Darwin may not have been talking about business when he came up with the phrase “Survival of the Fittest”, but it’s definitely true in today’s business world. Technology is changing daily and businesses must adapt to stay competitive. Research firm Innosight has reported that the average lifespan of a typical company is down from 61 years to 18, with further declines expected. The culprit? Digital disruption.
Companies like RadioShack, The New York Times and Sears dropped off the S&P 500 to make way for companies like Netflix, eBay and Amazon. In fact, in 2012, Innosight predicted that 75% of the S&P 500 would turn over by 2027. If companies like these can’t survive digital disruption, how can smaller businesses hope to? The writing is so clearly on the wall that 89% of IT and business decision makers today have begun making plans or have already started modernizing their IT. They know their survival depends on it.
Here are the top eight reasons your competitors are modernizing their IT.
Enable Worker Productivity
Today, everyone is on the go. Employees want faster access to data, easy knowledge-sharing tools and mobile apps for everything. AI-assisted processes are making employees more productive that ever before. Automating daily processes frees employees up to focus on the bigger picture.
Better Manage Business Performance
Businesses are more data-driven than ever. Modernizing your data by making it easily accessible in real-time can help business leaders find exactly what they need when they need it. Executives can spend less time digging through data insights and more time taking action.
Understand Customer Needs
The customer is still king! Businesses that better understand their customer needs will beat their competition every time. Data modernization is allowing businesses to collect and analyze data faster than ever before, which means faster customer response times and happier customers.
Meet Customer Experience Expectations
Once you understand customer needs, you can start working on meeting customer expectations. Modern technologies like AI and Chatbots are making it easier than ever to adjust to changing customer expectations.
Provide Secure Anytime/Anywhere Access to Assets
Instant gratification is huge in today’s society. Customers and employees alike want to be able to access everything on demand. IT Modernization provides a secure way for anyone to access their assets from anywhere at anytime.
Digitally Modify Business and/or Processes
Process automation is one of the biggest benefits of IT modernization. No longer do employees have to spend hours on repeatable tasks. Instead, automated processes are being put in place which leaves these employees more time to spend on strategic initiatives.
Develop New Digital Revenue Streams
32% of IT decision makers say that modernizing has helped their organization achieve revenue growth, with an average of a 23% increase. It’s important for businesses to continue to innovate and drive new revenue streams in order to stay competitive.
Digital globalization is the flow of data and information worldwide. This global data flow enables the movement of goods, services, finance and people. The world is more connected than ever before, and companies of all sizes are using digital globalization to operate more efficiently.
Where to Start with IT Modernization
It can seem overwhelming, but modernization doesn’t have to mean a complete IT overhaul. You can start by leveraging the technology you have now, and using modern cloud services to fill in the gaps. In our new ebook, we share how a hybrid multi-cloud strategy can help you modernize incrementally while still utilizing your legacy systems. It also discusses why partnering with a managed services provider like Codero is essential to ensure a smooth transition.