Executive People, The Netherlands: Europe Head of Cognizant’s Center for the Future of Work Says Leaders Need to Prime Their Organizations for the Work Ahead to Make the Shift to Digital

“To make the necessary shift to digital, leaders need to be proactive and prime their organizations for the work ahead,” says Euan Davis. “Slow innovation cycles and an unwillingness to experiment will kill an organization’s ability to exploit the digital opportunities around them. Mastering the digital economy is an imperative. However, if deepening, broadening, strengthening, extending or improving your digital presence is not the number one priority on your agenda then you are playing by yesterday’s rules.”

Citing a Cognizant study, Executive People writes: “European companies can achieve an increase in turnover of €545 billion over the next two years, thanks to the use of digital tools and technologies. For Dutch companies, this amount will be €23.5 billion.

Respondents indicated that technologies such as artificial intelligence (AI), big data and blockchain could be a source of new business models and revenue streams, enhancing customer relationships and lowering costs.

Digitization can provide both cost efficiency and revenue growth. For example, by applying intelligent process automation (IPA) — software robots undertaking certain routine tasks — businesses can reduce costs in the middle and back office.

Any late adopters of digital technologies can expect to lose €761 billion by 2018.

Asked which technologies will have the greatest impact on the work in 2020, a whopping 99% of respondents cited big data as the winner. AI ranked a close second (97%). Respondents believe AI is more than just hype.

The research also uncovered the main obstacles firms face when shifting to digital, including security fears (24%), budget constraints (21%), and talent gaps (14%).”

Click here to read the article in Dutch.