g-f(2)107 THE BIG PICTURE OF THE DIGITAL AGE, Deloitte, Reimagining the role of technology.

Extra-condensed knowledge

With technology driving transformation, long-term sustainable value will only be created by unifying business and technology strategies to cocreate exponential value for companies.

• As technology becomes the catalyst for business strategy and transformation, the lines between business and technology functions are blurring and the expectations of IT are shifting, leading many organizations to reimagine the role of technology and rethink traditional operating models and organizational structures. 
• As the pace, scale, and impact of technological innovation and disruption have exponentially escalated, technology has become a primary influence on business strategy, strategic choices, and value-creation models.
• Five technology-driven forces add to the already complex range of decisions facing C-suite and other business leaders:
1. Convergence.
2. Data proliferation. 
3. Competing horizons. 
4. Customer empowerment. 
5. Speed and volatility. 
• To maximize the value of technology investments, operate with agility, predict and respond to customer and employee needs, remain competitive, and drive shareholder value, companies should fuse together separate business and technology strategies into a single unified strategy. 

Genioux knowledge fact condensed as an image

Condensed knowledge  

• With technology driving transformation, long-term sustainable value will only be created by unifying business and technology strategies to cocreate exponential value for companies.
• As technology becomes the catalyst for business strategy and transformation, the lines between business and technology functions are blurring and the expectations of IT are shifting, leading many organizations to reimagine the role of technology and rethink traditional operating models and organizational structures. 
• As the pace, scale, and impact of technological innovation and disruption have exponentially escalated, technology has become a primary influence on business strategy, strategic choices, and value-creation models.
• Five technology-driven forces add to the already complex range of decisions facing C-suite and other business leaders:
1. Convergence. The fusion of physical and digital worlds has blurred industry boundaries, tangled value chains, and disrupted traditional value creation models.
2. Data proliferation. Mountains of data and applied intelligence can inform decisions that allow businesses to adapt and remain ahead of disruption.
3. Competing horizons. C-suite leaders often must simultaneously manage today’s business while building the company of the future. Strategic choices made today have long-lasting implications and should be made in the context of a broader and fast-moving ecosystem.
4. Customer empowerment. Technology has created rapidly evolving norms for engaging customers, triggering turnover and fragmentation in customer experience.
5. Speed and volatility. The cloud and other technologies have lowered barriers to entry, allowing new business models to be developed and launched in weeks and drastically reducing the shelf life of both competitive advantage and existing business models.
• Harnessing and managing these five forces—one of today’s most pressing business issues—can be incompatible with IT’s traditional role of ensuring operational excellence and executing technology-enabled business objectives. Historically, business and technology functions were separate, which often reduced cross-functional collaboration and led to siloed execution, delayed projects, and inflexible processes. Businesses often defined strategic objectives and developed separate supporting technology strategies.
• To maximize the value of technology investments, operate with agility, predict and respond to customer and employee needs, remain competitive, and drive shareholder value, companies should fuse together separate business and technology strategies into a single unified strategy. 

Category 2: The Big Picture of the Digital Age

[genioux fact produced, deduced or extracted from Deloitte]

Type of essential knowledge of this “genioux fact”: Essential Deduced and Extracted Knowledge (EDEK).

Type of validity of the "genioux fact". 

• Inherited from sources + Supported by the knowledge of one or more experts.

Authors of the genioux fact

Fernando Machuca

References

Reimagining the role of technology, Khalid Kark, Bill Briggs and John Tweardy, May 13, 2019, Deloitte.

ABOUT THE AUTHORS

Khalid Kark

US CIO Program Research Leader

Khalid is a director with Deloitte LLP where he leads the development of research and insights for the CIO Program. Khalid has served as a trusted advisor to large, multinational clients, and has decades of experience helping technology leaders anticipate and plan for the impacts of new technology. Previously, Khalid led the CIO Research practice at Forrester Research. His research has been widely featured in media outlets such as MSNBC, The Boston Globe, and CIO magazine.

Bill Briggs

Global CTO | Principal

As chief technology officer, Bill Briggs helps clients anticipate the impact that emerging technologies may have on their business in the future and how to get there from the realities of today. He is responsible for research, eminence, and incubation of emerging technologies affecting clients’ businesses and shaping the future of Deloitte Consulting LLP’s technology-related services and offerings. Briggs also serves as executive sponsor of Deloitte’s CIO Program, offering CIOs and other technology executives insights and experiences to navigate the complex challenges they face in business and technology.

John Tweardy

Chief technology officer

John Tweardy is the chief technology and strategic growth officer for Deloitte Consulting LLP’s Strategy and Analytics business where he shapes the technology and strategic growth agenda at the convergence of business and technology strategy. With more than 20 years of experience, Tweardy brings a big-picture understanding of the business dynamics that drive—and, increasingly, are driven by—disruptive technologies. A recognized leader in technology strategy and a senior chief information officer (CIO) fellow for the consumer industry segment, Tweardy helps clients reimagine business models, aligning technology initiatives to drive exponential value through continuous reinvention.