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Can you take advantage of the innovation economy? Part one

Deloitte on Cloud Blog

Many are ill-prepared to take advantage of the emerging innovation economy because they need advanced systems driven largely by the use of emerging technology such as cloud computing and related technologies provided within the cloud.

December 6, 2018

A blog post by David Linthicum, managing director, chief cloud strategy officer, Deloitte Consulting LLP

Companies old and new are now rewarded for having the most innovative ideas that can quickly go into production. It’s a trend that is likely to only accelerate into the future and has already become a threat to enterprises that have yet to adopt a culture of innovation, or embrace the technology required to support innovation.

At the heart of the issue is the user or customer experience. This could be the convenience and value of calling for a ride with a single click of your smartphone, or the ability to take a picture of a product at a retailer and instantly compare prices with other nearby retailers. Or, even the ability to know the exact time your new car will be delivered from the manufacturer, including the ability to track the car through the manufacturing process in near real-time. These features have gone from near-future science fiction to expectations that customers now refuse to do without.

The ability to delight customers is the most relevant harbinger for traditional Global 2000 companies. Many are ill-prepared to take advantage of the emerging innovation economy because they need advanced systems driven largely by the use of emerging technology such as cloud computing and related technologies provided within the cloud. Cloud technologies also allow smaller and/or newer companies to punch above their weight class. Companies that are fully cloud-enabled have the ability to quickly take new ideas to the market, succeed or fail fast, readjust, and find new paths in the market.

It’s the changing user expectations for net-new systems the drives the rise of innovation as the primary value driver for businesses. If an organization can enhance the user experience to a degree that it drives demand, then the chances of market success can increase many-fold.

This leads to changes in technology that these organizations employ, as well as changes in the way those within the organization leverage that technology. Often leadership considered it “against the culture” if employees tried new things, experimented, or even tested the market on their own. These days, such activity is encouraged.

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