In the unpredictable world of tomorrow, we believe that market leading TMT companies must:
- Understand the market and operational sensitivities of their business models
- Equip themselves to instantly and accurately read their markets and react when necessary in real time
- Use interactive platforms and ecosystems that enable them to marshal their resources for continuous iteration in response to ever-changing customer demands
Adapting business models to market sensitivities
A pertinent example of market sensitivity is the impact of shifting customer demographics on content and channel strategies within the media and entertainment space. A recent EY study highlights the need for companies to accommodate the preferences of the increasingly tech-savvy baby boomer generation, which has a high disposable income and tends to be more loyal than younger generations. To achieve this, companies will need to adopt a data-driven approach that enables them to understand how older generations are using technology, so that they can create personalized experiences across the right channels and unlock huge opportunities for growth.
There are a host of new and emerging tools that can enable TMT companies to instantly and accurately read their markets. Harnessing data from social media platforms is an obvious example, and more innovative tools are set to follow in the future. It is critical that companies make use of the technologies we now have at our disposal. One emerging area of opportunity is conversational commerce whereby companies can use bots and other automated chat programs to engage with consumers via messaging platforms. Conversational commerce can be a great way to bring a brand to consumers, and to build a personalized, trusted, two-way relationship over the long-term.
Transformation demands continuous iteration
There is no end point to transformation. It is an ongoing process that requires continuous iteration, in response to ever-changing customer demands. Those TMT companies that grasp this have already adjusted their business and technology strategies accordingly. For example, some are using intelligent automation (IA) to transform their back-office operations into future-ready global business support centers. These IA tools are set to evolve even further as they improve their ability to mirror human intelligence and undertake more complex analysis, budgeting, decision-making and planning. Companies will become more agile and quicker to market and be able to serve their customers better and faster.