Managing Uncertainty is the third of a 10 part series reviewing the Top 10 IT concerns in 2018. In the last article we addressed the 9thth largest IT issue and the challenges. We continue to look for ways to make your business agile.
#8 Business Issue: Managing Uncertainty
Abrupt shifts in politics, consumer behavior, regulatory changes, technology advances all conspire to upset even the most carefully planned business strategies.
Creating a business that is data-driven is the best way to manage uncertainty. That means setting up your entire organization in such a way that it can experiment. While at the same time, remain competitive in a changing marketplace.
Technology can help a business, but it can hurt a business if it isn’t managed properly. Data analysis helps business determine risk, weigh outcomes, and quantify costs and benefits associated with decisions.
#8 IT Priority” IoT
Of all the technology trends that are taking place right now, perhaps the biggest one is the Internet of Things. The Internet of Things, or IoT, is a reference to billions of physical devices around the world that are connected to the internet - collecting and sharing data.
With wireless networks readily available, almost anything – from a crockpot to a pill can be part of the IoT. Now devices can communicate with each other and suddenly the digital and physical worlds are one!
While the IoT is probably going to give us the most disruption at the same time, the most opportunity over the next five years.
#8 IT Challenge: Social Networking/Digitization
Digital media insures the ability for companies to reach the public even faster. A business no longer needs to print inserts and wait for the Sunday paper to announce a sale. Now a promotion reaches target audiences through email, websites, social networking, or Internet ads. Conversely, a consumer can reach back. Someone with a cell phone can spread a company secret or mistake in minutes. In the past, a business would have time to rectify the problem before possible damage to its reputation.
The effects of digitization is reaching all parts of our lives because three forces are reinforcing each other:
- Consumer pull: Today, consumers expect connection. They are willing to share personal data, and are more likely to trust referrals from their closest friends than well-known brands.
- Technology push: Digital technology continues to expand its influence. Billions of consumers are able to connect.
- Economic benefits: The economic benefits captured through digitization are real.