The document discusses how the rise of new technologies like social, mobile, analytics and cloud (SMAC) are transforming businesses and entire industries in a major way. It calls this the "fifth wave of IT" and notes that companies must embrace these technologies by harnessing their combined power and transforming their business models to compete. Those who modernize their operations with the SMAC stack will thrive, while those with outdated "industrial age" models are at risk of disruption from more nimble digital competitors. The document urges companies to identify how SMAC can differentiate their key processes in order to prepare for this significant change.