Are you aware of the changes that might shape your business in the coming years, and do you have the strategy to adapt? Or do you believe your business is bulletproof and you’ll stand the test of time? Or maybe you’re simply unsure about what might happen next or more importantly what to prepare for.
In truth, none of us know for certain what tomorrow brings or what the future of business means. We know change is happening rapidly, but with many driving factors, it’s difficult to know where to start. However, the one thing we are certain of is that the evolution of technology is a key driver of change.
The technology industry in the UK has surpassed many traditional industries, positioning the UK as a leader in Europe. The digital economy is growing at twice the rate of the wider economy, contributing £97bn a year, up 30% in five years.
In addition to its growth, the boundaries between the technology industry and other industries are blurring. Today technology innovation continues to push the boundaries that have traditionally shaped businesses. And it continues to evolve how businesses operate, from a functional level all the way to employee engagement.
Think of some of the most famous organisations; Uber, Deliveroo and Airbnb. They don’t solely operate in the transport, delivery or letting industries, they are classed as technology companies.
In order to remain at the forefront of your sector you need to embrace digital, from digitising customer relationships, supply chains and revenue models. To compete with the new breed of technology companies, and to succeed in tomorrow’s world, you must be prepared to transform your business.
In order to prepare your business and approach digital transformation strategically, there are a few key questions you need to ask yourself…
We will continue to see many advancements over coming months and throughout 2018, but whatever happens, you must be prepared to adapt. It’s important to be aware of the changes happening so you don’t get left behind.
Prepare your business by asking yourself the key questions above and defining the benefits and opportunities different technology will bring to you. Understand that you need to adopt technology that is beneficial to you and your customers. Whatever technology you adopt in the future; you need to ensure you have an IT structure that supports data movement, that your workforce are on board and that you keep close to your customers. Integrating technology such as apps, connected devices and AI is a complex task but will bring you and your business numerous opportunities for growth.