Advances in technology and the fundamental shift in the way business and society operates has led to an era of globalization. Geo-political boundaries are immaterial for commerce and social interaction. This has caused a power shift from large organizations to small and medium sized businesses by lowering barriers to entry in some cases and leveling the playing field uniformly. Today, any business can have a global footprint – a scenario that seemed impossible a decade ago. In fact, this has been very beneficial to the small and medium sized companies that they are able to contribute to over 65% of the worldwide GDP.
The magnitude of the small and medium organizations’ contributions is so large that they can be aptly named the engines of a smarter planet. Of course, generating this value is a complex proposition – one that requires various varied components to orchestrate their activities in cohesion to deliver significant value.
Technology also plays a major part in this proposition. In fact, technology is by far one of the biggest contributors in business transactions. Mobile is changing the game today. With the explosion of data and the advent of big data, it is evident that technology factors are very important. In fact, Indian and South Asian CEOs feel that technology has a bigger impact on business than market factors!
Many of the intricacies involved in making these functions collaborate often present a challenge to growth and agility. In a swiftly varying market, external stimuli can either make or break a business depending on how they respond. Technology and strategy play integral roles in this effort to coordinate, but there are some significant questions that need to be addressed.
“Technology is now driving more organizational change than any other force – even the economy. How are CxOs harnessing this unrealized potential?”
Answering these questions is not easy. Internal counsel can serve as a starting point, but to go the whole distance is a different ball game. As we said before, *companies need to know how to transform processes, coordinate information from different sources and enable people to make the right decisions.* A holistic, 360 degree view is required to achieve the desired results.