While it’s no secret that businesses struggle in the face of an uncertain economy, an ever-changing environment of compliance and technology could perhaps represent a new slew of hurdles for some of today’s biggest companies.
A recent report by Deloitte and Forbes entitled “The Fourth Industrial Revolution – Are You Ready?” digs deep to highlight the challenges of today’s executives and the current state of tech.
Among the major takeaways was the challenge of dealing with compliance and regulations. Although the mingling of regulation and technology go hand in hand for today’s companies, the framed force for good behind regulation is never so simple in a corporate climate that’s constantly changing.
From the complicated world of compliance, as outlined by Reciprocity Labs, to trying to navigate your first external audit, businesses are seemingly confused, overwhelmed and jumping through hoops to ensure that they’re on the up-and-up.
But specifically, what are some of the biggest issues impacting these same businesses? What are they succeeding at when it comes to today’s regulatory environment? Below we’ve broken down the challenges as outlined by over 1,600 top executives.
Where Business Influence Lies
Of the execs surveyed, an overwhelming majority noted that public (74%) and private business organizations shaped society over the likes of government (45%) or grassroots organizations (29%). Businesses of all shapes and sizes thus see themselves and themselves alone as the facilitators of change. While this sense of influence does put inherent pressure on companies at large, it does signal a sense of responsibility by those companies to have a positive impact on the communities they serve.
What Organizations Feel They Can Control
Speaking of a positive impact, the concept of business as an agent of change is nothing inherently new but remains the number component of business that organizations feel they can control. 24% of those surveyed stated that they were looking to become an agent for change in a fair marketplace; meanwhile, 19% cited their intentions to help underserviced markets. On the lowest rung was environmental sustainability (10%), as it appears today’s execs are focused on their own markets first and foremost.
Where Execs Are Struggling with Tech
The need for businesses to invest in tech is crystal clear, especially those trying to adopt new business models and remain compliant.
That said, 43% cited “internal alignment” about strategies as their most significant hurdle. Compared to issues, “short-termism” (37%), lack of adequate technology (36%) and lack of technological know-how (29%), widespread adoption of any type of tech is easier said than done.
The takeaway here? Businesses are driven to make tech investments but implementation is a massive question mark. Given the financial investment involved in any sort of corporate tech, this lack of internal alignment speaks to a bigger picture problem about organizations and their workers being on the same page.
These stats are a reminder of the struggles and adjustments that today’s businesses face despite what technology affords us. That said, understanding these points can likewise clue us in on what modern companies should focus on in the coming years.