“Disrupt, Or Be Disrupted,” Warns Jim Tsokanos

Nu Nexus CEO Breaks Down 2017 KPMG CEO Survey

New York, NY – August 2, 2017 /MarketersMedia/ —

The old adage of which came first, the chicken or the egg, is very analogous to today’s hyper-competitive and ever-changing business world. According to Jim Tsokanos, there’s no question that the speed of innovation is challenging everything and forcing executives to rethink their businesses and business models.

Earlier this month, CEO, Millard Mickey Drexler, the legendary fashion genius whose ability to spot trends reshaped how Americans dress, shared a humbling admission. He missed what might be the biggest trend of all: how quickly technology would change the retail industry. “I’ve never seen the speed of change as it is today,” the 72-year-old chairman and chief executive of J.Crew Group Inc. said. “If I could go back 10 years, I might have done some things earlier.” In response, he stepped down as CEO of J. Crew Group. (WSJ).

He’s not alone. This week, KPMG released their annual 2017 Global CEO Outlook Survey. The survey of 400 U.S. chief executives reveals a surge in CEO confidence. Results show that most have a positive outlook on economic growth over the next three years, and possess far greater confidence in the United States and in their companies than last year.

It also shows that an increasing number of CEOs are getting more comfortable with rapid, technology-driven change. According to the KPMG survey, six out of 10 CEOs now view technology as an opportunity, not a threat, and three quarters of them actively pursue disruption, a marked contrast from just a year ago.

For years, speed to market was defined as an organizations ability to develop a concept, invest in R&D, the necessary commercialization resources including: market opportunity assessments, manufacturing, sales, marketing, supply chain and identify/training talent. However, in 1995 Clay Christensen introduced a new phenomenon known as disruption or disruptive innovation, defined as an innovation that creates a new market, value and eventually disrupts an existing market and value network, displacing established market leading firms, products and alliances.

Today, CEOs and companies are living in a world of constant disruption. Many are just realizing the power of artificial intelligence (AI), machine learning and cognitive capabilities as powerful tools to enhancing productivity, R&D, new products, that contributes to increased market demand.

According to the KPMG study, over the next 3-years, the c-suite is going to be investing heavily in data analytics (61%), cognitive technologies (58%) and connecting more of their products, supply chain and customer touch points into an integrated, intelligent network (58%). For those CEOs and companies that have the vision, foresight, talent and desire to harness these important new technologies, along with process innovation, disruption will create unprecedented opportunities for growth.

Within change also lies incredible risk. In the same survey, nearly 57% of CEOs are concerned that their organizations lack the sensory capabilities and innovative processes to respond to this rapid change.

Traditionally, the job of security was to protect the network. But as companies are achieving reduced cost and increased efficiencies by partnering with cloud network and service providers to host and support critical parts of their business, companies, their customers, and suppliers are becoming far more interconnected, sharing critical information and data in real-time. This new level of operability, has created a greater operational risk, strategic risk and risk of cyber security. Not surprisingly, 59% of CEOs say they’re not prepared for a cyber event.

The future is machines talking to each other, not necessarily human to machine, according to Tony Buffomante, Principal and U.S. Leader of KPMGs Cyber Security Services practice. Improvements in mitigating vulnerabilities provide companies with increased assurance of product reliability getting them at the roots goes back to a central theme of secure-by-design. Not only does this increase security and consumer confidence, but it reduces costly remediation and rework post production.

With new innovations like Blockchain and CryptoCurrencies disrupting entire industries by creating a shared, immutable ledger for recording the history of transactions, all of this begs the original question concerning whether or not business and models are ready for true disruption or are just waiting to be disrupted.

For more key findings from the KPMG CEO Outlook Survey, check out:
https://home.kpmg.com/us/en/home/insights/2017/06/us-ceo-outlook-2017.html or visit JimTsokanos.com for details.

About Nu Nexus:

Nu Nexus Partners is a consultancy that leverages a deep, vast, and global network of experts, relationships, technologists, research/big data, storytellers, and resources for capital to solve clients most important business and reputational needs.

Contact Info:
Name: Jimmy Wilson
Organization: Nu Nexus
Address: New York, NY 10001
Phone: (718) 859-3021

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For more information, please visit http://www.jimtsokanos.com

Source: MarketersMedia

Release ID: 224678