The line between IT and business is getting blurry. Modern CIOs are aiming to transform IT organizations to be more customer-centric and shift the culture from servicing the business to driving the business. Not changing with the times can have dire consequences — Forbes Global 2000 companies are estimated to lose $2.5 billion annually due to performance issues, and it’s estimated that up to $6 trillion of revenue is up for grabs globally as a result of increased customer switching due to poor user experience (Accenture: World Economic Forum White Paper Digital Transformation of Industries, January 2016). There’s no sugar coating that those late to the party are getting left behind in this rapidly changing new era.
Primarily driven by constantly connected customers with increasingly high expectations, the barriers to exit an app are minimal and only a click away when things go wrong, forcing companies to push even harder and embrace digital transformation. 44% of IT spending is now focused on digital (Gartner, “The 2017 CIO Agenda: Seize the Digital Ecosystem Opportunity”) as companies shift their energy to focus on providing exceptional user experiences comparable to the likes of Google, Facebook, Apple, and Amazon. Integrating AI, Internet of Things, and Conversational UX (Alexa, Siri) will soon be the standard for many enterprises.
Customers in every vertical that I talk to are feeling the pressure to better serve a digital-first generation who have never known anything slower and demand instant, personalized experiences on the go. These seismic shifts in customer behavior and expectations are driving urgency on both the IT and business sides of the aisle to speak a common language and understand real-time business awareness.
We call this Mean Time to Business Awareness (MTBA), a key metric that builds the bridge between IT and business and allows you to gauge the success of your applications moment by moment.
With the launch of Business iQ at AppSphere 2016, I believe CIOs now have the ability to leverage MTBA and empower teams to prioritize more efficiently, drive better business outcomes, and strengthen the relationship between IT and business.