Executive Reality Check (Part 3)

Bottom line up front: Are you leading or lagging in your technology adoption? For fifty years, new technology has evolved every 18 months (Gordon Moore’s “Law”). How old is your technology?

Executives, here is your third reality check for 2017.

REQUEST: Consider these technology issues

1. The Internet of Things (IoT) is forcing CEOs to rapidly adapt their IT business plans. 26 billion devices will be connected to the Internet by 2020. Do you need to change your business plan?
   • Does your company have an IoT strategy?
   • Does your competition have an IoT strategy?
2. Internet digital disruptions are changing B2B and B2C sales models; and, Gartner says within 10 years, all sales models may look radically different. How nimble is your sales model?
   • How is your company addressing / embracing digital sales disruptions?
   • How is your competition managing digital sales disruptions?
3. Ultimately, customer experiences drive all business performances and that drives all revenue growth.
   • What would your customers report about their experience with your company?
   • What would your customers report about their experiences with your competition?

DECISION: If you found any of your answers lacking to these questions, then what are you going to do about it?

ACTION: Assess your technology upgrade and replacement plans! Judge how ready you are for fully embracing the Internet of Things. Reaching out to supply chain experts for technology help is a strategy that works!

Here is a technology analogy to consider: From 1950 through 1992, the station wagon was the technology to drive if you had a growing family. Then, from 1992 to 2008, the mini-van reigned supreme. And, while versions of mini-vans have been recently reincarnated, SUVs are the modern conveyance for families. While all models were state of the art in their time, safety and innovative technology advancements have changed with each car type and no one would seriously consider driving older technology today.

Do you change cars more often than you change your business technology?