The way in which organizations are affected by digital developments varies hugely between sectors. Regardless of the market in which they operate, however, all companies must ensure they are organizationally flexible in order to make the most of business opportunities. It may be a cliché, but change is the only constant. No matter how difficult, organizations must be prepared in order to remain relevant, today and in the future.
Technology brings customers closerAll organizations in every sector are encountering digital transformation in one way or another. Technology brings consumers and customers closer – via mobile and social media, for example. This is why a transformation in which the customer is the focal point is crucial. Without this change trajectories remain an exclusively internal matter, failing to attract – nor, more importantly – bind customers. In fact, technology makes creating exceptional customer experiences easier than ever. Data analysis and AI can help analyze and predict people’s behavior in order to offer customers an optimal experience.
This doesn’t mean that technology should be at the forefront. The companies coming out as winners in the digital economy will be mainly focused on customers while moving their technological solutions into the background. But this doesn’t make technology less important: a good understanding of customers should help make the right technological decisions for the future.
Various scenariosAddressing future developments is always tricky. Companies should therefore focus on various scenarios in order to be prepared for disruptive phenomena, and embrace a digital strategy that takes them into account in the broadest sense.
Transformation in which the customer is the focal point is crucial.
The Future of IndustriesCognizant has compiled a series of digital magazines to give decision-makers fresh insights into the future of eleven sectors. The publications examine digital developments and the impact digital technology is having on companies. They don’t revolve around making predictions: the magazines feature perspectives which anticipate future scenarios. We also share our latest insights into the impact of COVID-19 on every industry, and address topics such as ethics and sustainability.
The core of the message is that organizations who wish to remain relevant should study different future scenarios and embed upcoming digital technologies in their business model, with a strong focus on the customer.
Organizations who wish to remain relevant should study different future scenarios.
The future perspectives were developed by Euan Davis from Cognizant’s Center for the Future of Work and Tony Bosma, futurist and trendwatcher at Extend Limits. Euan focuses his research on consumers and how digital changes affect their behavior while Tony explores future trends and technological developments, looking at what they mean for people and including best case examples.