Innovation fueled by technology is laying the groundwork for new business models to disrupt industries and threaten established companies. Market dynamics influenced by mobile, social, big data, and the Internet of Everything are forcing businesses into an ‘adapt or die’ mode.
In the retail sector, Amazon not only dominates ecommerce, but has also reset expectations regarding affiliate programs, fulfillment, customer loyalty, and user experience. Tesla Motors has shaken the auto industry with electric cars sold directly to consumers rather than through franchised dealers. Airbnb’s community based travel service in 34,000+ cities is directly challenging the hotel industry. Twitter has changed the way we track news and consume media, providing a platform for global real-time communications. Other companies such as Uber, Square, Kickstarter, and 23 and Me are challenging the status quo in transportation, payment services, fundraising, and personalized medicine.
It seems that no industry is untouched. Yet, IT departments are so busy running the business that they can only spend 16% of their time transforming the business.
Being able to execute on innovative ideas and strategies will separate future industry leaders from laggards. And alignment of business objectives and IT infrastructure is key to a successful execution model.
I’ll be presenting this topic and speaking with global business executives next week in Prague at the Wipro Leading Edge conference.
Do you have any ideas to share? What dynamics in your industry are forcing companies to adapt and change? How will you keep up and what should you be watching out for?
Harish Venkat is Vice President of the Global Hardware Systems Business Group at Oracle Corporation. As leader of hardware strategy for both sales and product marketing, Harish is responsible for growing Oracle’s server, storage and engineered systems business. With a focus on helping customers optimize both business and IT in today's rapidly changing environment, Harish and his organization deliver integrated system and software solutions that drive business transformation. With nearly 20 years’ industry experience, Harish is recognized for the leadership, know-how and strong focus on customers that he brings to his current role.