Businesses will not meet revenue targets by 2017 if they fail to invest in digital assets such as fresh talent, new research has revealed.
They will fall behind the latest business models and miss out on competitive opportunities, the survey by Gartner of 151 business leaders in IT, sales and HR found.
Nearly 25% of decision makers said businesses would lose out to competitors in four years time if they failed to embrace the latest digital solutions.
Diane Morello, managing VP at Gartner, said: "Relying solely on tactics of yesterday to find, acquire and develop digital business knowledge, skills and competencies will cause many businesses to fall behind as other businesses advance. The impact on people, talent and long-term workforce strategy will be high, and the willingness to break through stale or aging people practices will build advantage.
The research also found that about 50% said their digital business strategy is now the same as their business strategy.
"Demand is growing for insight into digital business, particularly among CEOs and CIOs who fear that their companies may be falling behind new business models and competitive opportunities," explained Morello.
"Their concern is justified. Digital business will concentrate almost exclusively on new sources of revenue derived from new products, services, channels and information for new customers and constituencies."
When asked what would make a business successful, almost 90% cited competition for the latest talent.
Gartner said CIOs should work with HR executives to investigate the latest talent with the hope of redesigning training programmes to help build their business.
"Together, CIOs and HR talent executives scour the globe for qualified experts and talented people and bring them into their work streams, no matter their locations or their employment arrangements," added Morello