All around the world, technological advances create better opportunities to create deeper connections. Considering the dynamics of a global workforce—enabled by global consumption, the flattening of organizational structures, and impact of the service-value economy—it's not surprising that everything has changed. Industry-wide, optimizing your talent portfolio and continuously evolving skillsets will help you to drive new opportunities in a technology-driven business world.
Big data analytics and visualization, the Internet of Things (IoT), smart machines, artificial intelligence, the cloud, and other digital technologies are accelerating the pace of business change. Each time a new technology emerges, new disruptions are likely to follow-that's why you have to think about connected intelligence not as a revolution but as an evolution. In a Harvard Business Review survey, 42% of executives reported that digital-based technologies were "helping them to enhance their existing products and services and 29% said that digital was helping to launch new products and services. These executives were making money by using digital to evolve, instead of revolutionize, their business models."
Instead of starting with technology, think about how you can deliver better value to your customers, suggests HBR. From that point, your business can evolve alongside the opportunities provided by connected intelligence. As new innovations in technology multiply the disruptive effects of the ones that came before, the risk to business will escalate exponentially as time goes on. Organizations like yours have no choice but to stay agile and vigilant, and prepare to run an endless gauntlet of increasing risk.
To discover new ways you can add value to your business, take a closer look at how you approach your:
- Workforce—Inevitably, we are a global, distributed, and digital workforce.
- Suppliers—Suppliers are everywhere. Buyers are able to locate what they need instantly from suppliers all over the world.
- Customers—Buyers can access anything from anywhere in the world, instantly from their desks or phones.
- Assets—Have fundamentally changed with the importance of owning and controlling the customer experience vs. tying up capital in depreciating physical equipment.
- Processes—Even the smallest firms have to operate globally yet locally, creating big opportunities as well as complexity, risk, and burdens around how businesses work with suppliers, core operations, and customers.
In the technology world, the pace of change moves rapidly. Staying current is a permanent, ongoing process, and not a one-time project. You'll always be transforming and evolving in response to new disruptions. When you make it a point to stay connected and on top of technology trends as they evolve, you're likely to find that you work better and faster and innovate more while serving customers more effectively and generating loyalty.
Our new whitepaper, The age of connected intelligence, surveys the full gamut of digital disruptions you can expect and areas you should consider for digital transformation, including workforce policies, transformational technologies, new approaches to supply chain management, and evolving business structures.