Disruptive technology: An opportunity for industry transformation
Disruptive technology is not a new topic to the IBM Big Data & Analytics Hub. One of the most popular recent Hub postings, “5 disruptive technologies that are challenging the traditional banking model,” offers a study of the top disruptive technologies in the banking industry. But when you think about it, many of the posts on the IBM Big Data & Analytics Hub are actually about digital disruption.
Companies can leverage the Internet of Things; mobile, cloud and social computing; analytics; and other technologies to improve business processes and gain a competitive advantage. This approach reveals a key consideration for businesses in traditional industries: digital disruption is not something to fear, but rather something to embrace. Have you ever heard the saying, “If you can’t beat them, join them?”
New, agile start-ups such as the much-discussed financial technology (FinTech) start-ups are utilizing technology to provide fast, highly cost-effective or enhanced customer experiences. But large, experienced organizations also have an advantage. They have the customers, the capital and the motivation to revolutionize their industries. They also have the ability to become industry leaders and to leverage modern technologies such as wearable devices, Internet of Things devices and smartphones to add even more value than ever to the customer relationship.
Marvel at robots, 3-D printing and other innovations
Day three of IBM Insight 2015 kicked off with the general session, “Make your mark – Disrupt your marketplace,” by Fredi Lajvardi, nationally recognized STEM educator and subject of the film Spare Parts. Lajvardi discussed the David-and-Goliath situation his high school students faced when going up against the better funded and more experienced college teams in an underwater robotics challenge.
And speaking of cool technology, Elle Shelley, chief marketing officer (CMO) at Local Motors, talked about the exciting and marketplace-disrupting 3-D printed cars. Local motors is disrupting the auto industry's traditional manufacturing process, and creating cars that are safe, smart and sustainable. This will be an exciting space to watch, and it certainly fit well with the theme for the day.
Technology makes for a great story, but it makes for even better solutions to business problems. How can you determine which banking offers your customers are likely to act on? How can you retain policyholders in the insurance industry? What can client behavior tell financial planners about their clients?
Analytics based on various data sources--such as transaction history, social media and other customer touch points--help organizations succeed in the same way Lajvardi’s students were successful. They may even take home first prize in their industries, or at least increase customer loyalty and revenue, which is good for everyone involved.
Prepare a technology story worthy of the red carpet
Now is the time to reinvent your company’s relationship with new technologies and write your own story. Make it a story that is on par with stories developed for film by Ron Howard and Brian Grazer, who gave an incredible talk at IBM Insight today. Make it a story that is unique to your organization and tailored for your industry. Learn more about the transformation of key departments within your organization, such as Sales and Finance. And learn more about turning possibilities into reality through demonstrations and other resources. If you missed the Tuesday, 27 October 2015, general session, be sure to tune into the replay on IBMGO.