The world keeps changing at a rapid pace, with digital technology and social data merging to give consumers services that they never would have dreamed they could get. Besides newer tools like Uber and Air BnB, which have removed the need for traditional service providers in their industries, things like virtual reality and facial recognition are taking the financial sector by storm.
In Japan, for example, one of the banks has a robot that will scan your face, greet you and predict what type of service you need from the bank today. These are all scary things for business owners, CEOs and executives. Social data continues to disrupt the industry and company leaders know they will have to think out of the box to stay relevant and compete in today’s business environment.
In IBM’s study entitled Redefining Boundaries, business leaders across many industries from 70 countries were interviewed and the results showed that they expect to have to compete with companies outside of their industry in the near future. Companies realise that they can no longer protect themselves by working in isolation; they will have to embrace change in order to compete.
The speed of your reaction will also impact the success of your business. Companies need to realise that they will have to start reacting quickly and decisively in order to benefit from change in the industry.