Tech disruption is transforming business models in ways that we could have never imagined. However, what is challenging is the acceleration of its pace.
With industries speeding through the stages of disruption, growth, advancement, maturation, saturation, and commoditization—it is time organizations anticipate the change, innovate, and begin a new loop of the disruption cycle.
When we speak about disruption and the resultant acceleration, it signifies a radical change in the business model. Businesses that fail to reinvent themselves quickly are sure to find themselves in doldrums.
Enterprise technology is slated to play a big role in moving businesses from disruption to acceleration.
There are three major forces—technology, globalization, and demographics that are driving the disruption journey in an industry. Since the Internet has massively helped organizations across geographies and functions to interact in real time and exchange innovations, it has led to quicker adoption of trends and new technologies. All this means one thing—technology is no longer limited to a certain geography or set of people.
Enterprises have realized that the only way to survive and grow in a fast-paced industry is to onboard customers by leveraging innovative technologies rather than taking the traditional route. As enterprises expand from local to national, and reach the global level, they absorb the experience and response of various consumer communities and propagate the retention experience across the globe using disruptive technologies.
However, as consumers spend more time online and exchange experiences and expectations through varied channels, they tend to get more informed of the best experiences delivered and enjoyed by consumers at the world stage. Enterprises can no more play the strategy of segregating product adoption, functional delivery, and consumer experience. They need to accelerate the pace of innovation and disruption to reach out to the global audience to win their confidence and trust.
The need for disruption is built by enterprises and it is getting better every day. For a consumer, the last best experience of a brand, is the least expected experience today. To close the gap, enterprises have no choice but to propel their technology investment and consumer experience to build a sustainable growth engine.
Traditional solution architecture cannot satisfy the needs of new-age disruption, which is agile, forward looking, and running on the model of prediction to prescription. Unified consumer experience is now a past story, whereas personalized experience is the new hygiene in a technology-driven consumer engagement. To drive the new model of prescription, personalized interaction, and consumer-centric solution organizer, several new approaches have been adopted by enterprises.
Artificial Intelligence (AI)
Businesses generate a lot of unstructured data from multiple sources. With its exceptional computing capabilities, AI helps organizations gather actionable insights by managing and processing large volumes of unstructured data for enhanced app development and efficient algorithm deployment.
This leads to better understanding of consumers and their consumption pattern to draw conclusions on what can be prescribed for better engagement and retention.
In fact, research shows that today, enterprises in technology, media and entertainment, and telecommunications verticals are gaining an ROI of 20% or more on an average.
Technologies such as Software Defined Networks (SDN) and Internet of Things (IoT) are already changing the way businesses work. But an intelligent real-time enterprise is one that wishes to gain a competitive edge by exploiting and delivering the power of real-time information to all its stakeholders including employees, customers, and partners.
Disruptive technologies such as AI, Machine Learning, Deep Learning, Augmented Reality (AR), Virtual Reality (VR), and Robotic Automation will help build a real-time and connected enterprise.
Enterprises are no longer restricting themselves to capture only business specific KPI metrics. Advanced technology adoption is helping with tracking every interaction of consumers and the lifecycle of their journey. As consumers spend more time on applications, they leave behind massive amount data footprints. This data is processed to understand patterns across consumer segments and attribute modelling.
The collection, processing, and usage of data and insight through disruptive technologies is pushing enterprises to accelerate their course of action to stay relevant in their field. If the acceleration doesn’t surpass the average industry disruption, they would soon be irrelevant and deliver products and experiences that consumers are already acquainted with, thereby losing competitive advantage.
Customer experience is no longer linear today. Traditional enterprises for a very long time focused on linear consumer experiences that started with one feature in the application and ended with completing a specific task in that feature. It never included the concept or process of cross functional, cross feature, or cross application data and experience.
This concept has totally transformed today. Consumers want to multi task and bring the best of experiences across all features and functionalities in one app domain that they have seen across the family of applications. To deliver such kind of seamless and advanced experience, enterprises are defining consumer needs and deploying technologies.
With the rise of AI there would be more opportunities to delight consumers as AI enables to create faster and more personalized experiences. AI also provides insights which can be leveraged not only to improve existing customer experience but also to lead customer engagement in the future.
Technologies such as Nano Segmentation, Service Mesh, Quantum Cloud Computing, and Time Series Databases have the potential to move enterprises from disruption to acceleration.
Customers want to interact with businesses in real time, they expect businesses to understand their needs as much as the customers understand themselves, and they expect businesses to deliver the experience that will keep them engaged and delighted throughout the lifecycle of interaction.
This would be possible only when enterprises accelerate the adoption and implementation of innovation across all consumer segments, delivering the best experience from self-learning systems.