Today artificial intelligence is revolutionizing many business sectors and none will remain untouched. Many people are talking about digital transformation and this is one dimension of it. For me digital transformation does not mean incremental change of business into new direction, it involves radical innovation and utilization of new opportunities, like developing analytics.
I was watching stock market today. Pearson plc (PSON) got beaten up quite badly. Just for sake of curiosity i drilled down to recommendations by different analysts to see if they were able to predict today announced problems.
Number of active players has increased rapidly over last few years. Starting with roughly100 different options in 2011 and reaching almost 20 times more already in 2015.
As this development continues, the difficulty to choose right set of solutions becomes harder. Also you need to be careful when deciding which features are essential for your business and are they provided by your selected vendors. Continuity is also a question mark in this turbulent market as companies are acquiring smaller competitors or moving out from market after becoming obsolete.
Disruption and speed of change in this domain are amazing. It is easier to understand the speed, if we observe some of the forces behind growth:
I have been working with heavily data related industries quite awhile. Just thinking back, i realized a pattern how focus has shifted over time. Maybe similar development is applicable to other developing areas too.
You want your company to survive in digital-era? Four potential areas to check are: channel approach, processes, scope and people. Failing to be digital in any of these areas may significantly hinder down your capability to survive in ever increasing competition or just make your profits go down.
Where you start from is your existing products, customers and core competencies to deliver.
Over the past decades we have seen many companies establishing disruptive business models. Some are succeeding and some not. Without any statistical analyse i think there are few things that are the same for all those who succeed.