Over the last 40 years technology has advanced at an exponential rate. IT is now in a position to provide businesses massive competitive advantage, with leaders recognising the potential and scrambling for adoption.
However, such rapid changes brings new challenges. To help your business navigate the shift we've outlined the top 4 challenges, as well as our insights on how you can overcome them.
1. A shift in advantage
Recent advances in technology, specifically cloud computing, has created democracy in business' access to technology solutions. Advantage is no longer reserved for established, multi-million dollar companies – start-ups now have access to the same resources. The playing field is now level.
Don’t be blind-sided by a start-up in your industry. Ensure you are keeping tabs on smaller new comers, not just your established competitors. This will allow you to combine proactive measures with reactivity to ensure you are agile to market changes.
2. Fluid business models
Business models will no longer stay stagnant for decades. The opportunities technology has created for businesses to add value and delight their customers, places pressure on them to keep up with adoption, as their consumers expectations have changed. Business models need to reflect this shift too.
Technology is progressing at an exponential rate, and old business strategies will struggle to keep up. The first step is preparing the right strategy. This will separate the businesses who are able to keep up with the change, and those that will fall behind.
A popular shift we have seen is the switch of spending less time on long term planning, and more on short term experimentation.
3. Change in thinking
When a eminent problem has 50 possible technological solutions available, methodical, logical thinking has to be replaced by rules of thumb and personal experience. These scenarios are rising more often than not, so what's the solution? Our thinking needs to change.
Sometimes, you have to look to others you trust to impart their professional advice. That's where a partnership with your IT provider gives you leverage. They are able to advise on the solution that will best fit your specific business needs. This allows for a quick, effective business decisions to be made.
4. Focusing efforts
This follows on from the point above. There simply not enough hours in the day to be an expert in two areas as diverse as business and technology. However, with their divergence, it is crucial businesses are able to align with the changes to ensure competitive advantage is maintained, if not strengthened.
With the number of hours in the day not in your favour, many business have turned to establishing solid partnerships with a trusted IT partner who can consult and advise on how technology can be best integrated into their business needs, and fit their goals.
With the fundamentals of business changing, those who are able to maintain competitive advantage will be decided on their leaders ability to react and innovate. A key to this is finding the right IT Provider to form a partnership with, which will equip their business with the tools and resources it needs to thrive in a rapidly changing environment.