Trends in Technological Innovation Rapidly Shaping the New Business Landscape

Adam Storch,  Vice President - Business Solutions,  Micro Strategies.As an industry expert, Adam has been able to architect and deliver solutions on many different document management, document capture and business process management platforms

Technology is driving change for business leaders who are increasingly modernizing their business and technology ecosystems so they can effectively navigate the new digital age. These innovations allow organizations to instantly access vital information designed to quickly make business decisions which, in turn, will help give them a competitive advantage in the marketplace. Some of these trends include:

Content Services
Business leaders are taking on digital transformation, both on a project level and also integrating across the business to drive growth.
The current enterprise content management space is truly innovative. The Enterprise Content Management (ECM) market has gone under a revamp. The systems have evolved into content services applications.

The digital economy and the ever changing regulatory environment have had a direct impact on how enterprise content management systems have evolved. Traditional ECMs are hard-pressed to meet the demands of today’s business requirements, resulting in software companies introducing content services platforms to accommodate new levels of scalability. According to Gartner, content services applications are expected to replace traditional ECMs by the year 2020.

The shift to a content services platform allows an enterprise to align its business processes to its business strategy, leading to increased company performance. For example, content services systems improve and automate specific
business processes to drive efficiency. These systems are more dynamic, agile and flexible to constantly changing business requirements, providing the scalability that businesses need to prosper.

IoT & Big Data
The modern day customer desires more choice in how they interact with businesses, prompting them to create omni-channel engagement strategies which opens the door for customer data from various streams. Data is growing faster than ever before and by the year 2020, about 1.7 megabytes of new information will be created every second for every human being on the planet.

The modern day customer desires more choice in how they interact with businesses, leading them to create omnichannel engagement strategies.

The rapid explosion of big data which is unstructured and comes from various channels has prompted many business leaders to rethink how their IT infrastructure can leverage consumer and business data to make better informed business decisions. Content services tools and strategies allow businesses to better manage its unstructured information across all channels.

Migrating to Cloud-enabled services
Many businesses are increasingly reliant on old enterprise systems which are not resilient to changing market conditions. These systems can have a detrimental effect on operations if they are unable to keep pace with the new digital landscape.

Cloud services work from remote servers and are far more reliable as they are not bound to a localized system, offering greater data security. For businesses to compete against others operating in the same market, they require a well thought out strategy to integrate the cloud into their processes.

Robotic Process Automation
Robotic Process Automation(RPA) is about saving cost, boosting productivity and driving profits. RPA takes on business processers using cognitive learning to distinguish patterns and processes so they can operate more independently.

As a more basic application, RPA can repeat tasks which would be typically done manually. However, more sophisticated approaches lead to systems analyzing data and trends, learning business processes so it can independently perform new tasks. RPA enables employees to redirect their skills to other areas, while it performs the repetitive, mundane tasks to implement a more cost-effective and efficient business model.

Technology trends and changing expectations from Millennials and Generation Zers are influential factors which are transforming business models across all industry sectors. Reworking the existing IT ecosystem and embracing a new mind-set is mandatory for businesses to thrive in the 21st century.