The global tech industry is an innovation nation. It has given birth to the connected world and the new digital economy, which are changing our culture and shaping the future.
In the communications industries, robotics, GPS, artificial intelligence, drones and many other enablers are changing the way we gather and share information. We routinely collaborate on a global scale to produce and troubleshoot, and to create entertaining experiences. The makers and dreamers among us are also pushing at the limits of computer capabilities, creating new ways to harness the potential of IoT, and even help us better understand our customers’ needs.
Although some AV innovations have entered the mainstream quickly, others take more time, and even a change in business culture, before being widely adopted. For example, the latest video signal compression algorithms undoubtedly will be deployed rapidly because they enable the transport of video at near lossless quality while generating energy and cost savings. On the other hand, the use of emotion-detecting artificial intelligence algorithms in data analytics for digital signage may not be accepted as rapidly due to privacy concerns.
One secret to success in this rapidly evolving industry is to commit to continuous experimentation and innovation. Brainstorm, tinker or write code every day, and let the market reveal where a new product or solution will best be utilized. For that to happen, it may be necessary to rethink your business strategy, as well as establish a culture of innovation within your company.
In The Digital Transformation Playbook: Rethink Your Business for the Digital Age, author David L. Rogers shows how predigital-era companies can reinvigorate their game plans to compete in a digital economy. Whether you are working on the business plan for your own company or supporting your client’s strategic efforts, you may want to focus on these five domains of strategy indentified by Rogers: Customers, Competition, Data, Innovation and Value.
In a nutshell, keep an eye on the changing behaviors and preferences of clients and consumers, look for growth opportunities in evolving markets, analyze and use data wisely, invent solutions that you foresee will be useful, and provide true value for your clients.