The future is digital: Transforming products and innovating new business models
By the Enterprise team on April 17, 2017
Filed under Discrete Manufacturing
“95% of the top 100 largest enterprise software companies will have integrated cognitive technologies into their products by 2020.”
—Cognitive technologies enhance enterprise software, (Deloitte, 2016)
Digital transformation is the result of integrating technology across key aspects of your business, including customer engagement, employee empowerment, and operation optimization. But what are the disruptive implications of transforming your products themselves into digital assets?
Paradigms once associated with particular business models and industries are becoming outdated at a brisk pace. Emerging technologies, specifically the Internet of Things (IoT), are giving pioneering enterprises the ability to embed software and technology directly into their products and services to communicate, track usage, and gather data for a wide range of analytic, security-enhancing, and value-adding applications. These changes are creating new market opportunities, facilitating innovation, and driving competition.
“We are transforming products and services at an unprecedented pace of innovation and strive to help our customers realize the benefits of digital transformation.”
—Jean-Philippe Courtois, EVP of Global Sales, Marketing & Operations, Microsoft
Outside the box: The hidden potential of your products
By digitally integrating your products and services with your operations, customers, and employees, you create a positive ecosystem that not only brings out the best in all of them, it transforms them. Products and services can be sorted, linked, tracked, and digitally wrapped in ways never before possible. Enterprises can now:
- Use data to enter new markets.
- Revise business models to prioritize agility and emerging trends.
- Make customers their business partners.
- Connect products to amplify and redefine their value.
Banking without banks: Temenos connects a world of finance with Azure-based software
In one example of the digital transformation of services, Swiss financial software company Temenos addressed a need for banking access in remote locales and new markets by creating a mobile banking platform that could be accessed by anyone with a smartphone. After deploying its Microsoft Azure cloud-based T24 software within financial systems around the world, Temenos supplied 10 million underserved people with mobile banking access. Thanks to the flexibility and scalability of Microsoft Azure, Temenos anticipates the addition of another 2 billion users in the coming years.
The potential benefits of the integration of digital technology into your products and services are limited only by your creativity and willingness to innovate. And because the components work both independently and as a cohesive system, you can start small and grow from there.
For a detailed roadmap to transforming your products, plus insights and examples of the digital transformation of Microsoft itself, download the e-book Your Roadmap for a Digital-First Business (Transformation at Microsoft).