Technology now forms the engine room of many companies, whether they be a startup or a multinational. Technology budgets, once a minor part of the accounts, now dominate costs. However it is important to remember that technology is a tool for business – a lesson from the “dot-com” era is that innovations such as Blockchain technology should facilitate the business model and not drive it.
The rise of communications technology has had a profound affect on corporations, with many now seeking to take advantage of the ability to connect directly with clients. Often this requires taking previously manual, internal processes and automating them to support self-serve portals.
The new sources of data from customer relationships and “internet of things” technology offers previously unimaginable opportunities for data analysis and feedback, yet also creates challenges in data security, storage and processing costs.
Regulation and governance is also driving a shift from decentralised, “desk-based” functionality to centralised, validated and supported systems. This is creating additional complexity during transformation projects.