Connecting Technology and Business.

Digital Transformation - Uncover new revenue models

The challenge. There is a real undeniable threat by startups to the established businesses that have been ruling the market for centuries. The traditional business models are losing relevance today. Businesses can sell products that they don’t produce, can provide customers with services that they don’t directly offer, and many are moving away from selling products to selling product based services.

Customer preferences keep changing and the value they expect from goods and services that they consume is increasing. Technology is contributing hugely to this shift in customer sentiments. They want to connect to their brands through the smart devices that they hold in their pockets. They are willing to pay for the additional value they get from such systems that bring them closer to their service providers.

The reality. Thankfully, technology is contributing heavily in adding greater functionality to improve the worth of products and services that enterprises offer today. 50% of new business processes and systems will incorporate IoT in their products by 2020 and 25 billion connected “things” will be in use by then. There is also a change in the way employees look at this transformation in customer expectations. 41% of employees say mobile business apps are already changing the way they work. 40% of survey respondents say predictive analytics held the most potential to predict business events.

Enterprises can now create new revenue opportunities with intelligent technology that spans across systems. The Cloud offers larger avenues for innovation and holds the power to uncover possibilities that remained dormant all along. Data that once used be stored for compliance purposes are now being put to greater use through analysis and interactive visualization for decision makers to create new roadmaps for products and services like never before. Predictive analysis helps them look ahead and track market dynamics and change in customer sentiments.

Digitizing the enterprise can transform business practices and enable re-designing of business processes to stay ahead in the marketplace. Businesses need to re-invent products and services and deliver new market offerings that caters to customer needs.

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