Business leaders expect digital disruption to drastically alter their firms
Digital disruption is expected to have a huge impact on UK firms, as 44% of business leaders do not expect their current enterprise to exist in its current form by 2021.
The research from Fujitsu found that 97% of leaders believe that digital disruption has already impacted on their business, while 94% expect more disruption in the future too.
In order to combat the likely changes, 92% of owners admit that their business must evolve in order to be successful.
Given the likelihood of their businesses being impacted, 61% of executives see digital disruption as the biggest challenge they face.
Some 46% revealed concerns over the future of their businesses too, with 26% wishing it was a problem they didn’t need to deal with due to its complexity.
Widespread transformation across sectors is expected in the years ahead too, as 86% of leaders say their sector will fundamentally change by 2021.
A major result of digital disruption is the impact it is having on retailers – as it is easier for new businesses to enter the sector, competition is increasing and sales can suffer.
This is a particular issue for smaller firms attempting to operate on low budgets, as they simply cannot afford to miss out on sales or take financial hits.
While digital disruption can aid some firms, it can also cause others to fall behind their competitors and some may never recover – those facing financial issues should act quickly to find the root cause of any issues.
It may be easy to spot in some instances, although an independent business review could be another option towards developing a strategy for a more secure future.
Most business leaders expect digital disruption to provide opportunities however, although the vast majority were unsure of how exactly to take advantage.
They identified having the right technology partner, the best digital skills and a budget for innovation as being key areas that could boost their business.
By Phil Smith
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