Businesses need to innovate to survive - Oracle boss

In a world where economic uncertainty looms large, businesses are constantly faced with the challenge of innovating or risk being left behind. At the 2016 Oracle CEO Summit, Vice President for Technology Solutions for Europe and Middle East and Africa, Zevia Vega, emphasized the importance of continual innovation for businesses to thrive and survive. The summit, themed 'Driving Business Agility during tough economic times,' brought together industry leaders to discuss strategies for navigating through challenging economic landscapes. Vega highlighted that despite economic challenges, companies across various industries are investing in innovation to increase efficiency, reduce costs, and enhance customer experiences. This drive for innovation not only helps companies stay competitive in the global economy but also positions them to seize opportunities as they arise. He emphasized the need for companies to leverage new technologies and data management techniques to drive growth and adapt to evolving market dynamics. One of the key points Vega raised was the analogy of data being the new oil. Just as oil has fueled industrial revolutions and created wealth for nations, data has the potential to revolutionize industries and drive efficiencies. The value of data in sectors like healthcare is particularly significant, enabling companies to analyze vast amounts of information and improve operational efficiency. Vega stressed that data has the power to transform almost every industry, making it a critical asset for future growth and innovation. Additionally, Vega discussed the role of cloud technology in driving business agility and innovation. Cloud platforms offer businesses the flexibility to quickly adopt new technologies and ideas without the complexities of traditional IT infrastructure. By providing advanced analytic capabilities and data management tools, cloud providers like Oracle empower businesses to focus on innovation rather than infrastructure management. The inherent security and compliance features of cloud platforms have also reassured CEOs and CFOs, making cloud adoption an attractive option for data protection and risk management. Looking ahead, Vega predicted that the future of cloud technology lies in enabling rapid innovation and seamless integration of data-driven solutions. As businesses strive to stay ahead of the competition and meet evolving customer demands, cloud platforms will play a vital role in driving digital transformation and business growth. By embracing innovation, leveraging data effectively, and harnessing the power of cloud technology, companies can navigate the challenges of tough economic times and emerge stronger and more resilient in the competitive market landscape.