In prior blog posts, I have discussed how the growth of technology companies have disrupted companies in almost every field. Existing companies are now forced to improve their products and compete with the innovative products/services of technology companies.
Platform companies all started out simple, Amazon wanted to sell books on the web, Google was just a search engine, but instead they expanded way beyond what they started out as and integrated themselves into everything we do in our daily lives. Now of days, technology is almost always necessary in everything we do, we use it for a number of reasons including: to check in on our health, view our mail, and retrieve information.
These technology companies did not all plan to be so successful, but there are a number of factors that have led them to this point. One reason why these companies are so successful is because they are leaders in Artificial Intelligence Technologies. Notably, these technology companies are large spenders in AI, and globally, existing companies have followed their trend as well (as shown in the chart below).
Overtime, humans have become much more attracted to AI technologies. More often, these technologies make experiences for the customer simpler, so customers continue using their technologies. For example, tech companies have a great lead in voice recognition technologies and is now becoming a technology that is commonly used. In the chart below, it is evident that overtime more and more people will be accustomed to voice recognition technologies.
Even incorporating voice recognition technology into customer support calls can make companies much more efficient. Voice recognition technologies are a beneficial technology to incorporate into a digital company, it serves as a useful tool to customers.
However, the problem for many existing companies is that they did not start out as technology companies so making this shift is more complex than traditional. It requires ‘exponential‘ thinking for a shift as such; thinking outside the box. If companies want to succeed in transforming their businesses digitally, they must come up with new ideas in order to grow. Following the same routine over and over will not change results, companies must learn to adapt to their markets.
Babe Ruth once said “It’s hard to beat a person that never gives up”, and the technology companies do not give up. Existing companies have not changed their agendas for years and technology companies have given them a wake up call. Technology companies are successful because of their drive to bring new and creative products/services to the market. In order for a company to be successful in the 21st century, they must adapt to changing markets.