The past ten years have been a period of unprecedented innovation, reimagining the way we communicate, the ease with which we buy products, how we travel, where we stay, how we track our health, consume entertainment, and spend our time. It has also been one of unintended consequences and increased scrutiny of tech companies’ impact on society. Regulations and safe-guards to protect data privacy, cross-border protection of intellectual property, and innovations for reducing and even eliminating waste from the high-tech ecosystem are still in their infancy.
These issues are a significant threat to brand loyalty and trust for some of the largest and most widely-known technology companies. As tech companies dominate the global economy and navigate the attention that comes with this domination, they must manage an evolving set of challenges, including customer preference for a variety of consumption options, the need to scale faster than ever, the dominance of software over hardware, and the rise of policy to protect consumer privacy. Going forward, winning companies will be those that are the most adaptable to this new dynamic. They will build a trusted relationship through a single-minded focus on their customers.
They will embrace business model innovation, process optimization, and workforce productivity. And, they will manage a delicate balance between deploying frontier technologies such as artificial intelligence, Big Data analytics, and blockchain, and thinking through their impact on society.
By 2025, the sale of single products or point applications will no longer drive commerce growth. As high-tech companies develop products that are smarter, connected, cross-compatible, and built on common standards, we expect scalable platforms to capture the high volume and velocity of data their products generate. The transition comes with significant challenges. The most-effective companies will be those that can fairly share revenue with partners, ensure accounting compliance, organize high volumes of customer sentiment data, ensure accurate record keeping of software entitlements, and secure the supply chain from intrusion and counterfeiters.