In today’s dynamic business landscape, technology has emerged as a powerful catalyst for innovation and an enabler for new strategic directions. Tech-enabled services are the lifeblood of modern enterprises, driving customer engagement and streamlining operations with unprecedented efficiency. The key to future business success hinges on agility and innovation, empowering companies to not only thrive in the current environment, but to build the resilience needed to weather the next wave of technological disruption.
The recent Empowering Beyond Summit (EBS) 2024 served as a forum for these forward-thinking discussions, where industry leaders gathered for a fireside chat to discuss this transformation. Akshay Khanna, a managing partner at Avasant, moderated this conversation joined by John Fremont, Global GBS and AI Lead at DXC, and Daniel Yang, Chief Customer and Innovation Officer at MGM Resorts International. Their collective insights offer a comprehensive view of the present and future states of business in this tech-driven world.
Revolutionizing Customer Engagement
The digital revolution has transformed the customer journey from a linear path to a multidimensional, data-driven experience. Businesses are now capable of offering personalized interactions that cater to individual preferences, powered by data analytics and machine learning. This shift has not only redefined the nature of business-customer interactions but has also led to elevated customer expectations.
Yang’s insights from his experience in the television and gaming sectors illustrate the shift in industries traditionally dominated by incumbents with significant physical presence. The emergence of personalized services and AI-driven agents has created an extraordinary era of accessibility and convenience. By leveraging historical data to understand customer behavior, businesses can deliver meaningful and timely content, increasing customer satisfaction and loyalty. The global reach of technology has escalated the competitive landscape, compelling businesses to embrace agility and innovation as critical components of their operations.
Generative AI is Redefining IT
The arrival of inexpensive and accessible generative AI capabilities is revolutionizing the IT management landscape. By optimizing existing processes and creating a demand for a new spectrum of services, this booming market, including massive investments from top technology companies, presents a lucrative opportunity for service providers to innovate and expand their business models. As enterprises increasingly internalize core IT tasks and experiment with generative AI initiatives, providers that fail to redefine their value propositions risk obsolescence.
Fremont’s preference to define AI as “a tapestry of technologies and techniques employed for a desired outcome” aptly signifies its role in enhancing efficiency, productivity, and revenue generation. However, the true power of generative AI lies in its strategic application, meaning businesses must define use cases that align with customer interests and shareholder value. With its versatile applications across enterprise applications, large language models, public cloud services, and advanced computing hardware, generative AI presents leaders with a myriad of strategic pathways to propel their business forward.
Data Aggregation Momentum
The trajectory of tech-enabled services has seen an emerging trend towars data aggregation and abstraction. The ubiquity of smart devices has accelerated a company’s ability to collect data, propelling businesses beyond traditional digital boundaries. The emphasis now lies on the seamless integration and convenience of services, woven into robust aggregation layers that elevate the user experience.
The anticipated launch of Apple’s iOS 18 may help mainstream AI, enticing businesses to integrate their services within these aggregation layers to maintain relevance. Those who adeptly maneuver through this transition will be better positioned to address customer needs and enhance engagement. Yet, the true potential of this integrated service model is contingent upon well-organized data that can provide crucial insights, highlighting strategic importance of data management.
Data-Infrastructure: The Innovation Backbone
In the digital age, data is the cornerstone of innovation, shaping the strategic direction of tech-enabled services. Establishing a robust framework for data organization and management is essential for businesses aiming to capitalize on technological advancements. With customer expectations rapidly evolving, a solid data infrastructure enables businesses to swiftly adapt to emerging trends and market demands. Accurate, accessible, and well-structured data is imperative to support AI-driven initiatives and prepare for inevitable technological shifts on the horizon.
Data itself is a strategic asset, providing the basis for businesses to control costs, mitigate risks, ensure compliance, and drive innovation. Effective data management serves as the foundation of accountability and precision, providing critical insights for informed decision-making. Companies that prioritize their data infrastructure can secure their position in the digital landscape and align their internal efforts towards shared goals, driving collective success.
Navigating Corporate Innovation
For mature organizations, innovation is a double-edged sword that presents both challenges and opportunities. While these organizations may have benefited from scale and resources – they now must carefully navigate the complexities of integrating innovative technologies into existing operations. A strategic approach is crucial, one that evaluates the immediate impact of technology and its potential to catalyze future growth. Balancing the pressing demands of today with the strategic aspirations of tomorrow is critical to maintaining competitiveness in a rapidly evolving market.
The pace of innovation is accelerating, driven by advancements such as generative AI and the anticipated impact of soon-to-be realized mainstream quantum computing. These advancements are shortening the cycle of productivity and disruption, enabling businesses to process and analyze massive data sets with extraordinary speed and precision. The result is a dramatic acceleration in decision-making, allowing companies to respond to market dynamics with agility and innovate at a pace previously unimaginable. Technology is not the only precursor to successful change. In this fast-paced environment, businesses must cultivate a forward-thinking culture to navigate these complexities and remain at the forefront of their industries.
Conclusion
As we are on the cusp of a new digital dawn, the future of tech-enabled services is characterized by innovation and strategic adaptation. This future is shaped by the transformative power of generative AI, critical importance of data infrastructure, and emerging trend of data aggregation -– all built upon a company’s ability to change and respond to market trends and pressures. Business success soon will be defined by their ability to remain agile, adapt to the accelerating pace of innovation, and integrate new technologies seamlessly.
For management, the direction is clear: steer organizations towards a future where technology is not only an operational tool, but a strategic asset that drives customer engagement and operational efficiency. The journey ahead is one of continuous exploration and adaptation, where agility and foresight will distinguish the leaders from the followers.
By Thomas Hacker, Associate Consultant, Avasant