Feb 19, 2014 11:14 AM EST
CEOs are turning to innovation in technologies such as Android Mobile to lead in 2014. They see the answer is simply to innovate. According to a recent finding by PWC, more than a third of US CEOs say new products and services now offer the main opportunity for growth for their companies in 2014. It is due to the app economy, the e-Bay economy and sharing economy which are now creating such value.
CEOs such as Intel's Brian Krzanich announced earlier this year the company's move into wearables. The wearables market indicates innovation and expects to impact the entire industry to transition for the future. The company also aims to improve mobile security for this year.
Three fourths of Intel’s combined R&D and capital investment is in the United States. When Including R&D investment and capital expenditures, Intel invested $82 billion in U.S.based innovation over the last 10 years. In 2011 alone, these investments totaled over $13 billion. The company plans to continue its path to build new products, evolve by adapting to standards and regulatory technological change in the market.
Business implications indicate that CEOs should support the new technologies. Mobile and Android are important technologies of today. Also integration of digital areas such as social media, analytics and the cloud are impacting business models. New business models is also crucial to innovation.
According to PWC, customer-facing technologies will compete with internal IT projects, and thus risks increase that applications created by third parties and championed by marketing, sales, or other functional leaders will drive a wedge with the IT organization as well as create data assets that exist in silos. This can blunt the impact that a truly digitally integrated enterprise provides.
It is challenging to be a CEO of any business in the 21rst century. Research indicates that the average CEO in America has a term between 2-5 years. Most CEOs have an understanding that there is more beyond just the bottom line. In a competitive society, financial performance is crucial.
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