YPOGLOBALPULSE

MARCH 2018

THE BUSINESS IMPACT OF 10 DISTRUPTIVE TECHNOLOGIES

YPO.ORG/GLOBALPULSE

I N T R O D U C T I O N

How is your business being impacted by disruptive tecHnologies?The new YPO Global Pulse survey focuses on what’s on the minds of chief

executives around the world regarding topics that influence businesses and

leadership, and impact the world. This first edition highlights disruptive and

emerging technologies that are affecting businesses and the extent to which

business leaders are engaging them.

YPO is an independent organization with no inherent bias or issue advocacy

agenda. Our new Global Pulse survey is statistically relevant across the globe,

and not focused on a single country, industry or type of business. Because

we do not focus on just the largest companies, our survey of chief executives

provides perspectives across a wider portion of the global economy.

842

28

71

10

CHIEF EXECUTIVES SURVEYED

INDUSTRY SECTORS REPRESENTED

COUNTRIES

DISRUPTIVE TECHNOLOGIES;

Artificial Intelligence (AI)/ Advanced Machine Learning

Blockchain and Distributed Ledgers

Cryptocurrencies

Business Intelligence

Chatbots

Cloud Computing

Cybersecurity and Adaptive Security Architecture

Digital/Mobile Payment Applications

Internet of Things (IoT)

Virtual Reality (VR)/ Augmented Reality (AR)

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100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Cryptocurrency

Chatbots

Business Intelligence

Cloud Computing

Blockchain

Virtual RealityAugmented Reality

ArtificalIntelligence

Internet ofThings (IoT)

Digital/MobilePayment Applications

Cybersecurity

Likelihood of Technology Impact on Business/Investmentin the next 12 months

Likely Business Impact Likely Business Investment

Likelihood of Business Investment

Like

lihoo

d o

f Bus

ines

s Im

pact

K E Y F I N D I N G S

of CEOs surveyed said cloud computing is likely to impact

their businesses and 62% believe it is likely to receive

investment in the next 12 months – highest among 10

technologies surveyed.

of CEOs surveyed said they believe business intelligence (BI)

will impact their businesses and more than half (56%) say

they are likely to invest in it in the next 12 months — second

highest among 10 technologies surveyed.

Cloud Computing, BI, digital/mobile

payment applications and cyberse-

curity — technologies serving core

business operations — were viewed by

CEOs surveyed as most likely to impact

their businesses and most likely to re-

ceive investment in the next 12 months.

Cloud computing and business intelligence (BI) are priority technologies for chief executives now.

68%

65%

Top 4

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K E Y F I N D I N G S

Business intelligence, also referred to as “big data” has investment interest from chief executives globally in the next 12 months.

of CEOs surveyed say that business

intelligence (BI) technologies are

likely to impact their businesses in

the next 12 months.

of all CEOs surveyed and 60+% among

industry sectors say they are likely to

invest in BI in the next 12 months.

Led by telecom, CEOs in seven industry

sectors believe BI is likely to receive

investment in the next 12 months:

90% in telecom

78% in technology

69% in transportation

64% in distribution/wholesale

63% in in retail

60% in financial services and healthcare

65% Top 7

56%

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K E Y F I N D I N G S

Cybersecurity is an immediate concern for chief executives across most sectors and a priority investment this year.

■ Chief executives surveyed worry that cybersecurity is one

area where they can’t learn enough, can’t invest enough

and can’t have 100% peace of mind. They urge their peers

to ensure that they have the right expertise and resources

in place, and to verify that service providers have a speedy

response time to a breach.

■ Chief executives surveyed in the following sectors

are most likely to invest in cybersecurity in the next

12 months:

67% in financial services

63% in telecom

63% in technology

60% in healthcare

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K E Y F I N D I N G S

Virtual Reality (VR) / Augmented Reality (AR) have reshaped design-based and real estate industries. Now, other sectors are preparing to embrace them.

■ YPO members with businesses in architecture,

engineering and real estate have felt significant impact

from VR and AR technologies. With VR technologies,

members in architecture and engineering are able to

provide clients with much greater detail on building

design and construction to prospective clients over 2D

renderings or 3D models. It is firmly entrenched in the

design space and has significant importance to manu-

facturing, including graphics production.

■ Respondents in development and real estate

businesses are using VR and AR technologies as sales

tools. For these members, the ability for potential clients

to virtually walk through a property has an enormous

impact on sales. “Visual support for buyers is extremely

important,” noted one survey respondent.

■ Outside of architecture, engineering and real estate,

other YPO chief executives are using or plan to use VR

and AR technologies to train employees. Leaders in a

number of different industries — including mechanical

contracting, distribution and wholesale, manufacturing

and textiles — mention this application.

■ The marketing and selling of products is expected to

change significantly with the implementation of VR and

AR. YPO chief executives in the retail sector look to VR

and AR as tools to increase sales, while those in the

automotive industry predict that vehicle sales will

include VR marketing.

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K E Y F I N D I N G S

CEOs are skeptical about the impact of cryptocurrencies on their businesses in the next 12 months.

■ Roughly one-half of chief executives surveyed can be characterized as ex-

tremely bullish to cautiously optimistic on the future of cryptocurrencies.

A very small percentage are of the view that cryptocurrencies are tools that

can be used to build new business models. For example, one YPO CEO suggests

the use of the digital currencies in retail or restaurant rewards programs. The

cautiously optimistic in the surveyed group suggested that the technology may

have a significant role to play, but key to its legitimacy will be putting regulations

in place and acceptance by central banks.

of CEOs surveyed consider themselves only somewhat or

not familiar with cryptocurrencies — the lowest level of

familiarity among the 10 technologies surveyed.

of CEOs surveyed believe cryptocurrencies are likely to

have an impact on their business and only 9% of all CEOs

surveyed believe they will invest in cryptocurrencies in the

next 12 months.

of YPO CEOs in the financial services industry say they are

likely to invest in cryptocurrencies in the next 12 months.

56%

14%

22%

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Members in the marketing/media, financial services, pro-fessional services and technology arenas are more likely to be impacted by AI and AML in the next 12 months.

