How can businesses evolve strategy in a connected world?
There are now more interactions between businesses and consumers than ever before. As the popularity of smartphones and tablets rises in particular, there are a plethora of avenues for enterprises to explore when it comes to learning more about the habits of its customers.
However, will there ever be too many connections?
The Internet of Things (IoT), which is the buzz term for every connected gadget around the globe, is set to encompass a staggering 24 billion devices by 2020, according to research from Gigaom.
More connectedness than ever
Whether companies will be able to adapt to the changes this will usher with it remains to be seen. For example, in the not too distant future, everything including a consumer’s watch, thermostat, lights, door locks or even car could be interconnected.
Any companies that provide offerings revolving around such technology will likely have to collaborate with other, similar enterprises. These working relationships will form a big part of any strategic planning in the future, as consumer demand for more connectivity and streamlined products is only likely to increase.
The ‘connected life’ market has so much potential that Frost & Sullivan has predicted it will be worth $700 billion by the end of the decade.
Enterprise shift starts now
Research from the company also points to the fact the process of adapting to a more interconnected world should begin now, and encompass every area of the wider enterprise.
“Companies [transforming thanks to connectivity] are starting with their individual contributors, and from there driving transformation through their employee teams, business units and the entire enterprise,” explained Frost & Sullivan’s Senior Partner Dorman Followwill.
A technology linked world has its benefits for consumers and businesses alike. While the period of transition may not be easy, companies that do all they can to adapt will likely feel the positives more connectedness could offer.