Why it’s critical for the future of your business
Over the past few months, I have met with many of our agency’s clients to discuss developing their next-generation digital innovation strategy. In each instance, the company leaders expressed the same concerns around the rapid change and the disruption that technology and innovation have caused in the past and would inevitably cause in the future.
I can certainly empathize with their frustration. I have spent my career leading the implementation of the most disruptive shifts in technology, from analog to digital, from centralized to distributed communications and data architectures and the migration of all things to the cloud.
What’s on the Horizon
However, my belief is that over the next 10 years technology disruption will be far faster and far greater than ever before. Companies that in the past have not seen the urgent need for innovation will be forced to engage customers and suppliers and integrate technologies in ways that their organizations have yet to even consider.
We are at the beginning of the 4th industrial revolution, or better yet Industry 4.0. 5G will change everything. With 50 billion devices being connected by the end of next year, the Internet of Things (IoT) will become the Internet of Everything.
Every Company is a Technology Company
AR, AI, VR, meta-data collection and real-time analytics require companies to institute machine learning decision making and make it commonplace across all sectors of business.
Our clients do business across all business sectors and range in size from start-ups to Fortune 100. The single most consistent message we give them at our initial meeting is that every company is a technology company. Some key takeaways we share to help them grasp that fact are:
- It is no longer possible for a company to make, deliver or market its products efficiently without technology.
- Companies that use technology as a competitive advantage will win in today’s environment.
- Companies will either become tech companies or die.
- Every company is a technology company, no matter what product or service they provide.
- The companies that embrace this fact are the ones that be successful in the 4th Industrial Revolution.
- Companies that adapt quickly to new technologies will gain a foothold on the market. Companies that wait for the next best thing will stay at the back of the pack and play catch-up and follow the leader and eventually die.
Achieving Success in Industry 4.0
- Properly planned and effectively integrated, technology and innovation do not need to be disruptive to an organization.
- Technology, from the beginning, should be funded based on a clear set of metrics related to the ability of the technology to deliver ROI.
- Innovation needs to be thoughtful and strategic, not a knee jerk reaction. It should be built with a technology partner that understands how to effectively and efficiently future proof the design to enable continued evolution as market needs and technology continues to evolve.