This vendor-written piece has been edited by Executive Networks Media to eliminate product promotion, but readers should note it will likely favour the submitter's approach.
The world will likely let out a collective sigh of relief when 2016 is finally over. It has been a year that was at various times sad, and other times uncertain. Can 2017 be better? One thing that will not change, and is only likely to accelerate in the next 12 months, is the massive amount of disruption taking place across businesses everywhere as a result of technological innovations.
The forces driving digital transformation
Over the past few years, a unique combination of events, trends and forces have led to a tipping point of digital transformation - no enterprise in any sector in any part of the world is immune to the sweeping changes taking place.
Now seems as good a time as any to take stock and understand what those forces are:
- The falling costs of technology. What might have taken $5m to do in 1996, and $50k in 2006, might now cost $5k or less.
- There has never been so many smart people across the planet innovating through technology in cumulative human history. Their efforts are now also more open, collaborative and shared to achieve maximum impact.
- The real cause of the dot-bomb lack of confidence in 2000 was no shortage of great ideas but not enough potential users - the networks were just not ready. Today, we have come to expect access to high-bandwidth networks in almost any location at a relatively low cost (or even free).
- The announcement in 2007 of the first iPhone set in motion something special. Now, anyone armed with a smartphone has 24/7 access to seemingly limitless amounts of computing power, information and useful applications.
- The low barriers to entry and easy availability of funding for new disruptive ventures. Right now anyone can be sitting in their house anywhere in the world inventing the next world-changing business model. And the money they need to see their dream realised will come from the 'fastest fingers first' on crowdfunding sites.
- Most technology-driven ventures have rapidly established themselves across the globe, showing scant regard for borders and often trampling over local regulations, culture and ways of doing business - very few parts of the world can afford to be complacent.
- Consumers have shown a low respect for company loyalty, have raised expectations around digital experiences and are seeking trust and authenticity in the firms they choose to do business with.
All of these trends are resulting in an explosion of innovation that takes advantage of technologies that have now reached an acceptable level of maturity, cost and accessibility.
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