This is the word from Rory Moore, innovation lead at Accenture Sub-Saharan Africa, speaking at the ITWeb Business Intelligence Summit 2017 today in Bryanston. Moore explained sometimes organisations have to run faster, just to stay in the same position, which means they have to do things differently to how they have done them in the past.
"So why should organisations stay relevant?" he asked.
"If you look at the gospel of management in the past 200 years, the big fish would always eat the small fish. It was great to be a large corporate in the past, because if a new start-up competitor came along, a large corporate had two options: they either buy out the start-up and absorb them into their large organisation, or they lower their prices to put the small businesses out of business," he explained. "But today the new gospel of management is the fast will eat the slow. It's no longer about the size of the business, but about providing products and services to customers in an innovative and fast-paced manner."
Moore referenced Accenture's' Technology Vision report which identifies five emerging technology trends that are essential to business success in today's digital economy namely: Artificial intelligence (AI) is the new user interface (UI), Design for humans, ecosystem power plays, Workforce marketplace, and The uncharted territory.
"AI is becoming the new UI, underpinning the way we transact and interact with systems. Seventy-nine percent of survey respondents agree that AI will revolutionise the way they gain information from and interact with customers. Technology design decisions are being made by humans, for humans. Technology adapts to how we behave and learns from us to enhance our lives, making them richer and more fulfilling," he explained.
Discussing the growing trend of ecosystems being used as a way to leverage business, Moore said platform companies such as Apple's iTunes, which is able to provide a single point of access to multiple services, have broken the rules for how companies operate and compete.
"Companies don't just need a platform strategy; they need a rich and robust ecosystem approach to lead in this new era of intelligence," he asserted.
To succeed in today's ecosystem-driven digital economy, Moore concluded that businesses must delve into uncharted territory.