Overall, 33% of YPO members surveyed are likely to extremely likely to make investments in AI or AML applications in the next 12 months. The sectors where investment is much more likely to occur include tech-nology, professional services, financial services and health care.

YPO chief executives provide two key pieces of advice when it comes to implementing AI: - Be clear about what your expectations are for what you want the technology to deliver

- Surround yourself with the right staff to implement it

YPO members encourage their peers to investi-gate how AI and AML can benefit their businesses. Examples that members provided about the bene-fits of AI include modeling, predictive analytics (for determining when products need to be shipped to retailers), automated assembly, executive recruit-ing and determining customer demand.

“AI and AML are fantastic tools, but you need to have an idea of what business outcome you're trying to achieve. In the meantime, gathering information and storing it in a data warehouse (like AWS' RedShift) means you can leverage AI and AML in your business."Industry: Technology (Industry Software & Services)

“In our indutry, we have tons of information available. We need to make sure that all possible data is analyzable. If you do not know everything, your competitors will before you.” Industry: Technology (Industry Software & Services)

“Automation is critical to rid business of repetitive, low-value processes and will have an impact on people who need to be retrained to do other value-added tasks.” Industry: Financial Services

“Get on board. Leverage AI/machine learning to get a lot smarter about your customers and products.” Industry: Energy

IN THEIR WORDS

ADVICE FROM YPO MEMBERS

ARTIFICIAL INTELLIGENCE (AI) AND ADVANCED MACHINE LEARNING (AML)

F I N D I N G S B Y T E C H N O L O G Y

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ABOUT ARTIFICIAL INTELLIGENCE (AI) AND ADVANCED MACHINE LEARNING (AML)

In a 2017 report “Artificial Intelligence: The Next Digital Frontier?,” the McKinsey Global Institute identifies AI-use cases for

the following industries:

RETAIL- Anticipate demand trends, while optimizing and automating supplier negotiation and contracting- Automate warehouse and store operations, optimize merchandising, product assortment and microspace- Optimize pricing, personalize promotions and tailor website displays in real time- Personalize tips and suggestions, offer immediate assistance with virtual agents, automate in-store checkout and complete last-mile delivery by drones

ELECTRIC UTILITIES- Enhance demand and supply prediction, assess reliability of integrated generation assets and automate demand-side response- Optimize preventive maintenance, improve electricity production yield, reduce energy waste and prevent electricity theft- Optimize pricing with time-of-day and dynamic tariffing; match producers and consumers in real time- Automate supplier selection, provide consumption insights, automate customer service with virtual agents and tailor usage to consumer’s preferences

MANUFACTURING- Improve product design yield and efficiency, automate supplier assessment and anticipate parts requirements- Improve processes by the task, automate assembly lines, reduce errors, limit product rework and reduce material delivery time- Predict sales of maintenance services, optimize pricing and refine sales-leads prioritization- Optimize flight planning and route, and fleet allocation, enhance maintenance engineer and pilot training

HEALTH CARE- Predict disease, identify high-risk patient groups and launch prevention therapies- Automate and optimize hospital operations, automate diagnostic tests to make them faster and more accurate- Predict cost more accurately and focus on patients’ risk reduction- Adapt therapies and drug formulations to patients and use virtual agents to help patients navigate their hospital journey

EDUCATION- Anticipate job-market demand, identify new drivers of performance to assess students and help graduates highlight their strengths- Automate teachers’ routine tasks, identify early disengagement signs and optimize group formation for learning objectives- Personalize learning, shift from stop-and-test model to continuous learning cadenced by virtual coaches and tutors, and build student self-awareness

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According to Dresner Advisory Services’ 2017 “Big Data Analytics Market Study,” information tech-nology emerged as the most typical adopter of big data, although all departments — including finance — are considering future use. This is an indication that big data is becoming less an experimental endeavor and more of a practical pursuit within organizations.

A January 2017 BARC Research and Eckerson Group Study – “BI and Data Management in the Cloud: Issues and Trends” study found that 78% of organizations were planning to increase the use of cloud technology for business intelligence and data management in the next 12 months. This aligns with the YPO Global Pulse survey, where 72% of members are somewhat to extremely likely to invest in BI technology in the next 12 months.

When asked to offer advice to their fellow YPO members, those who have experience with busi-ness intelligence (BI) offer two key suggestions: - When considering the use of a BI system, a business must be able to answer the question, “What exactly do you want to know from the BI?” If a clear objective isn’t laid out from the beginning, the system won’t deliver on what is desired.

- Chief executives cannot lose sight of the human element in using the technology. This comes into play in not only dealing with customers, but also in ensuring that the right team is in place to support the technology. In the case of business intelligence, ensuring that a business has a data analyst to ensure data accuracy and a data scientist skilled at mining the insights is critical.

IN THEIR WORDS

ADVICE FROM YPO MEMBERS

“Data is everything in any rapidly changing business. Well worth investing in BI soft-ware to track and alert KPIs.” Industry: Technology (Application Software)

“In our business, we have tons of information available. We need to make sure that all pos-sible data is analyzable. If you do not know everything, your competitors will before you.” Industry: Distribution & Wholesale

“Make sure you have a data analyst to ensure you have accurate data and a data scientist that now how to mine the insights.” Industry: Energy

“Critical in every business. It is about the machines and software, but mostly about the humans that analyze the data. Have the right team.” Industry: Marketing & Media

F I N D I N G S B Y T E C H N O L O G Y

BUSINESS INTELLIGENCE

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ABOUT BUSINESS INTELLIGENCE

Business intelligence (BI), according to McKinsey & Company, is the ability to transform data into insights to help manage

a company. BI comprises the processes, applications and practices that support executive decision making.

The term predictive analytics, according to SAS, refers to the use of data, statistical algorithms and machine-learning

techniques to identify the likelihood of future outcomes based on historical data. The goal is to go beyond knowing what

has happened to providing a best assessment of what will happen in the future. Organizations are turning to predictive

analytics to help solve difficult problems and uncover new opportunities. Common uses include:

DETECTING FR AUD- Combining multiple analytic methods can improve pattern detection and prevent criminal behavior. As cybersecurity becomes a growing concern, high-performance behavioral analytics examines all actions on a network in real time to spot abnormalities that may indicate fraud, zero-day vulnerabilities and advanced persistent threats.

