We are in the midst of a major technology revolution—specifically a digital revolution. It affects businesses of all shapes and sizes, of all sectors and regions.
Accenture recently published their Digital Age 2016 research. It shows that digital is now dominating every sector of the economy. In fact, digital products and services accounted for 22% of the world’s economy in 2015. Accenture believes it will increase to 25% by 2020.
With digital pervading everything, it is bringing with it unprecedented amounts of change. There are new technologies and IT solutions, more data than ever before, legacy and new systems to tie together, an upsurge in collaboration (inside and outside companies), new partnerships, new start-ups… new everything. But simultaneously, digital customers are also maturing. Their expectations of service, speed and personalisation have dramatically transformed, and continue to transform noticeably each year.
Takeaway 1: No matter what business you are in, you have to be digitally adaptable and deliver digitally (website, content, e-commerce, knowledge base, videos, blog / chat, customer communications, social media, shipping tracking, etc) to consumers who have high expectations and whose expectations are constantly changing. And you can’t do this with aging IT systems and infrastructure.
Each generation brings with it a new type of customer and employee, with different outlooks and aspirations. The millennials are markedly different from previous generations. They are naturally ‘digital’, collaborative and causing a rethink of long-established norms. Their push toward freelance careers is reshaping the workforce, and even physical workspaces.
Takeaway 2: If you want to attract and retain the best talent, you need to have modern and digitally sophisticated IT systems and applications. The millennials LIVE new digital, not old tech.
According to Accenture’s research, 86% of the 3,100 business executives and IT managers asked, anticipate that the pace of technology change will increase rapidly or at an unprecedented rate in their industry over the next three years. Many companies find themselves overwhelmed as they absorb the magnitude of the tasks ahead—including changing their products, business models, IT systems and all of the processes that support them. Digital business, marketing and commerce is of critical importance in this new age, so the organisation, its people and culture must now become digital too.
Is it worth the pain and expense of upgrading IT systems, digital infrastructure and technology applications though? Is there a ROI? All signs point to yes. Virgin America for example (the only airline based in Silicon Valley), has experimented with everything from in-flight social networks, to new ways to buy tickets, to an online petition digitally signed by over 30,000 frequent flyers in order to get new gates at Dallas Love Field (which it did). The financial rewards have been real, with a 2014 revenue of almost $1.5 billion and $306 million IPO.
Takeaway 3: THIS is why you need exceptional IT systems and cutting edge technology: there is a revolution happening—and to stay alive, you must get on board.
For more information about upgrading your IT systems, applications or IT infrastructure, or for a FREE IT audit, contact BTA—the business IT experts. With over two decades of experience in IT programmes, IT support and sophisticated IT solutions, BTA can help your business survive in this new digital age. Call 020 8875 7676 to speak to one of our expert consultants.