The world is changing faster than ever before. Companies today are facing the heat when it comes to the disruptions brought by technology. The rate at which the market dynamics change make it tough for companies to relax. What is ruling the industry today may become obsolete tomorrow. The consumers are having plethora of choices. So, how can a company stay relevant, handle the pressure of competition from unknown quarters and stay abreast of the latest changes? The most successful businesses are prepared to handle change, they innovate and evolve with trends shaping the world.
Polaroid is a company that revolutionized instant photography, however, it failed to capture market share in digital photography. It simply couldn’t keep up with the change. Kodak was responsible for the invention of digital photography, but they continued to deny the realty. A company with more than 145,000 employees at their peak with more than 28 billion dollars in revenue had to file for bankruptcy in 2012. The retail powerhouses like Kmart, Sears and Montgomery Ward are all examples of companies who couldn’t adapt with the change and became history.
Companies who constantly reinvent themselves like Wal-Mart, which ventured into low priced markets that the others could not exploit and also by using technology to outsmart its competitors. It is imperative for companies to innovate, use technology to stay relevant and look at every possible opportunity to innovate. The technology companies are at the forefront of a digital revolution. Companies like Google, Apple and Amazon have the changed the world with their innovations. The way information is organised, the power of the modern computing devices, and the way people buy things have changed the way we live.
Innovation is a process that makes a company stay vibrant and helps it adapt to changing needs of the world. The difference between the companies that excel and those that do not is often their ability to anticipate change. Companies that do not innovate lose out in the long run.
Here is a look at technology trends that are helping companies to focus on innovation and use technology as an enabler to achieve the business outcomes that they need.
1. Cloud Enabled Business
Cloud has simplified the way businesses operate and serve their customers. Cloud computing is one of the hottest trends in enterprise software. This wave of computing has made enormous impact in the way services are consumed today. The collaboration, productivity and alignment of people with businesses can be improved with cloud. Cloud has been one of the most influential technologies that is disrupting businesses and providing them new avenues for growth.
2. Data Analytics & Insights
Data is one of the most crucial aspects for making the business decisions. Having accurate, realtime and relevant data can do wonders for a business. The IT systems today are geared not only to gather data but also analyse patterns and offer valuable insights. The predictions are done based on the historical data for companies. The analytics and insights are helping companies to predict business scenarios, which help them, prepare for the future.
3. Service desks for Customer Delight:
With information technology there are more ways of connecting with your customers. It makes it easier to get feedback from the customers, collect their inputs and act on it. The customer service can be improved through these tools. The visibility of realtime information is imperative for key decision makers to see how the company is responding to customers. These metrics are really helpful in improving customer service, get feedback and also in shaping the products/services for an organisation.
4. Design Centric Solutions
The companies like Apple, Google, and Amazon have great processes to benchmark their products and solutions in line with customer needs. They ensure that the intellectual property is productised and made available to their customers. The design centric solutions allow companies to create and leverage frameworks for innovation and adding value to customers. The design thinking helps them to collaborate, intermingle and create solutions to the toughest problems in the world.
5. IoT Powered Solutions
Internet of things is touted as the next generation technology that will disrupt businesses. Whether it is the supply chain management, warehouse, assets management, facilities, or processes of a company, IoT will drive everything. IoT is the connected ecosystem to drive efficiency, accuracy and connected experience. The data is collected from devices, it is stored and analysed by machines. The intelligent algorithms are used for predictions and used for engineering the futuristic trends that will benefit companies.
IT helps companies to mobilise their workforce, align teams, processes and business to drive top class performance. The increased collaboration, efficiency and improvised systems help people to be more creative & innovative. The future is geared to be ruled by companies who are proactive to handle the change and adapt to the dynamics of the market place.