Cloud, Mobile, Social, and Analytics are increasingly mainstream among IT providers and users. Over the last 4 to 5 years, IT organizations have been changing dramatically from being focused on traditional data processing (e.g., sequential updates, availability, and maintenance) into organizations expected to solve business problems, embrace new technology rapidly, and ensure that the investment in IT capabilities yields a competitive advantage.
Businesses are not content to simply use today’s IT to build traditional systems faster and cheaper, nor are they content to let each technology exist in its own silo. CIOs now recognize that the true value of IT doesn’t lie solely in traditional approaches. Rather, IT is the fuel for a digital arms race as companies work to modernize existing offerings to include digital components, and to deliver new digital-first offerings to explore and enter new markets.
Many companies are pushing forward in the digital arms race and striving to achieve that “nirvana” we have described as Digital Business (1373MKT, What is Digital Business Anyway?, 30May2014). While few companies can realistically call themselves Digital Businesses, there are also few companies today that aren’t running pilot programs, betas, or delivering initial products with strong digital components.
Why is it Happening?
Technology innovation has been observably occurring more rapidly as consumers drive more demand through accelerated refresh cycles and increasing demands for functionality and ease-of-use of their IT devices, software, and services. Over the last 4 years, several key technologies have developed amplifying effects due to their increasing interplay. For example:
- Social and Mobile IT have rapidly pushed the boundaries of information sharing and mobile device capability;
- Cloud IT and Big Data have drastically increased the inexpensive and rapid availability of massive compute power and analytics; and
- Internet-connected devices and sensors have turned traditional industrial control systems into sources for advanced analytics and optimization.
As the amplification effects continue to grow between new technologies, the overall pace of change in IT continues to accelerate. Companies increasingly recognize the need to fundamentally change the way they operate in order to stay abreast with, and take advantage of, continual improvements in technology.
Click here to read the Market Impact.
This blog was originally published on Saugatuck's Lens360 blog on August 7, 2014. Published with permission.
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