Businesses that invest in their technology proficiency are more likely to predict growth
Internationally, 82% of businesses that describe themselves as technologically advanced anticipate their business will expand and grow in the next six months. In contrast, only 39% of those enterprises that admit to being held back by their use of technology predict growth in the near future.
This new report from Thoughtworks aims to give fresh insight into how C-suite decision-makers and business executives are using technology and data to modernize and grow at a time of significant change and uncertainty. Based on primary research conducted with 969 business decision-makers from 12 countries, this study assesses the level of proficiency, capability, and competence when it comes to business technology, and the bearing this has on business confidence, growth plans and long-term goals. The research found a direct link between an organization’s technology proficiency and its likelihood to grow.
Technology proficiency is more than just having knowledge of the latest technology innovations: it describes a technology-enabled business culture that informs business strategy and everyday business planning conversations — using data and analytics, improving customer experience, product innovation, effectively using cloud technology, or investing in digital transformation programs. In a world where digital disruptors are gaining a foothold in almost every sector, established enterprises can only compete by ensuring technology becomes a core organizational competency.
This report explores:
- Technology proficiency today: technologically proficient businesses, where they are in the world and how proficiency delivers competitive advantage.
- Boardroom culture: how technology proficiency changes the boardroom conversation and helps technology to become an integral component of any board-level discussion.
- Business ambition and growth priorities for the year ahead: the perceived attributes of tomorrow’s market leaders — and the role technology will play in enabling this.
- The priority investment areas for the year ahead: which areas ranked highest and how technology proficiency raises expectations.
This new research comes at a significant time. The pace of change in recent years has been rapid. Digital innovation, changing consumer habits, a renewed focus on sustainability, and increased globalization have created opportunities as well as challenges for many enterprises. Many of these global trends have been accelerated by the global health pandemic, which forced business leaders to look at new ways of running their businesses.
The expectation is that these far-reaching changes will become an established part of business life, even as the health emergency starts to recede. In this economic climate, business executives, managers and entrepreneurs will become more reliant than ever upon technology — data, software, systems, platforms and networks — to ensure their business remains competitive, and they can expand into markets and increase profitability.
As companies create new plans and strategies for the new era, Thoughtworks teams around the world are helping business leaders to make informed decisions on emerging technology and to develop a corporate culture where technology, data and systems are core to strategic business thinking. We hope the findings of this new research study will help business leaders focus on what the trends and issues mean for their enterprise and what they need to do to prepare for the future.