Companies that have not realized that technology should be embraced to improve and enhance their traditional business models are in for a big surprise.
I have been in IT for most of my working life and although a lot of IT companies are doing well, there are those who struggle to secure new business. One of the main challenges was usually to convince the senior management of potential customers that It can improve their business models, in contradiction with the standard where customer's believe that IT is an expense rather than an enabler.
Sure larger entities that can afford to budget for IT have realised this a long time ago, but the smaller SME's which can afford to budget for IT, would rather share in larger profits.
The speed at which technology is advancing are starting to move beyond the point where anybody can not invest in information technology to assist with the improvement and also to enable better business models.
Rules are changing at a tremendous pace, faster than ever. Business that embrace technology and adopting their business plans will have a great future, but those who don't will also fail miserably.
According to an article published by Rory Moore the Innovation Lead from Accenture:
Moore says technology is an enabler for business growth by allowing businesses to quickly capitalise on opportunities. "There has been a marked decline in the ability of traditional levers of production—capital investment and labour—to propel economic growth.”
“Technology, and specifically Artificial Intelligence, is a new factor of production and has the potential to introduce new sources of growth, changing how work is done and reinforcing the role of people to drive growth in business,” he explains.
“There is no in between, only those who embrace technology and those who don’t. If you haven't already embraced technology, you risk missing the bus," he adds.
You can read the full article here
When we look at the various new technologies, like Virtual Reality (VR), Augmented Reality (AR), and all the new things like blockchain that are being explored and improved, there should be something that can assist in chaning organisation business models.
If we look at the new buzzwords like the "Digital Workplace" and "Employee Engagement", which all refers to information technology at the end of the day, various aspects can be addressed.
Information Technology spend should be budgeted for as a percentage of revenue generated by any organisation. It should be a let's wait and see when and what we need.
Happy Steeming!
IT is evolving very rapidly, those who don't adapt the changes will definitely struggle for their survival... Very informative post @jacor thanks for sharing
Thank you @hms818
Good article @jacor. There is a lot that digital innovation can do for any business, large or small. It opens markets to enable service delivery via various digital channels such as mobile and web. The conversation needs to change from viewing digital innovation (and technology as a whole) as a cost center, to seeing it as a profit center. There is a lot of revenue to be made in adoption of digital innovation for businesses!
Technology has drastically changed the world and companies are too blond to realise it.
Yeah it will be pretty big and awesome, to the moon STEEM !!!
I have this issue in my work place. We either invest in technology to provide value to our business processes and customers or we won't have a business.
I think we all have the problem @jvd007. Good to hear that you actually invest.
How do you think digital innovations will affect the workforce? As a "white collar" worker, I fear to lose my workplace in say 20 years... What can you do to raise your employability?
Become a robot @smoothlarry :)
Many things will happen in the next 20 years. I have been in IT since 1995, and what I have learnt is is to always understand the trends that is happening. I started of as a software programmer. At some stage in my life I had enough of the industry and I adopted new technologies which I then started to implement. It was only due to the fact that i read a lot and ensured that I understood how business would be affected by new technologies, that I could do that. My recommendation is therefor to read a lot and always be in touch where the industry is moving.
Read Read Read and you will never become obsolete.
I really like the concept of using a blockchain to organize within business models. From the simplest data organization and security, to connecting and interacting between wings of billion dollar businesses, we're only seeing the tip of the iceberg for the usefulness of this technology so far.
Great article!
Great comment @masoyamcha. I have been implementing document and records management solution in large corporate for many years. Block chain technology will definitely play a role in the industry. For example look at Factom
The problem that I see with the people that surround me is that they won't embrace the way IT has evolved. People fear change and they don't realize how these changes could help their businesses grow.
Very good article
I think it is getting better but I have seen that for most of my life. Thanks for the comment @king-enzo
Very true. This is also true for schools. We are a digital generation with digital students. They could learn so much in schools to be able to apply this knowledge in the workplace in the future.
Well Said @bdmomuae. Thank you for the comment
Very true, the old guard often has problems adjusting to the new developments, it's just going in an extremely rapid pace and a missed opportunity for those that stay behind. However it doesn't just apply to businesses but to the public in its whole. Which I wrote an article about, if u have the time check it out :) https://steemit.com/technology/@droucil/can-we-keep-up-with-our-technological-innovation
@jacor thats very nice article upvoted and following .
you can check my article too
https://steemit.com/technology/@diverse-thinker/a-house-in-a-day-wonders-of-materials
awesome article @jcor! is so bad that great post like yours are not getting more awarness. Anyway, this is an awesome video of what really frugal innovation is. By the way i met this guy:
https://www.youtube.com/watch?time_continue=161&v=lA2WOgZcq_c