Business Challenges In New Technology Enterprises Today
The global economic growth of the last nine years has been powered largely by technology. Record corporate profits and new business models can all be tied to technology -driven innovation.
On average, an S&P 500 company is now being replaced once every two weeks. This “tumble rate” is accelerating – with the difference between winners and losers tied to their ability to embrace digital technologies. The next decade will, of course bring about even greater tectonic shifts.
To address these challenges, businesses need to make sense of a growing volume of data. Create a step change in productivity, and innovate with relentless clock-speed. In other words, they need to accelerate value creation. This is the heart of the intelligent Enterprise.
Even with the future of business in mind, many entrepreneurs are stuck between funding, implementing and innovating for tomorrow while still running today’s business .
Businesses are generating an overwhelming volume of data. However, most of them are unable to use it effectivelyto improve productivity. These enterprises should instead derive more actionable insights from enterprise data to help business partners react to new opportunities.
To create an engaging workforce for all employees translates directly to customer experience. Every age group in an enterprise has a role to play and skills to bring to the table. The Millennial workforce brings a new set of skills as well as desire for more purpose driven work. The want to work for companies that are committed to making a positive social and environmental impact in the world.
There is need to understand what the consumers really want and how best to deliver the best experience for them. It is advised that as switching costs decline, empowered customers expect companies to build intuitive products, provide seamless user experiences and create outcomes that surprise and delight.