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.
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
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.
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.
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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