OPTIMIZING MARKETING CAMPAIGNS- Predictive analytics are used to determine customer responses or purchases, as well as promote cross-sell opportunities. Predictive models help businesses attract, retain and grow their most profitable customers.

IMPROVING OPER ATIONS- Many companies use predictive models to forecast inventory and manage resources. Airlines use predictive analytics to set ticket prices. Hotels try to predict the number of guests for any given night to maximize occupancy and increase revenue. Predictive analytics enables organizations to function more efficiently.

REDUCING RISK- Credit scores are used to assess a buyer’s likelihood of default for purchases and are a well-known example of predictive analytics. A credit score is a number generated by a predictive model that incorporates all data relevant to a person’s creditworthiness. Other risk-related uses include insurance claims and collections.

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Members provided 61 verbatim answers with advice for their YPO peers. The vast majority of the responses (74%) strongly encourage chief executives to understand and embrace the technology for its transformative and disruptive impact on industry. Members discuss the speed at which blockchain is likely to impact their busi-nesses, urging business leaders not to get left behind or fall behind the curve.

There are two other sets of advice that can be charac-terized as 1) Cautiously optimistic; and 2) Doubtful of the technology’s impact. Each of these responses garnered 8% each, respectively, of the verbatim comments. The cautiously optimistic encourage members to watch what others in the industry are doing, and expect blockchain to have significance, but only when the technology is stan-dardized. The doubtful struggle to think of use cases that will impact their businesses and some see blockchain as synonymous with highly-speculative cryptocurrencies.

“If we miss it, we are dead in the financial business. It will be the Uber of back office and middle office.” Industry: Financial Services

“For any supply chain, you should under-stand blockchain and the potential impacts/benefits it may have.” Industry: Distribution & Wholesale

“Blockchain will eliminate bureaucracy and wasted time.” Industry: Construction

“Blockchain technology is going to make an impact in areas that relied on trusted third parties — for example, I do envisage that company shareholder registries will eventu-ally be stored on blockchains.” Industry: Technology (Internet Software & Services)

“It's coming, but we are not using until stan-dards are created.” Industry: Transportation/Trucking/Railroad

ADVICE FROM YPO MEMBERS

IN THEIR WORDS

F I N D I N G S B Y T E C H N O L O G Y

BLOCKCHAIN AND DISTRIBUTED LEDGERS

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ABOUT BLOCKCHAIN AND DISTRIBUTED LEDGERS

According to a 22 September 2017 article in YPO's digital magazine, "Ignite," blockchain is a sophisticated and decen-

tralized digital record-keeping ledger allowing direct peer-to-peer asset transfer and universal, synchronized information

sharing without relying on a trusted third-party authority. Once a transaction is made between parties, blockchain technol-

ogy provides the verification and security for it. It is therefore highly suited to store and process highly sensitive data, from

financial transactions to voting records.

The following industries — in addition to financial services and healthcare — will be significantly impacted by blockchain in

the short term:

The ability of blockchain technology to verify and protect transaction positions is ideal for use in the financial services

industry, where it will assist with tasks such as cross-border payments and securities transactions. Respondents in the

financial services sector are nearly 166% more likely to invest in this technology compared to all members surveyed.

Blockchain technology is also expected to significantly improve the security of patient health care records, and make it

easier for health care providers to securely share the information among themselves. Respondents in the health care sector

are approximately 20% more likely to invest in this technology compared to all members surveyed.

TR ANSPORTATION SECTOR- Blockchain will have a major impact on shipping, smart contracts for automatic settlement, digital manifest and more.

LEGAL- Many of the transactional contracts in the future will be self-executing smart contracts. Lawyers will start to look more like programmers, with if/then statements written into transaction agreements, especially in digital rights management.

MARKETING/MEDIA- Blockchain will allow creators to self manage their content and be monetized without the plethora of media intermediaries.

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Compared to many of the technologies covered in the Global Pulse survey, the percentage of members indi-cating that chatbots will impact their businesses and/or are likely to invest is low. In a May 2017 survey, Forrester Research found that 57% of firms are already using chatbots or plan to begin doing so in the next year. The YPO Global Pulse survey finds that only 19% of respon-dents believe that they will impact their businesses this year, and only 13% are likely or extremely likely to invest in the technology this year.

The lower results for investment likelihood in chatbots may simply reflect that YPO members may be taking a wait-and-see approach when it comes to implementing the messaging technology. This theory is backed some-what by a study of 800 corporate decision-makers by Oracle. The results showed a strong interest in adopting chatbots. In fact, 80% of the brands surveyed said they planned on using chatbots for customer service within the next four years, but only 36% of those respondents are already using chatbots.

ADVICE FROM YPO MEMBERS

“Watch what WeChat and LINE are doing. The West is far behind.” Industry: Financial Services

“Chatbots are a fantastic compliment to your existing customer service people. Have a look at how Intercom.com augments the hours their support people are available with a chatbot that intelligently gathers in-formation on a topic and then helps connect the user to the right agent.” Industry: Technology (Internet Software & Services)

“Chatbots offer first-line defense. Make sure you have a follow up system to personally engage where necessary.” Industry: Mechanical Contractor

“Very useful in customer-facing businesses. Allows people to reconnect with what seem like large, anonymous entities.” Industry: Financial Services

WeChat is China’s most popular messaging app. Supported by the Chinese government, WeChat has 902 million daily users, and about 38 billion messages are sent via the platform every day. WeChat is being used by a number of compa-nies for customer support, including KLM (Royal Dutch Airlines). The airline seeks to capture the rapid growth of the Chinese tourists.

Japan’s LINE Corp.’s messaging application now has 168 million monthly active users in its four key markets — Japan, Taiwan, Thailand and Indo-nesia. Like WeChat, it is a very popular mobile pay option, and it has expanded its use cases recently to allow companies and brands to communicate directly with consumers. LINE will — in the vein of Google, Apple and Amazon — be launching smart speakers in the next year.

