I talk to many executives on a daily basis and, to be frank, I’m always surprised by how many show little to no sense of urgency in transforming their companies from where they are today into tomorrow’s intelligent enterprises. Strangely, it appears that even high-flying executives haven’t learned that being ahead of the changing pace of technology ensures survival – despite seeing famous and powerful businesses like Nokia, Kodak, Lehman and many others fall by the wayside. Thankfully, today’s newest technologies can help right the broken process, bring transparency and meet the market needs faster.
I’m sure you all know the Nokia story and how CEO Stephen Elop ended a speech tearfully, saying, “We didn’t do anything wrong, but somehow, we lost.”
While I agree that even high-flying executives are human beings and capable of the same failings and bad decisions we all are susceptible to, in business, it’s never right to run a company under the old axiom of “If it ain’t broke, don’t fix it!” The reality is that some things must be changed, even if they ‘ain’t broke.’ Today’s newer technologies are not really built for ‘fixing’ things- but they are designed to help you do more and do it quickly. They are designed specifically to free you to allow your organization to respond quickly to changing market dynamics with insightful data.
Consider these future forecasts:
- 60% of human tasks are going to be automated by 2025
- 99% accuracy in voice and video recognition is going to be a reality by 2020
- 97% image recognition accuracy exists today- and that’s better than human accuracy, which achieves 95%
Here’s my question: If companies don’t feel the heat to transform now, then when will they? Those that refuse to adapt, or choose to do so at a glacial pace, are going to be extinct soon because tomorrow’s challenges are going to be radically different than what companies face today. To address these future challenges, businesses must possess the capabilities to make sense of a growing volume of data, create a step change in productivity, and innovate with relentless clock-speed.
Remember: The time to think about tomorrow is today – urgency!
A case in point is how Adidas, leveraging newer technologies, followed the process of creating personalized athletic footwear, from initial customer requirements through to shipment. This video gives you an insight into how it built a unique brand experience via an efficient, cost-effective process.
In today’s highly competitive business climate, staying ahead means making urgency the name of the game. Here’s a question you should mull over: When it comes to new-age technology adoption, do you think your organization is falling behind?? Let me know what you think.
I’m looking forward to hearing from you.
By: Venkat Nanduri
