I believe that The Internet of Things (IOT) and globalisation will have the biggest impact.
The approach will be picking the things that will have the biggest positive impact
Almost everyone agrees that our world is experiencing a period of change as we move forward. Even those who would still argue the point that they don’t see technology as the driver of the changes are having second thoughts.
The transition today is very much driven by competitive forces with the enabling technologies providing organisations with a wide range of alternatives with which to react and respond to these marketplace forces.
Internet technologies and their swift adoption are upending many of today’s traditional business models. Increased computing power and improving communications are spawning new ways of running businesses as well as new thinking about organisational structures and business directions.
The changing technology environment is now raising serious questions for executives and managers about how to navigate their organisations to capitalise on the transformation that is currently well underway.
As we move forward data volumes will continue to grow, complex infrastructures and fragmenting legacy systems will all operate under smaller budgets. It’s not about information technology anymore. It’s about the ‘digital business’ and managing big data.
It’s about transitioning from the past to the future providing products and apps that integrate with the customer. It is also a time of highlighting the big data and analytics role in letting the organisation see and anticipate customers buying and their interests more quickly than ever before, in most cases for the very first time.
“The future belongs to those who believe in the beauty of their dreams”. Eleanor Roosevelt
As such activity suggests, technology vendors themselves are also under intense pressure to change their strategies and approaches into these challenging new areas. It’s no longer about treading the well-worn ‘calf-path’ anymore, new paths have to be opened up.
One way that technology suppliers can position themselves today is as trusted partners and provide guidance at all stages of the business’s development and the customer’s future buying cycles.
If vendors are to lead the development of new technologies and lay the foundation for the next era, they do need to adopt strategies that position and rebrand themselves as advisors, industry experts, and trusted authorities with strong teams with new sets of skills.
As small business is now such a big player in the economy, many vendors will have to face huge learning curves in order to understand how small businesses operate and how they want to be treated.
We are all aware of the pace and rate of change which almost daily seems to consign yet another tried and true business icon to history. But that same change does create opportunities for those who recognise the marketplace movement and quickly act upon the choices it offers.
Experts predict the Internet will become ‘like electricity’. Less visible, yet more deeply embedded in people’s lives for good and bad. The Internet of Things, artificial intelligence, and big data will make people more aware of their world and their own behaviour.
According to Hal Varian the chief economist for Google,” the biggest impact on the world will be universal access to all human knowledge. The smartest person in the world currently could well be stuck behind a plough in India or China. Enabling that person — and the millions like him or her — will have a profound impact on the development of the human race. Cheap mobile devices will be available worldwide, and educational tools like the Khan Academy will be available to everyone. This will have a huge impact on literacy and numeracy and will lead to a more informed and more educated world population”.
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Managing these challenges of change in all their many facets is what business is going to be all about. The digital economy maybe newish but the economic principles underlying it are not.
New technologies, new competitors can and greatly changing the ways of doing business. One of our greatest challenges will be to get our so called policy makers to understand the changes and for them to consider how policies can affect the development of these emerging technologies in relation to small businesses, nonprofits and small regional, rural and remote communities.