We’re living in a new era. Continuous innovation in technology has shaken up traditional markets, which has led to a rising entrepreneurial culture and dominance of startup organizations.
Just look at the last few years: Companies like Uber, GitHub, WhatsApp, Snapchat, and AirBnB have disrupted the status quo with a new model of business. These digitally-native organizations build their empires in the cloud, and use open data and streamlined technology to “outpace and displace” their more established predecessors.
Modern companies have bold objectives and are not afraid to reshape the industry if the current standard does not measure up to their vision. They operate with agility and innovate rapidly – and therefore grow fast. And that’s because they’re using technology to make them more efficient and effective, often leaving traditional competitors in the dust.
It should not be surprising to hear that investments in new tech are reaching a record-high across industries. According to CB Insights, private technology investments by non-tech Fortune 500 companies increased 149 percent between 2013 and 2016. Thus, a new batch of tech leaders have emerged – thanks to their access to funding, ability to cater to a digitally-native customer base, and an aptitude for innovation.
It’s Not Enough to Keep up with the Joneses
Digital disruption is by no means just for startups. Established organizations that promote digital transformation and embrace new technologies can also reap the benefits of this new market. But to do so, legacy companies need to abandon “legacy mindsets.” It’s not about when or if we become digital – it’s mandatory and immediate.
The democratization of technology has forced many traditional enterprises to re-evaluate their digital strategies. These days, the rate of growth of an enterprise is directly influenced by their level of digital-maturity. It’s no longer acceptable to rely on dated corporate philosophies.
“Comfortable inertia with archaic business models, customer segments, and competition in well-defined markets has resulted in traditional technology service providers (TSPs) missing large new opportunities,” says Gartner research director Rajesh Kandeswamy.
But legacy companies do not need to condemn themselves to be “outpaced and displaced” due to missed opportunities. They simply have to analyze their standing in a changing market and adapt to their new circumstances.
The idea of digital transformation isn’t a new one. Established enterprises have been working to “keep up with the Joneses” for nearly a decade now in an attempt to stave off emerging competition. But it’s not enough to simply keep up – now is the time to break away from the pack and step into the future. It’s time to automate, orchestrate, and optimize your workplace.
In other words, it’s time to disrupt or be disrupted.
In this new era of tech, businesses need to be agile enough to not just respond to the threats they’re facing from disrupters, but dive into digital transformation head-first, embrace the latest technological innovations, and set their own course for disruption.
Digital transformation does not have to be a daunting, multi-year, multi-million dollar venture either. Change always comes with its own challenges, but when your company’s technology systems connect seamlessly, so can your employees.
Welcome to the new era of Intelligent Process Automation (IPA), the 4th wave of process automation. IPA leverages the power of humans and machines to further drive no-code process automation into the lines of business.
The key for your organization is to invest in an IPA platform that is trusted by IT, yet easy enough for line of business workers to use. Everyone wins, and can then concentrate on the things that matter most – like your company’s next big innovation.
You become the “Joneses,” and can watch others race to keep up with you.
To learn more about IPA, visit www.nintex.com.