IN THEIR WORDS

F I N D I N G S B Y T E C H N O L O G Y

CHATBOTS

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ABOUT CHATBOTS

In its 2017 report “The Road to Enterprise IT,” Gartner writes that “chatbots have the potential — through natural language

processing — to make the customer experience easier, faster and more satisfying while furthering business goals. Chatbots

have access to available knowledge about the customer and how similar customers responded.”

Gartner notes that chatbots “are a business imperative for organizations with extensive customer service needs. Chatbots

will soon deliver customer satisfaction at significantly lower cost than human customer service agents.” Gartner continues,

“chatbots are growing in popularity because AI systems can manage customer and worker progress through a decision tree

more effectively than human direction can. The next generation of customer interaction chatbots will cause less customer

frustration. For example, machine learning could effectively employ useful contextual data to skip a concern several levels

in the service hierarchy more reliably than a worker could.”

The use case for chatbots extends well beyond customer support, argues Deloitte in “The Conversational Enterprise.”

Beyond business-to-consumer applications, chatbots are increasingly being implemented in two other domains: busi-

ness-to-business and internal. Leading companies have now begun to implement chatbots in B2B scenarios to, for instance,

automated interactions with suppliers and vendors. They have also been deploying them internally, to automate processes

in HR, IT, and procurement, or to assist knowledge workers in developing insights. Deloitte provides three examples of

chatbot use for internal business purposes:

HUMAN RESOURCES- A technology company built a virtual HR agent to answer employee questions about pay, stock, benefits and other HR programs. A retailer deployed a chatbot to interact with the company’s approximately 450 call-center employees, who are able to use it to check their schedules, schedule time off, and inform managers about their unplanned leave or sick days. The US Army has implemented an externally facing chatbot to save costs on its recruiting processes.

BUSINESS-TO-BUSINESS APPLICATIONS- A global bank used a virtual assistant to service external mortgage broker requests for information about bank products and policies. An oilfield service company has trained a virtual assistant to answer queries via instant messenger from its vendors about invoices and payments.

IT AND CUSTOMER SUPPORT- A European bank deployed a cognitive agent within the IT function for identity access management and knowledge management. A Wall Street-based financial services firm deployed a virtual assistant to help associates answer customer questions more quickly.

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In a survey of Fortune 500 companies conducted in May 2017, 91% of chief executives said that cloud com-puting technologies are important. In this YPO Global Pulse survey, 80% of chief executives say that cloud computing is likely to have an impact on their busi-nesses in the next 12 months.

In a July 2017 survey Clutch, “How Businesses Use Cloud Computing” of 283 IT professionals in businesses across the U.S. that currently use a cloud computing service, 67% of businesses planned to increase their cloud computing spend. In the YPO Global Pulse survey, 62% of respondents indicate that they will invest in cloud computing technology in the next 12 months.

There were 91 verbatim responses where YPO members provided advice to their peers about cloud computing. Of those responses, 92% of YPO members strongly urge their fellow members to get on board with cloud computing if they have not already done so. The bottom-line advice from members is to stop purchases of on-site equip-ment and services when cloud-based applications are more cost-effective.

Of the 8% of members who are still skeptical about cloud computing’s benefit, there are a mixture of reasons given, including doubts about cost-saving potential and security.

ADVICE FROM YPO MEMBERS

“Be sure to research which cloud services you want to host in. Check the requirements that you need, security safeguards that you are provided, data privacy, and most importantly the laws of the land that you are working in/plan to work in.” Industry: Technology (Internet Software & Services)

“Look into Amazon Web Services (AWS). If you are still buying servers and building data centers, you're probably making a mis-take. And a platform like AWS has a lot more to add than just cheaper servers. That's only a small part of the value.” Industry: Professional Services (Digital Marketing Agency)

“This space is moving incredibly fast and will continue to do so. Do NOT lock into any long-term contracts (i.e. three years or more).” Industry: Technology (Industry Software & Services)

IN THEIR WORDS

F I N D I N G S B Y T E C H N O L O G Y

CLOUD COMPUTING

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ABOUT CLOUD COMPUTING

According to Amazon Web Service (AWS), cloud computing is the on-demand delivery of compute power, database storage,

applications, and other IT resources through a cloud services platform via the internet with pay-as-you-go pricing. There are

three main models for cloud computing, according to AWS:

INFR ASTRUCTURE AS A SERVICE (IaaS)- IaaS contains the basic building blocks for cloud IT and typically provide access to networking features, computers (virtual or on dedicated hardware), and data storage space. LaaS provides you with the highest level of flexibility and management control over your IT resources, and is most similar to existing IT resources that many IT departments and developers are familiar with today.

PLATFORM AS A SERVICE (PaaS)- PaaS removes the need for organizations to manage the underlying infrastructure (usually hardware and operating systems) and allow you to focus on the deployment and management of your applications. This helps companies be more efficient as they don’t need to worry about resource procurement, capacity planning, software maintenance, patching, or any of the other undifferentiated heavy lifting involved in running their applications.

SOFTWARE AS A SERVICE (SaaS)- SaaS provides businesses with a completed product that is run and managed by the service provider. In most cases, people referring to SaaS are referring to end-user applications. With a SaaS offering, companies do not need to think about how the service is maintained or how the underlying infrastructure is managed; they only need to think about how they will use that particular piece of software. A common example of a SaaS application is web-based email where emails can be sent and received without having to manage feature additions to the email product or maintaining the servers and operating systems that the email program is running on.

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YPO members are evenly split about the impact cryptocurrencies will have on business

The verbatim comments in the survey reveal very distinct opinions about the place cryptocurrencies have in the business landscape. There are members who are involved in trading cryptocurrencies on a personal lev-el, but we didn’t find evidence to suggest that anyone is hastily preparing their business to accept it.

Of the 71 verbatim comments where members gave their advice on cryptocurrency, 49% can be charac-terized as extremely bullish to cautiously optimistic. A very small percentage of these comments reflect the view that cryptocurrencies are tools that can be used to build new business models.

