We’ve all heard the stories of how hyperconnectivity has the potential to reshape some industries. Manufacturers of all sectors are turning toward data-driven, “smart” manufacturing by embedding sensors, connectivity, and data analytics into industrial equipment. Logistics operators are combining telematics data, map visualizations, traffic information, and hub sensor data to collaborate and communicate with direct and indirect business partners in real time. Even retailers are finding new ways to keep consumers engaged before, during, and after a sale – all through hyperconnectivity.
However, that is not the end of the story for hyperconnectivity. As it turns out, every industry can benefit from it – even the ones that have not yet been disrupted by our increasingly digital world.
How one company proves that hyperconnectivity is for everyone
In a recent study by Economist Intelligence Unit (EIU), 59% of all surveyed executives view the failure to adapt to hyperconnectivity is their organization’s biggest threat. This also includes those from financial services (64%) and healthcare, pharmaceuticals, and biotechnology (55%).
Why should traditionally analog businesses take advantage of the digital economy? According to Jeff Dennes, chief digital banking officer of BBVA Compass, it’s all about providing the best service possible to customers and disrupting the industry before it disrupts your company. “[People] often believe that banking and its processes have been slow and antiquated,” he states. “This new digital era allows us to fix those processes and help our clients always be in control of their money wherever they are and whenever the need access.”
Are you prepared to take on this new era of hyperconnectivity?
Ongoing adaptation to the hyperconnected economy is not just an IT strategy – it also plays an intrinsic role in the evolution of a business. As you embark on your hyperconnectivity transformation, keep these three considerations in mind.
- Give customers what they want – convenience, reliability, and a brand they can trust. Consumer interest in any brand depends largely on the brand reputation, service response, industry inertia, and demand. Consider Nike, for example. To keep customers engaged and invested, the sportswear maker transformed itself into a fitness and lifestyle service. By using social media to foster communities, it is driving customer engagement through mobile fitness apps, sensors, and content.
- Never underestimate the potential for disruption – anytime, anywhere. If retail has taught us anything about the digital economy, it’s how new consumer behaviors can upend an entire industry at a moment’s notice. In a few short years, people have become more comfortable with making purchases online, leading to significantly less foot traffic in brick-and-mortar stores. This is forcing retailers to rethink the store experience – giving it a digital twist and integrating it with the rest of their digital strategy.
- Be prepared to accept and lead deep organizational change. The EIU research indicates that continued growth of hyperconnectivity will steadily shift the power dynamics of all organizations – with 45% citing reduced control of central management as one such impact. This requires greater agility with more-flexible hierarchies if you want your business to evolve at the pace of hyperconnectivity.
For more insight into how your business can seize competitive advantage from hyperconnectivity, download the EIU study “Hyperconnected Organisations: How Businesses Are Adapting to the Hyperconnected Age.”