All the market survey confirmed that with the endless of technology transformations needed to carry out at-scale to compete in the future, some matters most among the rest. IT portfolio in particular under the heavy influence by the emerging technologies, next generations replace the old one.
One of the strategic key focuses you must align in the very core for your technology transformation, be cloud-first, cybersecurity and customer experience (CX) prioritise. We expect to see more emerging technologies, as we transit toward the fourth industrial revolution (4IR) industry 4.0.
Purely try to play catch up, you will end up in the endless of changing that you end up lagging behind the next waves of big things. All enterprises need to invest the time to work out from the inside-out to predict the next waves of big things, and align the future of the company with it.
It does not surprise you that some of the great companies are trying to cross their comfort zones, and enter into some of the businesses they were not in before, as they make those moves based on the future and tomorrow’s world. If they do not do it now, someone else will, and they will end up missing those next waves of big things.
Simply buying two or more companies based on current and their past performance is not wise strategic moves. As most of them will not be able to catch up for tomorrow’s world. It is next generation disruptive innovation that matters, where based on existing incremental approaches to update on the previous or past generation of technology simply no more working in the modern and future world.
Broad and bold moves to address something you may not have done in the past, based on pure market surveys for the existing customer will not give you complete insight as well.
Those who may help to provide the best and better customer experience at relatively reasonable customer total value and hassle free, will win. This is one of the areas we can see from the typical “next generation” where they often perform much better compared with the previous generation. Where the move of the vendor is often to refuse to completely revamp their old technology product and prefer increment update to compete with new generation of technology product, which it told their customer loyalty despite having a much inferior technology product or can offer much better price value to complete those new players entering the market. You will be surprised to see that the next generation and newer technology products win all the time, because customers are not blindly loyal to something, and they do know what will be the future standard and transit over.
How many companies have the courage to complete business in the next ten years? The more established the companies in the market, the less likely they will mobilise resources for it, this is why the inertia kills the great company, as you can see from the history, full of real examples. This is the main reason behind, why from 1995 as the divide line, global Fortune 500 companies, 75% of them are entered in the list after that, which also means 75% of the companies in the list are replaced after the year, as they fail to seize the internet and power of digital economy. We expect to see massive change in the list again while the world transit toward fourth industrial revolution (4IR) industry 4.0.
This is why we keep hearing rumours, great company like Apple is investing in smart cars, smart class alike, and entering the streaming subscription services for entertainment, music and gaming. Each great company needs to have 3 to 5 years to possess a new strategic competency that is different from what they do today. As for tomorrow’s world, once the emerging technologies today such as artificial intelligence (AI), software robotics process automation move to the mainstream, it will make a massive transform in the world we saw today. Proactively adapt and change for a better tomorrow world, or be extinct and lost in and dreaming in the old world. If the top management does not have that kind of vision to digitally transform what they are doing today and what they should do in tomorrow, it most likely will miss the next waves of big things.
Are you able to seize the future and get ready to complete in the future? If yes, it is time for you to think with all the changes, what will be in the next three to five years, and work backward to determine what strategic competency your business should possess.
E-SPIN Group in the enterprise ICT solution supply, consultancy, project management, training and maintenance for corporation and government agencies did business across the region and via the channel. Feel free to contact E-SPIN for your project requirement and inquiry.
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