In 2016, the world of business witnessed huge innovations and technological advancements in digital transformation. For starters, the internet of things (IoT) was further developed and we saw organizations demonstrate creativity in the solutions they devised. From sensors to energy grids, many private and even public sector organizations utilized IoT in order to become “smarter.” Looking ahead, Oxford Economics estimates that just over $1 trillion (USD) will be spent in the global IoT market by 2019.
Business leaders also continued to further explore the relationship between data analytics and artificial intelligence (AI). In fact, in their 2017 Tech Trends publication, Deloitte predicts that the digital universe is expected to increase in size. Data space as large as 44 zettabytes – where one zettabyte is equal to one billion terabytes – will be common space. It does not stop here!
As virtual reality (VR) began to occupy the stage, several tech giants – Google, Samsung, Sony and Facebook – have become entangled in a war for the top and vie to seize the market as the last company standing. Fortunately, the result of having an all-out VR war between large companies has greatly benefited consumers with creative solutions in gaming, shopping, tourism and travel, therapy and even education. For instance, Business Insider cites how VR could be leveraged for PTSD therapy.
Lastly, the autonomous cars industry continued to emerge and the question of self-driving automobiles became a fast-moving reality – tests have begun around the United States by large companies like Google, GM and Tesla. This development has disrupted mobility and introduced a new way to think about transportation. According to an automotive industry forecast by IHS Markit, we are just scratching the surface. They predict that by the year 2035, 21 million self-driving cars will have been sold around the world.
How are self-driving cars or autonomous cars relevant to your organization?
The focus is not only on all of the cool technologies mentioned above. Conversely, and as a result of evolving and disruptive markets, the focus should be placed on the rate at which businesses are transforming. More importantly, business leaders must acknowledge the apparent shift towards how other organizations are utilizing this change and leveraging technology in new, creative ways. With the advent of these recent developments, it is safe to say that innovation must be at the forefront and business leaders should be prepared to transform their organizations quickly and effectively. As market trends become more cutting edge and creative business solutions are required by customers, organizations are challenged to exude agility and demonstrate their aptitude to transform as quickly as possible or be left behind.
How will these changes impact the way your organization processes its products or renders its services?
A place to start is your current state capabilities. Which pain points are creating negative friction in your organization and how is that decreasing your bottom line? How do we create a new, transformed business environment without the pain points? In the midst of all of these advancements and uncertainty, one thing becomes abundantly clear: change is inevitable and success will become dependent upon the ability to change. With offerings and solutions in transformation and strategy, Lewis Fowler has the expertise to help you define how you will stay relevant and how successfully your business will transform. From future state visioning to implementation and managing the people side of change, Lewis Fowler can help you prepare your organization for the future.
So, what will digital transformation mean to your organization in 2017?