For example, one member suggests the use of digital currencies in retail or restaurant rewards programs. The cautiously optimistic suggest that the technology may have a significant role to play, but key to its legit imacy will be putting regulations in place and accep tance by central banks.

The other 51% of the verbatim comments are from members who believe that cryptocurrencies are over-hyped and values will face a reckoning. As one member put it, “remember tulips.” This is perhaps a helpful reminder to be wary of anything with signifi-cant speculation and risk, as history (going back to the 1600s) provides good examples of the rapid rise — and subsequent crash — of valuations.

ADVICE FROM YPO MEMBERS

“The future is not yet determined, but the concept of cryptocurrency is here to stay. The banks are money traders that often do not add value to transactions. This will change, and some form of cryptocurrency will take that room.” Industry: Distribution & Wholesale

“I invest personally but as a company we do not accept crypto.” Industry: Transportation/Trucking/Railroad

“Cryptocurrency is in its infancy. I expect that the current end 2017-start 2018 bubble will eventually burst sometime near the end of 2018 and regulation will start becoming commonplace. Lightweight and sensitive regulation should be welcomed.”

Industry: Technology (Internet Software & Services)

IN THEIR WORDS

F I N D I N G S B Y T E C H N O L O G Y

CRYPTOCURRENCIES

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“It's a scam!” Industry: Manufacturing

“GET OUT NOW!!!!!” Industry: Retail

“Bet as if you are in Macau; be ready to lose.” Industry: Financial Services

“Unstable, yet it will evolve and have the potential to change the economy as we know it.” Industry: Healthcare

“Essential, and goes with blockchain technology.” Industry: Financial Services

“I will try to go on initial coin offering (ICO) with one of my apps.” Industry: Technology (App Development)

ADVICE FROM YPO MEMBERS

IN THEIR WORDS

ABOUT CRYPTOCURRENCIES

Cryptocurrency is a digital currency that is enabled via

blockchain. For consumers, cryptocurrencies offer cheaper

and faster peer-to-peer payment options than those offered

by traditional money service businesses, without the need to

provide personal details. From the perspective of businesses

and merchants, cryptocurrencies offer low transaction fees

and lower volatility risk resulting from nearly instantaneous

settlement, and they eliminate the possibility of chargebacks

(the demand by a credit card provider that a retailer make

good on the loss of a fraudulent or disputed transaction).

According to a September 2017 article in YPO's digital mag-

azine, "Ignite," central banks around the world are beginning

to come together to discuss and agree on how fiat currency

(currency that is recognized and forced into circulation by a

government) might be represented digitally. They also are ex-

perimenting with how monetary policy and banking policies

might be affected by different digital currency system de-

signs. Countries such as Singapore have experimented with

prototype solutions such as Project Ubin, which could digitize

domestic dollars onto a blockchain-powered market.

Fewer than 30% of YPO members believe that cryptocurren-

cy will impact their businesses in the next 12 months. This

figure is higher for members in the financial services space,

where 44% believe that it will have an impact, and 22% are

likely to make an investment.

The likelihood of investing in cryptocurrencies very much

reflects personal currency trading behavior and not busi-

ness-related investment. One member in the transportation

sector indicated that he personally invests in cryptocurren-

cies, but his business does not accept them.

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In “Financial Threats Review 2017,” security vendor Symantec notes that financial threats, aimed at taking over customer transactions and online banking ses-sions, are still a force to be reckoned with. Although cryptoransomware is becoming a common choice for cyber criminals when it comes to making a profit, we still see a significant amount of malware targeting financial organizations and their customers. Financial institutions have increased security measures in their interactions with customers and also on their own infra-structure and backend systems. However, the cyber- criminals have adapted their attacks and are mimicking customer behavior as closely as possible and attacking the institutions themselves.

The results from the YPO Global Pulse align with another study — “The 2018 State of IT” — survey where 28% of organizations plan to use advanced security in the next 12 months. In the Global Pulse survey, 28% of members are very to extremely likely to invest in cybersecurity in the next 12 months.

The KPMG “U.S. CEO Outlook 2017” survey revealed that 75% of chief executives said they expect to make signifi-cant cybersecurity investments. In the YPO Global Pulse survey, 65% of members indicate that their businesses are somewhat to extremely likely to make investments in the next 12 months.

YPO members encourage their peers to examine security solutions through a holistic lens, ensur-ing that not only databases are protected, but also peripheral equipment. They also stress that finding the right staff or outsourced assistance to support security efforts is critical.

Two members specifically mention their first-hand experience or knowledge of ransomware attacks. Ransomware, according to security vendor Trend Micro, is a type of malware that prevents or limits users from accessing their system, either by locking the system's screen or by locking the users' files unless a ransom is paid. More modern ransomware families, collectively categorized as crypto-ransomware, encrypt certain file types on infected systems and forces users to pay the ransom through certain online payment methods to get a decrypt key.

In its 2017 Data Breach Investigations Report, Verizon notes that ransomware is big business In the 2014 DBIR, ransomware was the 22nd most common form of malware. This year it’s No. 5 and the most common in the crimeware pattern. For the attacker, holding files for ransom is fast, low risk and easily monetizable — especially with Bitcoin to collect anonymous payment.

ADVICE FROM YPO MEMBERS

F I N D I N G S B Y T E C H N O L O G Y

CYBERSECURITY AND ADAPTIVE SECURITY ARCHITECTURE

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“Ransomware bandits are a real problem. We have first-hand experience.”Industry: Manufacturing

“So far, the most secure system has yet to be dis-covered. Until then, we are all well more vulnerable than we think. A large company that I know had to pay a major ransom to be pulled out of a vi-rus-locked program.”Industry: Distribution & Wholesale

“This is the biggest threat to any company now, and we are mostly ignorant about it. Take the time to learn more.”Industry: Real Estate

“I question whether you can ever feel comfortable that you have done enough with respect to cyber-security.”Industry: Healthcare

“Make sure you look beyond your core IT/ERP platform to ensure you are protected. For instance, if you are an industrial manufacturer you need to ensure security for your industrial control systems. If you are a hospital you need to ensure imaging and other equipment is secure.”Industry: Energy

“Leaders need to employ teams who understand this environment properly.”Industry: Financial Services

“Outsource to a reputable player with rapid response times following an attack detailed in hours.”Industry: Textiles

IN THEIR WORDS

ADVICE FROM YPO MEMBERS

ABOUT CYBERSECURITY AND ADAPTIVE SECURITY ARCHITECTURE

Concerns about security permeate almost every technol-

ogy in this survey. Despite the optimism expressed at the

opportunities that technologies such as mobile payments

and cloud computing bring to businesses, nagging concerns

about how business and customer data can be best protect-

ed are present.

