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IBM Study: C-suite executives see “Uberization” as primary competitive threat

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Beware Unwelcome Intruders
The biggest risk to businesses used to be a new rival with a better or cheaper offering, making it relatively simple to alter strategies. Today, entrenched players are being threatened by new entrants with completely different business models, as well as smaller, more agile players unencumbered by legacy infrastructure.
 
“The biggest threat is new competitors that aren’t yet classified as competitors,” said Piotr Ruszowski, CMO, Mondial Assistance.

Forty-eight percent of CxOs acknowledge the need for more decentralized decision-making. Fifty-four percent are looking to bring innovation in from outside sources and 70% plan to expand their partner network.

Implement Customer Feedback, Don’t Just Ask for It
Many CxOs interviewed freely admitted that they find it hard to see what’s coming next. Yet, when it comes to identifying and exploring new trends and technologies, only half of respondents are utilizing customer feedback. This, despite the fact that in a previous IBM study, 60% of CEOs said they planned to directly engage their customers and proactively apply what they learned to set their business agendas. Two years later, it’s still a gap waiting to be closed.
 
Most CxOs anticipate changing the way their organizations engage with customers. Sixty-six percent of CxOs expect to focus on customers as individuals -- up 22% from 2013 -- and 81% plan to drive more digital interaction, a 19% increase from two years ago.
 
“We anticipate relying more heavily on partnerships and adjacencies, and on innovating by listening to clients and developing solutions together,” said David Mills, CEO, Ricoh Europe, United Kingdom.
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