We are all facing a juggernaut of change in the form of the digital revolution.
It is about understanding the disruptors and transforming your organisation through adopting new business models.
This was the word from Mark Simoncelli, global director for growth and implementation at Frost & Sullivan, who was speaking during the first session at GIL 2015 Africa at the Table Bay Hotel in Cape Town this morning.
As an example, he outlined how business-to-business transactions have been experienced sizeable transformations since the 1970s. It is evident that business models have already undergone significant changes to realise the ubiquitous connectivity and online commerce ecosystems that now see us trading everything from raw materials to hotel rooms, he continued.
From a business-to-consumer perspective, Simoncelli noted it is about creating platforms that cater to more informed customers. To illustrate this, he mentioned how an industry leader like Apple, which aimed to create the perfect hardware and has established itself as a must-have brand, is being challenged by Xiaomi, a Chinese electronics company focused on services and putting these solutions on a platform that allows them to seamlessly interact with their customers. In addition to this, he highlighted how customer-to-customer business models are also undergoing significant changes. The C2C sharing economy is promoting innovative peer-to-peer business interactions, he said.
But this is not just a business conversation: Simoncelli continued by outlining how governments should also be looking to change the way they are doing things. Open public data models and embracing eGovernance are just a few ways that governments can respond to transformations in business models and processes.
Outlining how to respond to this revolution, Simoncelli cited connectivity as a key enabler, adding that "as-a-service" offerings should be front of mind for all businesses. "You need to think about everything as a service. Looking at how you can bundle things as a solution for your customers." Businesses must also be open to converging with their competition and should always be open to collaboration and new ideas.
"It comes down to understanding the disruptive factors that are affecting your business and your industry. Understanding what could potentially collapse your business. But most importantly, it is about understanding how you can drive the transformation and get in front of that juggernaut of change and drive and lead that change in your company and industry as a whole."
Share