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In Other News
The holidays are approaching and for many businesses, this is the busiest and most profitable time of the year. During this high-stress season, customers are relying on their orders being delivered on time. To make sure this happens, having correct shipping addresses is vital for merchants to maintain a high level of customer service; after all, lost packages equals lost sales and lost shoppers.
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IDC: Worldwide IT Spending Forecast to Reach $2.7 Trillion in 2020 Led by Financial Services, Manufacturing, and Healthcare
A newly published update to the Worldwide Semiannual IT Spending Guide: Vertical and Company Size from International Data Corporation (IDC) finds that worldwide revenues for information technology products and services will grow from nearly $2.4 trillion in 2016 to more than $2.7 trillion in 2020. This represents a compound annual growth rate (CAGR) of 3.3% for the 2015-2020 forecast period.
Among the trends in the forecast is the positive momentum displayed in big industries like financial services and manufacturing, where companies continue to invest in 3rd Platform solutions (e.g. cloud, mobility, and Big Data) as part of their digital transformation efforts. The telecommunications industry is forecast to remain relatively sluggish, although spending levels are expected to gradually improve compared to the past several years. Combined, these four industries (banking, discrete manufacturing, process manufacturing, and telecommunications, which are also the industries with the largest IT expenditures) will generate nearly a third of worldwide IT revenues throughout the forecast.
Consumer purchases accounted for nearly a quarter of all IT revenues in 2015, thanks to the ongoing smartphone explosion. But consumer spending for PCs, tablets, and smartphones has been weakening, which will have a dampening effect on the IT market overall. Looking ahead, even the moderate growth forecast for the tablet market will be driven by commercial segments rather than consumer tablet sales.
Healthcare will remain the fastest growing industry with a five-year CAGR of 5.7% despite concerns that spending growth may have peaked. Banking, media, and professional services will also experience solid growth with CAGRs of 4.9% and combined revenues of more than $475 billion in 2020. Elsewhere, gradual improvement is expected in the public sector, although government purchases of technology will continue to lag behind much of the private sector. Similarly, IT expenditures in the natural resources industry are forecast to recover as the price of oil rebounds from recent lows.
In terms of company size, more than 45% of all IT spending worldwide will come from very large businesses (more than 1,000 employees) while the small office category (the 70-plus million small businesses with 1-9 employees) will provide roughly one quarter of all IT spending throughout the forecast period. Medium (100-499 employees) and large (500-999 employees) business will see the fastest growth in IT spending, each with a CAGR of 4.4%.
According to an analysis by CompTIA, the nonprofit association for the technology industry, of today’s Bureau of Labor Statistics Employment Situation report, an additional 205,000 IT professionals reported employment during August. That brings the total base of core IT occupation employment to more than 4.6 million.
Modest Gains in August for IT Sector Employment
Employment in computer systems design and IT software and services experienced another strong month in August, with 6,100 jobs added. Other information services, including search portals, added 1,100 jobs in August. The data processing, hosting and related services category saw a gain of 900 jobs last month.
Offsetting those gains were August job losses in telecommunications (down 2,600) and computer and electronic products manufacturing (down 700).
The IT workforce includes two components: employment within the IT sector and IT occupations across all other industries. About 44 percent of IT sector positions are in IT; the remaining 56 percent are non-IT jobs.
For the overall economy, total nonfarm payroll employment increased by 151,000 in August. The unemployment rate remained at 4.9 percent for the third consecutive month, with the number of unemployed persons essentially unchanged at 7.8 million.
Gartner: Organizations Must Update Their Network Access Policy to Address Attack of IoT Devices
Many IoT devices will use the established bandwidth of the enterprise network provided by the IT organization. However, it is important that the IT organization works directly with facilities management (FM) and business units (BUs) to identify all devices and projects connected to the enterprise infrastructure and attaching to the network.
Once all of the devices attached to the network are identified, the IT organization must create or modify the network access policy as part of an enterprise policy enforcement strategy. This should determine if and how these devices will be connected, as well as what role they will be assigned that will govern their access.
While more IoT devices are added to the enterprise network, I&O leaders will need to create virtual segments. These will allow network architects to separate all IoT assets (such as LED lights or a video camera) from other network traffic, supporting each FM application or BU process from other enterprise applications and users.
New Global Research Study Reveals 90% of Organizations Cite Malicious Insiders As A Major Threat
Mimecast Limited, an email and data security company, released new data* today revealing that organizations globally believe they are their own worst enemy when it comes to cybersecurity, with 45 percent saying they are ill-equipped to cope with the threat of malicious insiders and twice as many, 90 percent, calling malicious insiders a major threat to the organizations’ security.
Mimecast initially found as part of its Business Email Threat Report: Email Security Uncovered that 65 percent of IT security decision makers globally feel their email security systems are inadequately equipped to handle cyber threats; and, this new data makes it clear that malicious insiders represent a major source of this risk and anxiety over security preparedness.
By concentrating predominately on perimeter defense and outside threats, organizations around the world struggle with the risk that comes from their own people, emphasizing the need for organizations to implement employee awareness and education as well as creating a cyber resilience strategy that includes both technology- and human-based defenses. This is evident especially considering this study revealed that nearly half of the organizations polled felt exposed to malicious insider attacks.
Mimecast’s research also uncovered that:
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Competing Against Luck: The Story of Innovation and Customer Choice
After years of research, Christensen and his co-authors have come to one critical conclusion: our long held maxim--that understanding the customer is the crux of innovation--is wrong. Customers don't buy products or services; they "hire" them to do a job. Understanding customers does not drive innovation success, he argues. Understanding customer jobs does. The "Jobs to Be Done" approach can be seen in some of the world's most respected companies and fast-growing startups, including Amazon, Intuit, Uber, Airbnb, and Chobani yogurt, to name just a few. But this book is not about celebrating these successes--it's about predicting new ones.
This book carefully lays down the authors' provocative framework, providing a comprehensive explanation of the theory and why it is predictive, how to use it in the real world--and, most importantly, how not to squander the insights it provides.
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