Over the years, digital revolution has changed the way we work and play. As technology gets smarter, promising connectivity and accessibility, it also blurs boundaries between industries. Consumers always look for more meaningful devices and apps, while digital innovation agencies seek more cost effective technology solutions to cope with proliferating complex challenges to differentiate themselves.
Satisfying these varying market needs might lead the digital solutions providers to a completely new level of competition in the fast growing areas of data and analytics. This can mean that, these agencies have to be equipped with the right technology solutions in order to meet the business needs of their clients.
Since the agencies may not always possess the relevant and adequate skills, expertise, or time to execute that vision, they might have to partner with the right technology solution provider to make sure their efforts in one direction brings them value.
If not for all, for the digital agencies that are into innovation space, this might change the rules of engagement in the following areas:
Business Intelligence: Analytics changes the way businesses compete and differentiate themselves
The rise of social networks that store the data people share are bound to generate immense quantities of information. As per the report published by IDC, a market research giant, the quantity of digital information created every year will be increased to 35 trillion gigabytes by 2020. E
With all these technology progressions, just the act of collecting massive amounts of data and managing it might provide minimal value. It is only truly rewarding when business intelligence is applied to enabling processes that helps companies make better strategic decisions.
Business intelligence, that enables digital firms to collect substantial amounts of data on each vertical of their business and analyze it to yield information they can act upon – leading them to better decision making, improve performances and most importantly create new business models – is growing in importance.
Mobility: Changing the way people interact and engage with the world
Increasingly, smart devices and portable tools that connect to the internet have very much become an integral part of our lives. As per the data from IDC, Smartphone sales outpaced those of PCs for the first time in the last quarter of 2010. The usage of smart phones is increasingly being used to access the internet as compared to the traditional computers.
Digital agencies taking birth from this newer emerging market shall compete with one another as the rapidly growing newer technologies become available. These emerging markets shall offer many opportunities for digital solution providers related to smart technologies.
The sales of smart phones have outpaced PCs in the recent times. As more and more smart devices could be used to access the internet than traditional computers, this move will create new players and opportunities for every agency in the digital space.
Cloud: Cloud finally takes off
After talking about cloud for many years, analysts are seeing cloud-based services finally taking off. It is expected that by 2020 all major global companies will use public cloud services, transforming most of the current IT hardware, software and database markets.
Once cloud becomes widespread, it will transform the way business is done, forcing digital firms and IT solution providers to think about scalable, pay-as-you-go business models reducing costs for IT buyers, increasing their flexibility.
With this advancement in the increased consumption of cloud based solutions, these services will be seen growing exponentially and turn into business processes as a service, regardless of its data security and privacy issues.
‘Opportunities’ & ‘Challenges’ - With the emergence of newer technologies
Many digital firms are sure to be disrupted by the consequences of technology innovation. This will blur the boundaries between geographies, economies, industries, products and even personal and business lives. This is going to be the ‘True Convergence’ technology insiders have long spoken about.
The growing acceptance of smart devices will open up new markets for mobile e-commerce. As this changing environment will create new markets in the digital space, digital solution providers, for example, will be faced with a choice: either evolve into the role of digital innovation provider, or be content simply to serve as a utility. With this, it is time to question how prepared you are to welcome the opportunities and face the challenges resulting from these technology innovations.