How business is changing
I think we’ve reached something of a tipping point at the growing relationship between technology and business. It is now a widely recognised civil partnership where big data analytics, cloud computing, cognitive technology and the rapidly growing Internet of Things are transforming businesses and not just those in the technology sector.
Businesses of all shapes and sizes will need to think more strategically about adapting their business models and identifying the new economies that will surely rise from this period of unprecedented disruption.
But what does this mean for the Tech sector itself? As with all debates there are two sides. Some would argue that the power will be held by a few big players using their might to stop the smaller ones being able to compete. But that was then and the tide is turning across all verticals. More fragmentation is inevitable as access to technology and information grows ever more affordable and will allow almost anyone, should they so choose, to develop products, outsource manufacturing and distribution, and gain access to global markets, all whilst while remaining independent.
Its likely that both scenarios will co-exist at some point. Some service providers such as cloud and data storage will need to scale to remain profitable as commoditization occurs. On the other hand fragmentation will also increase, with more businesses emerging who can offer products and services to complement existing platforms and devices.
So what do today’s IT service providers, many who are SME’s themselves need to consider? Simply put it is strength in numbers. Partner with others to develop new business models and complimentary service offerings. Pick a vertical and specialise, open up your own platforms to let developers in and drive innovation.
But above all, any business looking to grow must face outwards and look to their customers. They must truly understand the challenges they face. Working collaboratively to help their customers develop their products and services rather than just maintain them. It is this shift from supplier to partner and trusted advisor that will reap the greatest rewards.
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