FountainBlue’s February 3 VIP roundtable was on the topic of ‘The Convergence of Technologies and Solutions’. Please join me in thanking our gracious hosts at TI and our executives in attendance.
This month’s roundtable executives represented a wide range of industries, roles, functions and company sizes. Below is a compilation of their ideas on the opportunities ahead, as technologies convergence across function and across industry.
Convergence may mean different things for different companies, but at its heart is the idea that we have the infrastructure to support the transference of technologies and solutions across solutions, across industries, across customers. Foundational to the convergence theme is the required infrastructure necessary to support it. This means everything must be in order: from the hardware and software needed to process information and create solutions, to the network needed to connect and communicate, to the policies and processes needed to support commerce, to the systems and solutions to support the delivery of services, and most importantly, the ability of the customer to pay for solutions, and companies to deliver to them what they need.
Each of our represented leaders and companies have solved aspects of these challenges and continue to push the envelope, not just for technology development, but also for the business processes and business model evolutions which would support the growth of the company. (See blog on ‘An Innovation Conversation‘.) There’s general agreement that convergence is happening across industries, across technologies, across companies, so our execs provided the collective advice below.
- Encourage the transition of technologies across multiple use cases, as driven by the needs of the customer.
- Create a collaboration between technologists and sales engineers to partner with customers to design new solutions.
- Create modules and solutions which make it easy for customers to leverage technologies and knowledge, and an easy way for them to communicate with staff and with each other as they design customized solutions.
- Not all customers are created equal. Create self-service solutions which make it efficient and easy for most of your customers to help themselves, while providing additional and separate support for larger accounts.
- Continue to focus on quality as you scale.
- Invite the use of open source solutions and collaborations with trusted partners, creating an ecosystem that’s mutually beneficial.
- Don’t let the management tool distract you from what needs to be done to best serve the customer.
- Leverage modular open source solutions where it is practical.
Below are some hot areas to watch.
- Look for ways to bring the digital to the physical, cost-effectively bringing custom-fit solutions to eagerly awaiting customers who are well positioned to pay well for them.
- Find ways to apply B-to-C businesses models and create B-to-B opportunities.
- Balancing privacy, security and access will continue to be a challenge, find out how it’s also the opportunity.
- Imagine how custom molds, CAD design, 3D printers, and small-scale manufacturing could create a growth opportunity.
- Look at the diagnostic and screening opportunities both for disease management and optimal health. Consider also privacy issues around these solutions.
- Consider moving from a traditional sales model to a SaaS model for standard businesses, much like what Michelin is doing with tire sales – selling by the mile rather than straight sale.
- Robotics and drones and voice activation will be hot in most solutions created.
- IoT will be everywhere. What needs to happen in order to standardize IoT solutions to meet privacy, security and access requirements? Who will lead the charge and what are the business opportunities as this will inevitably happen?
- Blockchain and its ability to provide that audit trail will provide many business and entrepreneurial opportunities.
The bottom line is that convergence is already happening, and it opens up many opportunities ahead for those willing to embrace them.