Business innovation through digitization and the reimagining of business processes driven by data has become a necessity for every organization across a variety of industries. Consumers have led the business in this charge, leaving businesses with no choice but to respond or perish. Business models and processes, which had previously worked for decades in many companies are now under assault. Not surprisingly, this massive consumer empowerment has coincided with the democratization of digital technologies like mobile, social media, cloud computing, and big-data to name a few. These technologies empower consumers to not only influence product and service design, but also empower communities to collaborate and influence decision making in real time. Bill McDermott, CEO of SAP famously commented that every business is now a C2B (Consumer to Business) industry.
So, how can businesses respond? Is there a respite to this constant onslaught of change? Businesses always seek comfort in a structured and systematic approach to respond to events. This change however, has left every business in every industry scrambling to gauge and understand:
- The nature of this change (its impact on viability of their current business model, consumer buying behavior, profitability etc.?)
- The velocity of change (how soon do we have to respond?)
This article was originally published on infoTECHSpotlight, July 01, 2015 and is re-posted here by permission. Click here to access the complete article.