysmally low customer adoption and delivered poor customer experience. However, mobile banking apps have come a long way over the past five years, going from little more than an extension of online banking to what one digital banking executive calls “the most important part of my job.”
Through conversations with our FSI clients, we have observed a positive transformation in how eBusiness executives think about and execute on their mobile strategy, which contributed to rising adoption levels and better customer experience. The most notable shift that eBusiness executives have made is to perceive mobile as a crucial part of their organization’s broader business transformation imperative linked to specific business objectives and outcomes — this is fundamentally different from the early days when some eBusiness executives equated a mobile app to a mobile strategy.
Our exclusive FSI summit in Singapore on Friday, April 15 will bring together an intimate group of senior executives from banks, insurance companies, and selected fintech firms. At the event, my colleagues and I will share Forrester’s FSI digital business research, and facilitate discussions with industry leaders.
My presentation, “Who Does Mobile Banking Well In Asia Pacific?”, will explore: