Tuesday, June 28, 2011

The New Digital Economy: How it will transform business

nternational leaders face an era of unprecedented change. The financial crisis that ended in 2009 caused a seismic shift that has reshaped the global business landscape. The world economy is now characterized by sluggish growth in the West, a shift in power to the East, value-driven customers and rising risks everywhere. At the same time, the downturn has hastened the adoption of new tools that are transforming businesses and sparking a new wave of wealth creation, particularly in the emerging world: Mobility, cloud computing, business intelligence and social media.

Today’s economic realignment and digital transformation are inextricably linked. The current economic conditions are fostering investment in technology as emerging markets ramp up their demand for technology to fuel growth and advanced markets seek new ways to cut costs and drive innovation. This becomes a virtuous circle as digital technologies drive consumer income and demand, education and training, and efficient use of capital and resources—leading to increased economic growth, particularly in emerging markets.

To understand how these shifts will affect the global marketplace over the next five years, we conducted a study of 363 corporate decision-makers, supplemented by interviews and panel discussions with global c-level executives and thought leaders. The report offers a set of imperatives for CEOs to ensure their firms remain competitive. These include the development of a forward-thinking mobile strategy, reversing the traditional approach to innovation, and installing safeguards to protect against greater risks from cyber attacks, piracy and reputational damage, as well as economic volatility.

Source: Oxford Economics

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| Link to online summary at Oxford Economics

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