Information and Communications Technologies
Today, information and communications technologies (ICTs) are pervasive. From consumer to industrial markets the impact of ICT is everywhere to be seen. Most of us are utterly dependent on our mobile phone - from communication, to banking, to travel planning, to leisure and entertainment bookings. We now find sophisticated technology in our homes optimizing our energy consumption and regulating everything from water temperature to air conditioning; in our cars controlling its myriad components while simultaneously monitoring traffic flow and our driving, and even on our bodies keeping an eye on vital statistics.
Most businesses are critically dependent on their IT systems and could not survive for very long without them. For some, they are a source of competitive differentiation, providing them with opportunities for new business models, new products or service offerings, or to redefine the customer experience. More and more organizations are digitizing large swathes of their operations, often using ICT to redefine management practices and informate relationships in the wider ecosystem from customers to suppliers. ICT has dismantled industries from newspapers to gambling as more and more businesses shift completely on-line or look to move towards an omnichannel.
- Constant stream of new hardware and software innovations
- New ICT innovations can open up new market opportunities and create new markets
- Unpredictable origins of innovations: from bedrooms to multi-billion research labs
- Industry operating at extremely high velocity - companies can be easily jeopardized
- Threat of new edge technology becoming quickly obsolete
Current struggles for companies:
- In B2B markets, clear value propositions are lacking
- Sales teams can be unaware of the issues and customer concerns
- Vendors engage more with business decision makers rather than technical staff
- Traditional software vendors struggle to ditch their lucrative license fee models in response to the thread posed by the cloud
- Conventional strategy notions are becoming irrelevant in an industry shaped by constant change, innovation and uncertainty
- The exciting industry can also be paralyzed by fear and indecision