07 September 2017
Blogs by author: Andrew Thomson, SVP Infonova R6 Solutions, BearingPoint
BT and BearingPoint are working together to help customers digitalise and transform their businesses. Here’s how they’re doing it.
Is your business being digitally disrupted?
By now, all industries have been impacted in some way by the digital economy. Many companies are struggling to show an increase in revenue and maintain margins. And they’re trying to improve their customers’ experience with the latest UI capabilities, while, at the same time, laying off people to reduce costs. But neither of these activities will deliver a real digital outcome.
In parallel, MIT reports that a generation of digital natives are growing, and rapidly gobbling up market share wherever they go. These digital natives are born digital, operate differently and are changing the rules of strategy and business. MIT has identified that the most successful companies operate using a digital platform business model.
In McKinsey’s July 2017 Quarterly, ‘Competing in a world of sectors without borders’, the authors say that: “Digitization is causing a radical reordering of traditional industry boundaries” and ask: “What will it take to play offense and defense in tomorrow’s ecosystems?”. They interviewed 300 CEOs worldwide, across 37 sectors, about advanced data analytics. A third of those CEOs had cross-sector dynamics ‘top of mind’. Many worried, for instance, that companies from other industries have clearer insight into their customers than they do. Basically they wanted to know who was going to ‘Uberise’ their industry/company.
CEO concerns can only increase. For example, Amazon’s July 2017 acquisition of Whole Foods for $13.7 billion immediately hit the share price of British supermarkets. Amazon now has the opportunity to map customers’ buying patterns from the PC at home, on the move, and in physical shops — taking its understanding of customer needs and experiences to a level of predictive insight most of us cannot begin to contemplate.
In January 2016 the World Economic Forum (WEF) announced that we stand at the brink of the Fourth Industrial Revolution. Klaus Schwab, the Founder and Executive Chairman of WEF explained that: “In its scale, scope, and complexity, the transformation will be unlike anything humankind has experienced before. We do not yet know just how it will unfold”.
The question that people often ask is: what’s the relationship between the digital natives and the Fourth Industrial Revolution? Reviewing the breadth of research and whitepapers published within the WEF, it’s quite clear that the changes will be much more profound than current digital innovation.
The perils of falling behind
The question which has to be asked is: which traditional businesses will engage fast enough to capitalise on the opportunity and avoid becoming irrelevant? What’s clear is that where digital natives have already engaged, they are massively changing the rules, and have provided a glimpse of the future. It’s more like a tsunami than a revolution. Hesitating companies will soon get left behind or experience a Kodak moment — suffering the same fate as the camera company that refused to go digital, and recently filed for bankruptcy.
Fast-tracking your digital transformation
Aware of these trends for a number of years, BT, BearingPoint and others have been working within the world’s standards body, TM Forum — undertaking numerous prototypes and setting new technology API standards to accelerate towards ‘plug and play’. This means that different companies from different industries can partner together and deliver digital customer experiences, while leveraging their existing assets, products and services and launching new digital offers.
BT and BearingPoint have jointly won a number of awards for their research, from the likes of Cloud Service Broker; Richer Services, Richer Ecosystems, and, most recently, with Smart City on the Edge.
One result of this research is BT’s latest digital business enabling service, Personalised Compute Management System (PCMS). Building on BT’s Cloud of Clouds strategy, PCMS is designed to enable multinationals and corporations to have a fast track to roll out digital services and compete in the Fourth Industrial Revolution.
So, if your company is trying to work out how to transform and digitalise your products and services, don’t get stuck in long strategic debates, or long IT design and selection processes — take a look at how BT’s PCMS can you give you a fast track to digital delivery and getting ahead in the Fourth Industrial Revolution!
To find out more, visit BT’s PCMS website.
BearingPoint is an independent management and technology consultancy with European roots and a global reach. The company operates in three units: Consulting, Solutions and Ventures. Consulting covers the advisory business; Solutions provides the tools for successful digital transformation (such as Infonova R6), regulatory technology and advanced analytics; Ventures drives the financing and development of start-ups. BearingPoint’s clients include many of the world’s leading companies and organizations. The firm has a global consulting network with more than 10,000 people and supports clients in over 75 countries, engaging with them to achieve measurable and sustainable success.