At every Tech Sector business conference I attend these days, there is a buzz – and with good reason. The pace of change in Technology is now so rapid that barriers to technology are breaking down everywhere.
Big data, advanced (but simple to use) analytics, micro metrics, IoT, remote monitoring, mobile, superfast internet communications everywhere, AI, VR, 3D printing, drones and robotics, and the list goes on. Every business no matter what sector must now consider how to use technology to survive competitively. Pundits predict that by 2020 every business will become a Tech Business, or it will no longer be in business.
In larger corporations, non-tech business leaders are increasingly making decisions to invest in technology enabled business systems, without going through the conventional IT department. Gartner Group describes this phenomena as ‘every corporate business unit becoming a technology startup’.
The average technology company has always been a fast paced environment. Tech solution providers must maintain their position at the cutting edge of their particular market sector. Historically the fastest paced technological markets have been those dealing directly with the consumer. As well established business models are turned upside down by dramatic changes in technology, this may change moving forward. As revenue responsible business leaders become ever more involved in technology solution decision making, we should expect to see interesting developments over the coming years.
A Broadening Of Technology’s Horizons
The range of industry sectors looking for technology to help facilitate business transformation is greater than ever. This expansion of possibilities is no coincidence; it’s fueled by a combination of changing corporate outlook and the rapid development of technologies with a much wider range of applications. This means that the growth in opportunity for innovative technology companies who are able to think and engage strategically on the business of their clients, is accelerating. Specific areas where we are seeing exponential growth and innovation include the use of:
Use of Robotics – recent improvement in control systems have seen a steady flow of innovative applications within manufacturing. Other less obvious areas have also been transformed, from Amazon’s warehouse robots to fully automated kitchens.
Artificial Intelligence – As the decision-making capabilities of AI continue to evolve, so do the possibilities. From autonomous vehicles to military applications, the future of AI is possibly the most far reaching.
3-D Printing – While 3-D printing has been around for a while now, it is still at an early stage in its potential for adoption. and the longer-term implications could be huge. As we develop machines capable of using different materials the possibilities expand. The future will almost certainly include purchasing products online that are then printed in our own homes.
Virtual/Augmented Reality – While early usage of this tech seems to be largely centered at present on the entertainment and leisure industry, the potential for exciting applications in industry, medicine, education, science, etc, is far greater. It opens up potential new ways to learn and interact with both people and our immediate environment.
All of these technologies are still in relatively early stages of development, and we can’t yet begin to fully understand the impact they are going to have on our future. But we can be pretty certain their impact will transform not only business models, but how we live our lives.
Building success into your business DNA
Every market on the planet will be affected by at least one of the above technologies in some way. One of the best ways for Tech Sector companies not to fall victim to their business model being overtaken by technology, is to focus on the changing business needs of their own customers, and not to be fixated on the previous success of their particular technology or historical business model. Instead, the winning businesses of the future will survive and thrive because they have successfully incorporatedresponding to evolving/shifting customer needs into their own core business model. The really wonderful news is that business leaders are more and more willing to explore tech-enabled business change and solution providers able to hold intelligent business-level discussion on the strategic issues their clients and prospects care about, can do very well.
Many historically successful technology solution companies fail every year because their very success prevents them from seeing the impending market changes in sufficient time to respond effectively. Senior teams often become highly skilled at efficiently operating one business or technology model, and they sometimes lose sight of the tectonic plates shifting beneath their feet. They can become disconnected from the changing needs of their customers, seeing the world only through the lens of their company’s products or services. This leaves them open and highly vulnerable to agile market entrants who may be able to offer leapfrog advantage with more innovative and disruptive strategies that bring more immediate and compelling value to their clients.
Confidential Consultation
TVBA works with Tech Sector CEOs and senior business teams to secure sustainable business growth through confidential advisory, training and coaching around the few things that really matter to the success of your business.
Contact David Orren for a confidential discussion on your business goals at david.orren@tvba.co.uk, or call David on &.shtml#43;44 7914 223 691.