When Innovation Happens: Eyeing the Next Big Opportunity
Going to a brick and mortar record store is giving way to downloading
music. Making a purchase with physical cash or credit cards is giving
way to paying directly with your mobile phone.
Chrishan Fernando, Country General Manager, IBM Sri Lanka.
The speed with which consumers are buying products and services is
dramatically shifting in today's digital era, and businesses who fail to
respond quickly enough to keep pace with the evolving consumer are the
ones who will be left behind in this new era of computing.
The Big Picture Revealed through the Lens of Innovative Collaboration
With the changing economics of IT, companies now are able to embrace
transformative technologies to drive growth without losing sight of day
to day needs. So, how do companies stay on top of meeting their business
goals while keeping an eye on what is coming around the corner - or even
risk innovating to stay ahead of the curve?
Confronted with this growing complexity, organizations are finding it
nearly impossible to be successful when executing entirely on their own,
making partnering and collaboration core strategies that can provide the
edge many organizations need to tackle the toughest forms of innovation.
Furthermore, CEOs are establishing more open and collaborative cultures
- those in which employees connect more with each other and the outside
world not only to innovate, but also to reinvent themselves. Learning
from each other, they stay ahead of the skills curve, remain open to
change, and become in effect "future-proof."
In the era of Big Data, what's different now is how much consumers
are telling marketers by leaving behind a trail of "digital
breadcrumbs." In turn, marketers are sifting through that enormous flood
of data to paint a vivid picture of each person as an individual. A
recent survey of 20 leading retail brands on Facebook measured
responsiveness to customer questions, comments and complaints. With more
than 900 million people using the social networking site, the survey
illuminated a more salient reality - word now travels far more quickly
than at any time in history.
To effectively engage an individual consumer, client or citizen,
organizations must weave together insights about the whole person - from
sources they likely haven't consulted in the past.
They will need stronger analytic insight to uncover trends and answer
questions they never thought to ask.
In essence, they now must listen to their clients in new ways.
And it's social media that is providing a virtual testing ground for
how well companies are delivering on their promises.
Marketers must turn their companies into social businesses if they
have any hope of establishing a long term relationship with customers.
Business and government leaders are asking for help in dealing with the
radical digital changes beyond products and services. They are embracing
technology in completely new ways to spot oncoming threats, capture
immediate and unexpected business opportunities, and address business
challenges with a more simplified approach. Technology has been and
always will be the invisible thread that knits an organization together.
It is transforming the ability to innovate, allowing companies to test
new ideas at a pace unimaginable even a decade ago. However, the
pressures of delivering results at an accelerated pace now requires a
new level of computing to turn a strategic vision into a business
Successful companies are asking questions like, "How is technology
changing the game in my industry? How is it changing the nature of the
way my products and services are delivered to consumers? How are we
using new kinds of information to bring a new level of engagement with
The philosophy of seizing opportunities presented by new
technologies, rather than fearing or merely keeping pace with them,
needs to be integrated into the DNA of every company's business
marketing, sales and product design strategies to keep their companies
viable and successful for the next generation and beyond.
As market dynamics and technological advances continue to force more
organizational change, significantly impacting how businesses engage
with customers and employees, CEOs will continue to look to technology
not only to make them more efficient, but also to enable increased
collaboration and create relationships - essential connections to fuel
creativity and innovation.