Five digital trends CEOs need to understand today

Hayden Richards highlights the five digital trends CEOs and business leaders need to be aware of right now.

Hayden Richards, digital native & growth hacker, The Manufacturer
Hayden Richards, digital native & growth hacker, The Manufacturer.

With the recent release of The Manufacturer’s Annual Manufacturing Report, some of the statistics make quite interesting reading, especially when it comes to projected investments in ICT technologies.

Technologies related to business intelligence, analytics and even product lifecycle management (PLM) seemed to be on the radar of less than 10% surveyed for projects in the next 12 months.

Quite worrisome I think, and here is the reason why.

Currently underway is a new wave of computing that fast-tracks opportunities for manufacturers to push and control customer engagement, innovation and business productivity.

This new trend is known as the “SMAC Stack” and it comprises a combination of Social, Mobile, Analytics and Cloud technologies.

In order to keep up with these emerging trends, CEOs will have to demonstrate a new form of leadership that quickly reduces the digital divide while driving the digital transformation within their factories.

Here are five digital trends these CEO’s will need to embrace:

  1. Internet of things
  2. The evolution of digital devices
  3. Real-time personalisation
  4. Big data
  5. Social intelligence

Number five is a must have. Many innovative companies are currently using tools like Socialsift to take social data to the next level, “listening” to the billions of conversations on social media, with the goal of extracting actionable insights in order to make better decisions around their brand and products.

Professor Javier Zamora and Evgeny Káganer from IESE‘s Information Systems Department recently said in a Forbes article that “digital leaders need to understand the shifts (behavioural, economic, social) that new tech drivers are creating: like mobile, social networks, cloud, big data.”

These leaders must then, Professor Káganer explained “translate these key fundamental shifts into business impacts at the industry, organisation and individual level.”