The development of more effective data protection solu-

tions is aided by artificial intelligence and machine learning.

According to security software vendor McAfee, “machine

learning can process massive quantities of data and per-

form operations at great scale to detect and correct known

vulnerabilities, suspicious behavior and zero-day attacks.”

At the same time, the company notes that the people per-

petrating the data breaches will “certainly employ machine

learning themselves to support their attacks, learning from

defensive responses, seeking to disrupt detection models,

and exploiting newly discovered vulnerabilities faster than

defenders can patch them.”

A number of countries and regions have recently passed

more stringent legislation related to data privacy and secu-

rity breaches. One of the most-noted regulations is Europe’s

General Data Protection Regulation (GDPR), which be-

comes effective on 25 May 2018. This European Union (EU)

legislation was passed the European Parliament in 2016. A

main goal of the legislation is to simplify how individuals can

control the data collected on them by companies. Compa-

nies cannot collect and use personal information without

the individual’s consent. Also, companies must timely report

any data breaches — including cyberattacks and accidental

leaks — to authorities within 72 hours. To comply with this

legislation, expect to see a significant increase in cyberse-

curity and data protection technology investments.

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MARCH - 2018 PAGE : 21

Commissioned by JPMorgan Chase, Forrester Research’s report, “The Next Phase of Digital Wallet Adoption,” found that nearly half of all merchants have the ability to accept all digital wallet payments, with 88% accepting at least some. In the YPO Global Pulse survey, 75% of mem-bers in retail say that digital/mobile payment applications will impact their businesses in the next 12 months.

A BRP Consulting survey of North American retailers the “2018 POS/Customer Engagement Survey” finds that 62% plan to increase their use of mobile devices as the point-of-sale (POS) by the end of 2019. The YPO Global Pulse survey finds that 64% of members in retail plan to invest in digital/mobile payment applications in the next 12 months.

Mobile payments have reshaped consumer transactions for large and small retailers and restaurants in both the developed and developing world. Several YPO members note the significance of mobile payments in not purchasing products and services, but in empowering a new set of underbanked consumers in developing nations. In “The Mobile Banking and Payment Revolution,” Harvard professor Sunil Gupta says that gov-ernments see mobile technology as a vehicle to achieve financial inclusion, especially among the rural and poor populations of their countries; and for-profit firms view this as an opportunity to grow and reach new customers. New services typically involve using a mobile phone and its SIM card to store money, make P2P transfers to friends and family and mobile payments to small merchants.

ADVICE FROM YPO MEMBERS

“Future of payments in emerging markets.” Industry: Fintech (Electronic Payments)

“For the underbanked sector, this is the big-gest breakthrough.” Industry: Healthcare

“This is what we do. Needless to say, we think it is the bee's knees. China and Asia lead the West; the intersection of payments and marketing is very interesting.” Industry: Financial Services

“Ensure your IT group takes security and privacy seriously — over-hire for this.” Industry: Distribution & Wholesale

“I recommend working with an established company that is investing a lot in that sector. Mistakes can be costly so a little help from someone who has more experience and deeper pockets can help a lot.” Industry: Textiles

IN THEIR WORDS

F I N D I N G S B Y T E C H N O L O G Y

DIGITAL/MOBILE PAYMENT APPLICATIONS

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ABOUT DIGITAL/MOBILE PAYMENT APPLICATIONS

In a world where e-commerce sites use single-click interfac-

es to speed up product purchases and AI-infused wireless

speakers order products via voice command, merchants

and financial institutions are racing to keep up with consum-

er demand for frictionless checkout. This includes the area

of payment where digital and mobile payment applications

are now big business. Coffee giant Starbucks reports that

its Mobile Order & Pay accounted for 11% of U.S. compa-

ny-operated transactions in Q1 2018. Approximately 20,000

of McDonald’s 37,000 worldwide restaurants have mobile

order and pay capability. Walmart is expected to surpass

Apple Pay in mobile payments in the U.S.

Along with financial services, food and beverage, and retail

chief executives, respondents in the hospitality industry are

more likely than average to be impacted by mobile payment

trends. Hotel chief executives are looking at the impact of

Chinese mobile pay services Alipay and TenPay, which have

hundreds of millions of users, as a harbinger of things to

come. As tourism from China increases, hoteliers will need

to add mobile payment terminals to their properties.

MARCH - 2018 YPO.ORG/GLOBALPULSE

MARCH - 2018 PAGE : 23

In a survey of Fortune 500 companies conducted in May 2017, 71% of chief executives said that IoT and remote sensing technologies were important. In this YPO Global Pulse survey, 68% of respondents say that IoT technologies are likely to have an impact on their businesses in the next 12 months.

The results from the YPO Global Pulse are consistent with another study — “The 2018 State of IT” — where 19% of organizations plan to adopt IoT technology in the next 12 months. In the Global Pulse survey, 23% of members say that their business are very or extremely likely to invest in the technology in the next months.

According to McKinsey, the Internet of Things (IoT) offers a potential economic impact of USD4 trillion to USD11 trillion by 2025. Specifically, it sees IoT applications impacting the following locations and stakeholders:

- Factories: Operations management, predictive maintenance.

- Cities: Public safety and health, traffic control, resource management.

- Humans: Monitoring and managing illness, improving wellness.

- Retail: Self-checkout, layout optimization, smart customer relationship management.

- Transportation: Logistics monitoring, autonomous (self-driving) vehicles, navigation.

- Work Sites: Operations management, equipment maintenance, health and safety.

