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In 2018, businesses will feel the impact of exponential change. Business leaders will no longer get away with leaving technology to the IT department. Today, the world is undergoing a universal technological revolution, and it’s happening faster than you think. For businesses to keep up, business leaders must understand the factors driving this revolution and their potential implications. Consider the factors driving this technological revolution, as well as their implications for businesses:
Consumer Technology Is Pervasive: The world has reached a digital tipping point in consumer demand. Connectivity and devices have become ubiquitous and affordable, driving customer expectations. According to a report by System Analytics, over 44% of the world’s population own a smartphone and more than half the world’s population have access to the internet. Both access and smartphone adoption is accelerating in Africa as affordability increases.
Adoption is accelerating: The corporate landscape is undergoing an improvement in the economics of digitization. A shift is occurring from economies of scale to economies of exponentiality. This is being driven by the hyper personalization that has been made possible by digitalization. You no longer have to serve 4 million customers the same, you can personalize the service for each of them. This level of personalization further accelerates adoption.
Information is exploding and accessible: One of the side implications of digitalization is that it has provided business with big data. As customers interact with business through digital means, they provide information which business leaders can use to make smarter decisions. It is important for business leaders to realize that data utility increases with context. While big data is insightful, little data in context is more useful since it can be personalized, enabling businesses to create a better service.
Cloud computing is pervasive and transformative: Technologies like artificial intelligence, machine learning, augmented reality, cloud services and chatbots are providing businesses with an exciting opportunity for automation and intelligence. Most of these services, such as Amazon Alexa or Google assistant, are increasingly becoming available on demand. These intelligent services are becoming available for any business to re-use.
Connected devices and IoT: Today, everything everywhere is getting connected. Increasing internet access, data points and sensors provide opportunities for improved service, context and convenience. The incorporation of IoT in the workplace will enable employees to get more done in less time, error free. Business leaders will be able to easily monitor all aspects of the organization – from managing field staff to controlling inventory. Connected devices will allow organizations to connect more easily with their customers.
Competition is ubiquitous: Today, competition is everywhere. You cannot predict where your next competitor will come from. New businesses are popping up and disrupting entire industries. These unicorns are not hamstrung by the legacy debt of old platforms and tools. They are creating new, unimagined technology solutions.
Increasingly disruptive business models: Technology is the new nexus of industry. It is allowing for increasingly disruptive business models at the intersection of old value chains. Lean and cross industry adaptation is the new normal. New business models are replacing old ones, and micro-services are enabling continuous disruption.
The massive penetration of consumer technology is driving customer expectations. You no longer have to serve 4 million customers the same, you can personalize the service for each of them. While big data is insightful, little data in context is useful since it can be personalized.
Intelligent services are becoming available for any business to re-use. If you’re building more than 50% of your solution, you’re probably replicating functionality that’s already been built and is available as a service. By incorporating IoT in the workplace, businesses will be able to improve management results and create more opportunities for expanding the business.
For your company to remain relevant, you need to disrupt your own business model, or somebody else will. Businesses will have to think big change in order to stay in the game.
Realize Your Digital Strategy
The corporate landscape is undergoing a new paradigm. The IT industry is the most manual in the world. Businesses need to automate the delivery of Digital solutions in order to disrupt their business. In order for businesses to realize their digital strategy, they need:
capability for establishment and continuous improvement of digital solutionsenterprise capability to respond quickly and flexibly to opportunities and threatsa framework enabling Digitalisation and Change of operating and business models, including people transformation faster digital solution delivery at lower cost
Click here to see how OutSystems can help.