The term, coined by EMC, refers to a community of digital citizens who are always connected and engaged online.
Due to new Information Generation-driven demands, businesses agree that transformation is critical, reports EMC in The Information Generation: Transforming The Future, Today. The report was based on input from 3600 director-to-C-suite business leaders across 18 countries.
To be a disruptor – and not disrupted – the respondents have identified five “make-or-break” business attributes, all of which have information at their core, the report states.
• Predictively spot new opportunities in markets.
• Demonstrate transparency and trust.
• Innovate in agile ways.
• Deliver unique and personalised experiences.
• Operate in real-time.
But while business leaders agree these attributes are critical to ensure success, very few have thoroughly embodied them.
Even though 70 per cent say they can gain insights from data, only 30 per cent are always on and able to act upon their information in real time, and are unable to achieve this very well and company-wide.
Read more: Get ready for hyperadoption now: Forrester
More than half (52 per cent) admit they do not use their data effectively or are drowning in information overload.
Nearly a quarter (24 per cent) consider themselves “very good” at turning data into useful insights and information
“The Information Generation is demanding more from the organisations they interact with,” says David Goulden, CEO of EMC Information Infrastructure, on the launch of the report.
“Businesses ‘born of the cloud’ are driving this shift in expectations, and mature businesses must redefine themselves to adapt and remain relevant.”
Businesses ‘born of the cloud’ are driving this shift in expectations, and mature businesses must redefine themselves to adapt and remain relevant.
Arron Patterson, chief technology officer, EMC New Zealand says companies that can adapt to the evolving demands of consumers will keep up with the pace of the Information Generation.
“The ability to spot new opportunities and innovate in an agile way will be critical for any business,” says Patterson. “Cloud computing is already paving the way for some and real-time, data-driven decisions have become the norm for these organisations.
The ability to spot new opportunities and innovate in an agile way will be critical for any business.
Read more: Now is the time to be customer obsessed
The study notes that in five years more than seven billion people on at least 30 billion devices will have created 44 zettabytes of data (or 44 trillion gigabytes), according to Gartner and IDC respectively.
This is rapidly leading to a world in which nearly every element of life will be data-driven, the study points out.
The study likewise forecasts the five major macroshifts on how technology will continue to transform the world by 2024.
Information economy: There are strong signals of a move toward a world in which nearly every element of life will be data-driven. Individuals and corporations will sell, donate and trade information on open exchanges.
Networked ecosystems: Environments will become more aware, connected and responsive. Inanimate objects will spring to life all around us, becoming more aware, responsive and connected.
Augmented decision-making: Decision-making will be enhanced by artificial intelligence in ways never seen before.
Multi-sensory communication: Information will be communicated and absorbed through multiple human senses.
Privacy-enhancing technology”: Customers will be able to better control their own privacy through new tools. In this new world order, value will shift from products and services to the information they generate.
Send news tips and comments to email@example.com
Follow Divina Paredes on Twitter: @divinap
Follow CIO New Zealand on Twitter:@cio_nz