Identifying trends in your vertical market is a common business practice, but what is surprising is that most businesses don’t look at how IT has changed in the vertical market and the impact it can have on them. A high majority of businesses still see IT as a cost centre and not a business driver and with this thinking brings a risk of falling behind the game.
It doesn’t matter what your market is- be it retail, service, transport or quick service restaurants (QSR), IT consistently changes the way each of these markets do business.
From our hands on experience in all of these markets we have seen a dramatic change in how the customers in these markets expect to do business with businesses. What is scary is that we have seen that not all business have made the change to adapt with the changing landscape. The point is that once the market changes you need to be agile enough to change with it. Failing to do so means that your customers will find somewhere else to go and once this trend starts it is very hard to change it. Blackberry were once the undisputed leader of business smart phones and are now on the verge of going bankrupt. Why? They were not listening to their clients and not able to quickly enough adapt to meet the needs of the market.
So how does a business stay at the forefront? It can be brought down to two simple words- ‘partnerships’ and ‘strategy’. If you don’t have an IT strategy in place and a partner to help show you what is available in the market to keep you competitive and then help deliver the strategy, then you will find it hard to adjust to the market changes. A key point to understand is that IT is very fast changing, so your IT strategy should not only to be reviewed twice a year, but you must have an IT budget in place to make the required changes.
Unless you want to be left like a duck out of water, an IT strategy in today’s business world is a non-negotiable part of doing business.