Technology sector is the fastest changing and constantly evolving. New innovations and new competitors are changing the products and services offered every year. The latest offering today is quickly getting replaced with new products and business models are rapidly evolving owing to changes in service offering and changing preferences of customers.
Key trends shaping the industry:
Cloud Computing: More companies are shedding the fear of keeping important data outside the company walls as benefits of cost and agility becomes evident. Medium sized companies are joining the smaller firms in availing cloud services.
Consumerization: Increased mobility and power of devices and services offered by players have spurred the tradition of customization. Demands of customers are governing the development of products and services and the trend will grow.
Consolidation: Innovations coming from small and funded companies are leading to acquisition by big players in technology segment. To acquire new technologies quickly and command a first mover advantage consolidation will be high in the industry.
Emerging Markets: Growth in the sector is shifting from developed to developing markets due to lower costs and under penetrated markets.
Open environment for innovation: Open standards and access for innovation are increasingly supported as consumers and businesses demand for cheaper interoperability.
Challenges facing the players involved in the industry:
Continuous Innovation: Innovating constantly and bringing out new products and services that are desired by changing customer preferences can only ensure growth to players in the sector.
Changing customer preferences: Capturing the rapidly changing preferences of consumers due to numerous product and service offerings requires updated knowledge of customer profiles to tap the market.
Positioning: Selecting the part of value chain to operate and developing competency is crucial. At the same time, developing a flexible environment to imbibe new technologies and bring products to markets early also remains a key to success.
Competition: Global nature of technology sector brings tremendous competition putting pressure on costs migrating innovation to lower production and delivery channels. Associating with partners globally remains a challenge for developing long term alliances and ensuring competitive position in the market.
BMGI’s expertise in technology area:
Providing Strategic edge, understanding of business in the value chain and operational excellence to achieve consistent results in constantly changing technology space has been BMGI’s competency for the last decade. We have been long standing partner for players helping them imbibe the culture of change to adjust to rapidly changing customer preferences and business models. BMGI has delivered exceptional results in helping players to improve time to market their products/services through innovation and business transformation.
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