- Vehicles: Condition-based maintenance, reduced insurance.

- Homes: Energy management, safety and security, chore automation.

- Offices: Organization's redesign and worker monitoring, augmented reality for training.

ADVICE FROM YPO MEMBERS

F I N D I N G S B Y T E C H N O L O G Y

INTERNET OF THINGS (IoT)

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“Robotics are advancing quickly, but the question isn't the ability to operate autonomously, it is how they bring value back to humans. Is it gathering data, performing mundane or dangerous tasks? A lot will be answered over the next 24 months.” Industry: Security Systems

“Standard practice for us to use telemetry so that we can anticipate a customer re-order point, removing them from the equation of non-value-added tasks.” Industry: Distribution & Wholesale

“Very important to transportation, logistics and retail. The food chain is starting to use to reduce losses on aging products.” Industry: Technology (Hardware, Storage & Peripherals)

“Critical systems to monitoring our customer con-tact and agreements.” Industry: Transportation/Trucking/Railroad

IN THEIR WORDS

ADVICE FROM YPO MEMBERS

ABOUT INTERNET OF THINGS (IOT)

The astonishing rate at which devices and systems are be-

coming interconnected with each other and to the internet

is impacting a great many industries. Whether it’s appli-

ances, consumer electronics, health care, transportation,

manufacturing or agriculture, connections among sensors,

actuators, or control units, big data promises to usher in

greater efficiency, safety, control, productivity, cost savings

and a wealth of other benefits in coming years.

Not only will the IoT bring energy savings and increased

security to homes and commercial buildings through smart

home/smart building technology, but IBM also notes that

IoT brings benefits to the design and construction phases as

well. IBM notes that IoT technology can be used in building

information modeling, intelligent prefab (where prefabri-

cated building components can be better tracked through

their construction and delivery process); and in construc-

tion management (keeping tabs on the performance and

security of heavy construction equipment, for example). It is

not surprising, therefore, to see that chief executives in the

architecture and engineering sectors are more likely to be

making investments in this space in the next 12 months.

Telecommunications operators look to IoT as a way to offset

declining voice and messaging revenues. Their strategy

to diversify their revenue streams includes the delivery,

storage, management and measurement of data collected

by the (expected) billions of connected devices. Chief ex-

ecutives in this sector are significantly more likely to invest

in IoT solutions because their networks and nodes must be

optimized for the data traffic and provide a high quality of

service and protection against data hacks.

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MARCH - 2018 PAGE : 25

In a survey of Fortune 500 companies conducted in May 2017, 33% of chief executives said that virtual reality technologies were important. This meshes well with the findings of the YPO Global Pulse survey, where 31% of chief executives say that virtual reality is likely to have an impact on their businesses in the next 12 months.

Three-fourths of members in the architecture or engi-neering sector (83%) expect their businesses to be im-pacted by VR/AR in the next 12 months. Almost one-half (45%) expect to make investments in these technologies this year. This surprised a YPO CEO with experience with cutting-edge technologies. “For VR/AR, I didn’t expect that leaders is architecture or engineering and real estate were quite excited about these technologies,” he said. As in the case of artificial intelligence, Feast said that he expected higher percentages for the retail space in terms of being impacted and investing in VR/AR. The Global Pulse survey finds that 32% of retailers expect to be impacted and 26% plan to invest.

In the Spiceworks survey of IT professionals — “The 2018 State of IT” — 14% of organizations plan to adopt VR technology in 2018. This aligns with the Global Pulse findings where 23% of YPO members indicate that their businesses will invest in the technology in the next 12 months.

YPO members with businesses in the architecture or engineering and real estate arenas have felt significant impact from VR and AR technologies. With VR technologies, members in architecture and engineering are able to provide clients with much greater detail on building design and con-struction to prospective clients than 2D renderings or 3D models. This technology is firmly entrenched in this space, and it has significant importance in manufacturing, including graphics production.

Members in development and real estate busi-nesses are using VR and AR technologies as sales tools. For these members, the ability for potential clients to virtually walk through a property has an enormous impact on sales. “Visual support for buyers is extremely important,” noted one survey respondent.

Outside of architecture/engineering and real estate, other members are using or plan to use VR and AR technologies to train employees. Members in a number of different industries — including mechanical contracting, distribution and wholesale, manufacturing and textiles — mention this application.

The marketing and selling of products is expected to change significantly with VR/AR. Members in the retail sector look to VR and AR as a tool to increase sales. Members in the automotive industry predict that vehicle sales will include VR marketing.

ADVICE FROM YPO MEMBERS

F I N D I N G S B Y T E C H N O L O G Y

VIRTUAL REALITY (VR) / AUGMENTED REALITY (AR)

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“As architects, planners and designers, VR/AR is having a huge impact on how we explore design solutions and communicate these ideas with cli-ents and industry partners.” Industry: Architecture & Engineering

“Every design we produce we complete using VR.” Industry: Manufacturing (Graphic Design)

“This will be a game changer in the construction industry to help drive efficiencies in the design phase.” Industry: Construction

“We are in the development business and visual support for buyers is extremely important. Virtual reality can make them walk through the property. Cannot do without. Money well spent.” Industry: Real Estate

IN THEIR WORDS

ADVICE FROM YPO MEMBERS

ABOUT VIRTUAL REALITY (VR) / AUGMENTED REALITY (AR)

VR and AR have dramatically changed the way in which ar-

chitects and engineers design and construct buildings. Ac-

cording to one survey respondent, “as architects, planners

and designers, VR/AR is having a huge impact on how we

explore design solutions and communicate these ideas with

clients and industry partners. Rapid change is happening in

how cities and buildings are constructed as designers and

builders collaborate in virtual environments.”

The real estate sector is embracing VR technology to allow

prospective tenants/buyers to take virtual tours of prop-

erties. “Visual support for buyers is extremely important,”

noted one survey respondents.

A common example of VR's use in health care is in training

surgeons how to conduct procedures in a lifelike, 3D ren-

dering. There are additional use cases for VR in the health

care industry, however. There are simulation platforms that

allow doctors to practice diagnosing illnesses. VR games

can be designed to improve health by encouraging children

to exercise. Mental health professionals can simulate the

experience of counseling a patient prior to the real thing.

