Predictive Business Models to Reign Supreme in Future
The combination of cloud, mobile, and Big Data initiatives is having a major effect on bottom-line business functionality. During the past several years, the collaboration of these technologies has enabled companies of all sizes to embrace real-time strategies that let them react quickly to outside circumstances deriving from customers, partners, and other parties.
Unfortunately, today's real-time capabilities are no longer fast enough to support such demands. Instead, executives now require the power to essentially see into the future. An E-Commerce Times report highlighted this phenomenon, noting that organizations are now approaching the dawn of predictive analytics or strategies that allow firms to assess their current landscape and foresee forthcoming opportunities.
Experts said the current corporate landscape is monumentally different than it was several years ago because the only constant in today's environment is change. Companies that want to survive will need to adapt and transform their traditional business models by using the ever-growing volumes of data that are now at their fingertips. Specifically, industry specialists said the amount of information that organizations possess will likely double within the next 18 months, E-Commerce Times reported.
In the coming years, having the power to forecast future trends will likely give businesses an edge, although this ability won't necessarily guarantee success.
Forecasting is only part of the picture
Although using cloud computing, Big Data analytics, and other technologies will likely help organizations gather more information on the evolving consumer and corporate landscapes, enterprises and small firms will also need the agility to adapt and keep moving forward. Experts report that companies are often caught up in the technology aspect of the equation, even though it is only part of the problem. In addition to using the right tools, decision-makers and employees need to share the right mindset and maintain a level of mental agility to thrive in the future.
An SAP report echoed the importance of embracing new strategies, noting that the convenience of the cloud will allow decision-makers to adopt new philosophies that will be critical to getting and staying ahead of the competition in the coming years. If organizations don't take the time to adapt and understand how they can predict and capitalize on the future, they will find themselves struggling to maintain pace in the coming years, making it more difficult to succeed.
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