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MARCH - 2018 PAGE : 27

ABOUT THE YPO GLOBAL PULSEMARCH 2018

Aerospace/Aviation 7Agriculture 14Architecture/Engineering 13Arts/Culture 1Automotive 14Chemical 8Construction 54Defense 5Distribution/Wholesale 57Education 12Energy 18Entertainment 6Financial Services 76Food/Beverage 40Government 2Healthcare 49Hospitality 22Legal Services 4Manufacturing 126Marketing/Media 21Mining/Metals 7Professional Services 30Real Estate 61Retail 43Technology 51 6%Telecom 9Textile 11Transportation/Trucking/Railroad 23Other Services 58TOTAL 842

Number 0% Percentage of Technology RespondentsAfrica 1 3%Australia/New Zealand 2 7%Canada 6 12%Central US 2 4%East Central US 3 5%Europe 6 6%Latin America 4 6%Middle East/North Africa 3 8%North Asia 0 0%Northeastern US 5 6%Pacific US 12 11%South Asia 0Southeast Asia 1 3%Southeast US and Caribbean 4 7%Western US 3 4%TOTAL 51 82%

Africa 26Australia/New Zealand 30Canada 52Central US 48East Central US 51Europe 97Latin America 73Middle East/North Africa 35North Asia 30Northeastern US 79Pacific US 106South Asia 46Southeast Asia 29Southeast US and Caribbean 58Western US 82TOTAL 842

Q1 2018 YPO Global Pulse: Number of Respondents per Industry Segment

Q1 2018 YPO Global Pulse: Number of Respondents, by Region

Q1 2018 YPO Global Pulse: Number of Technology Sector Respondents, by Region

Aerospace/Aviation 7Agriculture 14Architecture/Engineering 13Arts/Culture 1Automotive 14Chemical 8Construction 54Defense 5Distribution/Wholesale 57Education 12Energy 18Entertainment 6Financial Services 76Food/Beverage 40Government 2Healthcare 49Hospitality 22Legal Services 4Manufacturing 126Marketing/Media 21Mining/Metals 7Professional Services 30Real Estate 61Retail 43Technology 51 6%Telecom 9Textile 11Transportation/Trucking/Railroad 23Other Services 58TOTAL 842

Number 0% Percentage of Technology RespondentsAfrica 1 3%Australia/New Zealand 2 7%Canada 6 12%Central US 2 4%East Central US 3 5%Europe 6 6%Latin America 4 6%Middle East/North Africa 3 8%North Asia 0 0%Northeastern US 5 6%Pacific US 12 11%South Asia 0Southeast Asia 1 3%Southeast US and Caribbean 4 7%Western US 3 4%TOTAL 51 82%

Africa 26Australia/New Zealand 30Canada 52Central US 48East Central US 51Europe 97Latin America 73Middle East/North Africa 35North Asia 30Northeastern US 79Pacific US 106South Asia 46Southeast Asia 29Southeast US and Caribbean 58Western US 82TOTAL 842

Q1 2018 YPO Global Pulse: Number of Respondents per Industry Segment

Q1 2018 YPO Global Pulse: Number of Respondents, by Region

Q1 2018 YPO Global Pulse: Number of Technology Sector Respondents, by Region

The YPO Global Pulse focuses on topics that influence businesses, leadership and impact. The March 2018 edition highlights 10 disruptive tech-nologies attracting attention and investment among CEOs globally, as well as impacting businesses over the next 12 months.

The survey was conducted between 6 - 15 February 2018 and gathered insight from 842 YPO members across 28 industry sectors and 15 regions of the world.

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BIBLIOGRAPHY

■ BARC Research and Eckerson Group, “BI and Data Management in the Cloud: Issues and Trends,” Dr. Carsten Bange and Wayne Eckerson, January 2017

■ Dresner Advisory Services, “Big Data Analytics Market Study,” December 2017

■ McKinsey Global Institute, “Artificial Intelligence: The Next Digital Frontier?” Multiple authors, June 2017

■ McKinsey & Company, “Data to Dollars: Supporting Top Management with Next-generation Executive Information Systems,” Jörg H. Mayer and Marcus Schaper, January 2010

■ SAS, “Predictive Analytics: What It Is and Why It Matters” (from SAS website)

■ YPO Ignite, “Blockchain: Gateway to the Future of Finance,” Mary Woods, 22 September, 2017

■ Forrester Research, “Chatbots Are Transforming Marketing,” Xiaofeng Wang, 24 May 2017

■ Oracle, “Can Virtual Experiences Replace Reality?” 2016

■ Gartner, “The Road to Enterprise IT,” 2017

■ Deloitte, “The Conversational Enterprise,” David Schatsky and Peter Gratzke, November 2016

■ Fortune, “CEO Soothsayers,” June 2017

■ Clutch, “How Businesses Use Cloud Computing: 2017 Survey,” June 2017

■ Symantec, “Internet Security Threat Report: Financial Threats Review 2017”

■ Spiceworks, “The 2018 State of IT”

■ KPMG, “U.S. CEO Outlook 2017”

■ Verizon Enterprise Solutions, “2017 Data Breach Investigations Report”

■ Forrester Research, “The Next Phase of Digital Wallet Adoption,” September 2017

■ BRP Consulting, “2018 POS/Customer Engagement Survey”

■ The European Financial Review, “The Mobile Banking and Payment Revolution,” Sunil Gupta, March 2013

■ McKinsey Global Institute report, “The Internet of Things: Mapping the Value Beyond the Hype,” multiple authors, June 2015

■ IBM, “4 Big Ways the IoT is Impacting Design and Construction,” Jacqi Levy, 12 February, 2017

MARCH - 2018 YPO.ORG/GLOBALPULSE

MARCH - 2018 PAGE : 29

YPOGLOBALPULSE

MARCH 2018

THE BUSINESS IMPACT OF 10 DISTRUPTIVE TECHNOLOGIES

YPO.ORG/GLOBALPULSE